All Forum Posts by: Dan Guenther

@Samantha Roberts - Welcome to the community! What are some of your goals for getting started? Reach out if you want to discuss more about aligning your goals with your lifestyle! 

Hey @Uttamkumar Patel

Welcome to the BiggerPockets community! 

No matter where you stand in your real estate investing journey, BiggerPockets is the ultimate resource for all of your investing needs. I’d suggest starting out by networking with as many other investors as possible and being an active participant in the forums.

If you haven’t already subscribed to the BiggerPockets podcasts, do that ASAP. Look for meetups in your area (virtual) on Meetup.com or FB Groups, attend free webinars, start reading as much as possible on any and all topics related to investing and real estate. Use the forums to help you search for the answers to all of your questions. If you can’t find your answers, then create your own post!

Feel free to reach out if you want more specific advice.

Good luck and get educated!

@Timothy Davis - If you want more specific guidance in from this post add a bit more about some of your investing goals or initial reasons for jumping on BP. People are always happy to help provide some guidance for new investors!

Hey @Timothy Davis !

Welcome to the BiggerPockets community. No matter where you stand in your real estate investing journey, BiggerPockets is the ultimate resource for all of your investing needs. I’d suggest starting out by networking with as many other investors as possible and being an active participant in the forums.

If you haven’t already subscribed to the BiggerPockets podcasts, do that ASAP. Look for meetups in your area (virtual) on Meetup.com or FB Groups, attend free webinars, start reading as much as possible on any and all topics related to investing and real estate. Use the forums to help you search for the answers to all of your questions. If you can’t find your answers, then create your own post!

Feel free to reach out if you want more specific advice.

Good luck and get educated!

Hey @Brandon Morgan - welcome to the community! What are your long-term goals? If you are looking to build long-term wealth then stacking house hacks is the way to go. Live in it for a year while fixing it up and hopefully, you can cash out refinance at that point and continue the snowball into another property. 

Hey @Drew Osifalujo - definitely get out to local meetups! I've met some of my best contractors via meetups. 

Also, hit up my realtor friend @Eric Yu who holds it down out in your neck of the woods in the investor-friendly agent game. I'm sure he can connect you with some of his go-to contractors in the Seattle area. 

@Michael Elkins - you can click on another user's name and send a connection request/message. Just sent you one now. 

Quick tip on the forums: make sure to tag @Michael Elkins anyone you're replying to so they get a notification. Shoot me a message and ill give you a few pointers on ARV

Hey @Michael Elkins - Welcome to the community! 

There are a lot of factors that go into these questions. What type of investors are you targeting, are you targeting highly distressed properties off market or properties on market? "Making the numbers work" means very different things from investor to investor. 

To keep it simple, one of the biggest factors you'll need to learn is determining potential properties after repair value (ARV) or what will the target property be worth once it is fully up and running. The deeper the discount you can get on a property, the bigger the margins on profits for you and your investors.

I'd focus on determining basic rehab estimates which will be market specific based on the cost of services there. Also, make sure you are networking and building investor relationships so that when you do find a deal you have buyers ready to go. 

Reach out if you want to chat a bit more! 

Hey @Justin Strait - The only way that I'd consider including common areas is if one tenant is bringing in a pet that could potentially cause damage to common areas (this should also be covered in a Pet Addendum). Other than that it can be really hard to seek payment for common areas unless you can clearly prove that said tenant was the cause of any damages. Other scenarios that could be tenant specific would be renting out an additional space as an office or art studio space within the house, then I'd definitely include that as well. 

As long as you are screening your tenants and setting clear house rules/expectations, you shouldn't be running into any significant damages though.

Do you have a specific example or just curious about potentially future tenants?