All Forum Posts by: Cody Barrett

Ahhh that is very nice to know. Super helpful! 

Knowing that others were in similar positions and got through it makes me feel confident! I like that approach and that is a great point you made, the Tenant seeing an effort right away makes a statement followed by getting an expert involved right away if the situation calls for it. I am trying to create some systems and processes for when things like this pop up. lol Awesome @Steve Vaughanthanks for the post!

Cody 

Welcome to BP Drazen!

I hope the best on your journey! You are on the right track with wanting to learn as much as you can! Read, ask questions, build relationships, network in the area by researching local REIA's in the city, watch podcasts, webinars, and read the blogs. The information is endless and the learning can be overwhelming but the more the better!

Use the keywords to help notice things happening in your area from BP.  

Good luck!

Cody

Welcome to BP!

I would suggest reaching out with questions, past experiences, starting small REI dialogues with fellow BP'ers, and network in REIA's in the area. Schedule meet ups with BP'ers in your area. Read and learn whatever you do not understand about REI. Provide a focus when reaching out for help so fellow BP'ers know how to help you. I am new myself so I try to do something new everyday, ask a question, read a blog, and listen to a podcast whenever I can. Also the webinars are awesome.

Good luck!!  

Welcome to BP!

Very awesome that you are already investing in Real Estate. BP has made REI possible for me just with all the knowledge here. It really is endless so a focus is important. You seem to have that so keep using keywords, asking questions, listening to podcasts, watching webinars, and reading those blogs. The calculators are incredible! I read that you want to avoid the banks. Creative investing sounds like the winning ticket so maybe the book on No and Low Money Down by Brandon here on BP. The books offered on this site are so actionable!

Good luck!!

Cody 

You guys rock! 

Just a hurdle I am trying to smoothly clear by preparing myself before taking on my 1st property when it closes this week.  (2unit upper/lower duplex) built in 1920 but in excellent shape. Inspector was impressed and simply recommended some updates here and there (also a local investor).. 

I am in preparation for things to go wrong at some point though and knowing that I never had to deal with any home maintenance/repairs/updates in my life because I am young and this is my first property ever.  I am a little nervous of getting that first maintenance or emergency call from a Tenant.  So.....

Any recommendations on handling a situation like this?  Just handle anything I am comfortable with (might not be a whole lot lol) or maybe just find a local handyman and ask if he is OK with short term calls/needs from my tenants or myself? 

Really, I hate bandaid repairs because it just adds to the cost of finally just getting it done correctly.  No doubt I will be screening and requesting referrals for any handyman or contractor for repairs or updates.   But I am a quick learner so maybe after watching a few projects I can test the waters myself? Anyone ever do something like that?

I will look to hire someone permanently when I have more doors to manage but for just starting out I am a little stuck... haha!

Thanks for sharing your experiences!!

Cody

 Great idea! My brother was using Amazon for certain things like faucets, fixtures, and hardware pieces! I bet there are some great discounts and prices on there, thanks so much! Gotta find those deals lol love knowing I got away with one ; ) 

Cody 

Besides getting your hands dirty with experience, I would find a mentor and help them with their properties as they feed you tips and advice. Join a REIA in your area. Organize a meet up at a coffee shop to chat and network. Call property managers to ask questions about common repairs/costs on their units. Lastly I would read read read and read some more/listen to these awesome BP Podcasts like you already said : ) BP was my educational outlet for everything.

If I didn't learn it on here then it was recommended through here.  BP built what I know and I continue to grow everyday because of this site. So keep asking questions like these, network, watch BP youtube vids, podcasts, read books from here, guides, and webinars! The list is endless lol.  

Good luck!!! : )

Great post! 

I am in a similar situation.  Not sure what to do because they would rent fine as is.  But I could get a better quality tenant with a updated look.  C neighborhood I would say.  Just an older home that needs some updating.  My kitchen is very basic like yours and not big at all.  Probably a 10 ft slab would work.  

I really like the advice so far on here, cheaper ways to really make that bang a little bigger for your buck.  I think adding new cabinet doors/hardware and refinishing them might really bring them back to life for cheap.  The counters could be a cheap upgrade with some nice backsplash that could make this rental rate really jump, maybe 50 bucks higher if other rentals attract that.  Keep us posted on before and afters or what you decided to buy! 

Thanks for the post and ideas BP'ers !!

cody

Welcome to BP! 

My advice is to use keywords in the search bar in the top right to research other forum questions regarding finding a solid PM. Blogs too!! There is a pretty solid REIA in Milwaukee that might offer some great networking opportunities. I have not done too much research into Property management because I am newer myself doing my own management. A strict screening process is important when finding a PM though. Lots of rough ones from what I read. Other than that keep reading and listening to podcast, they are awesome! BP made REI possible for me with all the material and motivation from other investors. Endless stories from BP'ers and you can learn so much. Always nice to see a fellow Wisconsinite!

Good luck!

- Cody

Much rather have them pay on the first.  Those late fees might make him not pay one day because his or her other bills caught up and they are now too far behind.  Once they are behind, yikes.