All Forum Posts by: Clark Kirkpatrick

@Malik Eleby Yes you are. You must know and abide by landlord-tenant laws, and your tenants must pay you rent. You have all the responsibilities and benefits of landlording, including the tax deductions, rental income, providing a safe and serviceable apartment, maintenance calls... all of it. It's just a bit easier since you're there all the time and you can keep an eye on things.

Welcome Francheska!

BRRRR will be a lot of new stuff to learn all at once and likely will feel overwhelming to you if it's your first deal. That does not mean you shouldn't do it - it just depends on your chaos tolerance and how much time you have to spend working on the project and how your cash reserves are.

Turnkey will still be stressful because you'll be learning a ton, but it'll be a lot more manageable. This is definitely the safer route for you because you're less likely to have big surprise expenses, contractors who don't do what they say they're going to do, city inspectors who are difficult, and you'll have immediate income.

I'd look for something you can BRRRR using other people's money - equity partners, JV partners, private money or hard money. That way you put none (or a small amount) of your own money into the deal and end up with a bunch of equity.

What would the property appraise for? If you could rehab it and improve the value enough, then it might be a candidate for a BRRRR. In that case, hard money or private money might be an option. An equity partner is also an option.

I can see both sides to this question. Personally, I would avoid doing a deal like this because of the opportunity cost: you could alternatively do a deal that cashflows and has equity.

The due on sale risk for this could also be very high, since the homeowner is underwater on the mortgage.

With all the transaction fees associated with replacing your car, I'd avoid selling it. 

You could do a cash-out refi on the car you already have, and that would be cheaper. But I'd only do this if you REALLY need the cash NOW. 

Your debt to income ratio is one of the most important factors a lender will consider, and getting a new car loan will hurt that substantially. If I were you I'd just keep the car and save some more money.

Hey Damion, what type of LTV are you looking for on the refi? I'm curious because I'm approaching that step on some properties.

Ok, you could always start by creating a simple website with a "listings" dropdown menu. You could have geographic regions to select from, and then you or your employee input info about the property for sale with its important information. As you get more business you could create more features, starting from the ground up with a minimum viable product.

Look for meetups on meetup.com and on BiggerPockets. Listen to the podcast and read the books that BP publishes (at biggerpockets.com/store). Get educated, and then take action! House hacking is an ideal starting point, or working for someone who does what you want to learn to do.

This is a very interesting question! It seems like you need a database management software to host the site, and then to make it easier to work with than the competing brokerages.

You could contact an existing service that operates in a different country - in the US, it might be Zillow or Trulia or the MLS service themselves - and see if they'd be interested in partnering with you and using the software they already have, since their solutions are already very sophisticated and well refined.