All Forum Posts by: Craig Sloan

@Austin Price I don't have standard questions that I ask.  I think a lot of questions are specific to the property.  I also put very little stock in the answers I get from seller's agent.  I am skeptical by nature and prefer to do my own research/due diligence. I would search property records, talk to neighbors, other investors and other agents to see what you can find out about a property. 

No section 8 side deals in my area either.  I'm no expert but I've some section 8 for several years.  Like with other tenants, screening is key.  If you're local housing authority is decent to work with and you screen your people well section 8 can be a win for everyone. 

Good advice from @Nathan Gesner  Tenants often get away with what they can.  Be kind but professional.  You're holding up your end of the deal, the tenant should do the same. 

Good advice from the guys above.  Issue the letter as soon as you take possession.  

@Kasey Libby congrats on your life changing decision.  I'm a former public school administrator who was able to replace his income through real estate and I now have the time freedom you are seeking.  It took me several years to be able to replace my income but I wasn't starting with the seed money that you have.  Being an attorney has it's advantages.  Sounds like you have a great start.  You can do it.  Keep learning and keep working.  In your situation I would look for several deals.  I don't know the Atlanta market well but I'll bet you use your $250,000 to fund several deals.  Look for cashflowing properties in good neighborhoods.  I'm a fan of multi-family myself.  Maybe start with small multi-family and transition to larger properties as your cashflow and experience allow.

@Christopher Kolasa I'm not an attorney but I have been in the game for quite a while. I would suggest the LLC and the umbrella policy. Maybe that is overkill but if you are ever sued you will be happy you have both. Just my two cents worth. Good luck.

Congrats on your first deal.  Hopefully the first of many for you!

Initially it shouldn't be a problem.  Your new agent shouldn't  need to mention you by name to get a showing.  If you make an offer on the property Sandy will see it and may recognize it. There are ways to get around using your name but probably not worth it in this scenario.  

@Peter Hildebrandt I would suggest The Millionaire Next Door.  Not a real estate book per se but lots of good concepts.  Some of the specific info is outdated by the concepts apply. 

@Jonah Cervantes I'll throw out a different approach.  If you can't afford to invest in your current location, what about moving?  Don't know if this is a possibility for you but it might be a great way to set yourself up for long term success in a market that is investor friendly.