All Forum Posts by: Aaron Yates

Are you willing to do some footwork yourself? If not, it will be hard to find an agent to work with you. @Joe Delia will be helpful but remember that he not only is an investor but his full time job is being an agent and they need to make a living as well.

The more self-sufficient you become in property research the easier it will be to find an 'investor friendly' agent. But even then you will have troubles. I've been through 7 in 2 1/2 years not counting the ones that flat out told me no...

The price range you are looking at for purchases fits my market. But you will not find quick flips for that price range. Many of us have already tried to travel that road including 'yours truly'.

The rehab costs will be more than the purchase of the property when you look in this price range. So if you are dead set on the cheap properties then you need to think in terms of buying and holding to rent. Unless you have a crew that works cheap and is good....

If this interests you then this is something I can help you with for sure.

Ultimately, only you know what you are truly capable of. If you have the drive and motivation, you will figure out what you can and can't do. Not to sound like an ***.. but this is something you shouldn't even have to ask someone else.

When you look at something you should be able to say to yourself, I can do this or I can't do this. So next time you look at a property, ask yourself this question...

Can I figure this out and do it myself or should I hire someone.

Here is a link of me walking properties. I am truly self taught and that's because I have the drive and motivation to learn.

I hope this helps... http://www.biggerpockets.com/blogs/4178/blog_posts/33328-wondering-what-its-like-to-search-for-properties-take-a-look-here

In fact, here are a few more of my posts that may help you..

http://www.biggerpockets.com/blogs/4178/blog_posts/30227-fact-or-opinion-which-is-the-best-information-to-give-a-fellow-investor

http://www.biggerpockets.com/blogs/4178/blog_posts/33000-my-favorite-quote-to-date

http://www.biggerpockets.com/blogs/4178/blog_posts/29349-arv-calculating

http://www.biggerpockets.com/blogs/4178/blog_posts/30113-how-to-qualify-as-a-landlord

http://www.biggerpockets.com/blogs/4178/blog_posts/28728-property-searching-tip

Again, not trying to be an ***. But I don't sugar coat anything. Investing is different for everyone and is not easy. You have to be willing to put in the time and have to be motivated to succeed or you will quit before you even begin.

Maybe my math lessons in school were different than yours but I get 25% plus Net ROI in my market. But I stopped advertising this because so many people basically called me a liar. And for a $25K property here in Michigan, if you are paying 5K in closing costs you are getting screwed!!!

My point to responding is to open @Brandon Gentile s mind to other opportunities other than multi-family. I also have been digging deep into apartment comlexes and multi-family. But in our market, the ROI is still much greater with SFR.

But then again, I do manage my own properties, I do rehab my properties to the point of not needing repairs for many years and to a higher standard than most for the areas I invest in, I do buy properties cheap and rehab them because it doesn't scare me.

So my decision process is simple. Oh.. and I do buy without using any percentage rules. I buy simply based on what I feel is good for me and what I can afford and as long as its not in a war zone.

This probably makes some of you cringe but not everything needs to be done by rules in investing.

I have to disagree wirh @Engelo At minimal you need to understand how to do the repairs and have some knowledge of costs so the contractors dont rip you off or try to walk all over u.

But start with small things like demolition. Painting, light fixtures, outlets and switches. I personally never mess with electrical panels, roofs, heating and cooling or major plumbing.

Sorry for being blunt... These numbers suck!! Why wouldn't you buy a SFR for $25K-$30K with 20% down and cashflow $300 a month if you manage it yourself, and after paying the PITI, and put $100 in reserves away every month?

Or pay all cash and cash flow $500 after reserves, expenses, and manage it yourself? So if you take your 30% basically what you pay on a multifamily loan, you now have no loan and higher cash flow....

People keep talking about the great numbers they get with Multi-family but it really depends on the market area. Our current area has better returns on SFR's right now and will continue for sometime longer.

Just food for thought.

@Paul Hector , why are you providing snow removal? I could somewhat understand that in a higher rental income are but Redford?

I personally do not offer any yard maintenance. The lease and I explain that the tenant is responsible for yard maintenance. This includes snow removal. In fact I just had a tenant contact me about the sidewalk yesterday. I kindly reminded him that that is considered yard maintenance and to throw some salt on the ice.

What I have seen happen with someone (my wife's friends who rent in Royal Oak) is that the tenants (again my wife's friends) complain when the snow removal company isn't there IMMEDIATELY as if their property they are renting is the only one the company has to do. And they are getting a decent discount for rent.

They should be getting charged at least another $150 on top of what they are paying for the house they have. But they don't take that into consideration.

Anyways, just my $0.02 cents.

We have a wholesaler who regularly attends our meetups. He may be willing to give you some pointers plus you will be able to start networking. Learn from people in the industry.

I will tell you that I spent about 4 months researching, learning and trying wholesaling. It does take alot of time so don't let the so called 'experts' tell you it's the easiest way to get into real estate.

In fact its very hard. One thing I do know is to be a good wholesaler you need to be able to negotiate deals, evaluate property rehab costs and ARV, and create great property summaries to pass on to your prospective buyers list.

Good luck and if you want to be successful, don't give up. Keep pushing anytime you hit an obstacle or feel like you want to give up.

I wrote a blog a while back that might be inspiring to you if you haven't read it already.

http://www.biggerpockets.com/forums/223/topics/94794-and-they-said-i-would-never-do-it--if-i-can-so-can-you

Here are a couple more that will help you as well.

http://www.biggerpockets.com/blogs/4178/blog_posts/29349-arv-calculating

http://www.biggerpockets.com/blogs/4178/blog_posts/28728-property-searching-tip

http://www.biggerpockets.com/blogs/4178/blog_posts/33328-wondering-what-its-like-to-search-for-properties-take-a-look-here

Thanks Chris. I'm glad you enjoyed it. Investing isn't easy as TV likes to portray. But it does get easier as things go along.

Hey everyone, in case you didn't see the previous post, here is the link for this months Metro Detriot BP Meetup.

Hope to see everyone there..

https://www.facebook.com/events/535074366590057/?ref_dashboard_filter=calendar