All Forum Posts by: Doug Merriott

You are most welcome. I am still learning Real Estate on both sides. I plan to continue my education for the next few decades before I retire to explore the world. I am glad I could be of service and I am happy you got your EMD back.

@James Park you seem to embody some of the concepts that Keller Williams is built upon. You are an entrepreneur, you are living your life with a Big Why and you want to improve yourself. The biggest advantage to working at a KW office is the prolific training that you are offered. One could spend 40 hours a week in training.

The KW model is awesome. Splits are very generous and you can truly cap quickly on office and franchise fees. However you do NOT need to be a KW agent to live the Millionaire Real Estate Agent model. The book was written for all agents to learn to improve themselves and their business.

I highly recommend all of the Keller Ink books to anyone interested in performing better at work and living a better life.

A lot of it depends on your strategy. If you are flush with cash and can just buy a house and wait on the returns, great go for it. However if a second house would cause undue strain on your families finances then maybe now is not the time. When you are down here you should take a look around, figure out what city works best for you maybe check out an investors meeting.

Kevin is probably on the phone with his Realtor, right now...

The terminology you are using says to me that you used a Realtor. Did you use an "As Is" contract? Are you still within your inspection period? Have your agent send a Release and Cancellation form and be done with it.

Hey Roger,

Welcome to BP! There is a lot to learn here. Be sure to check out the podcasts and blogs, these contain some of the brightest minds the site has to offer.

I think a great was to get started is to buy a personal residence at a discount and then figure out a way to make money from it. For example you could buy a rundown property, fix it up and sell after your mortgage seasoning period or you could buy a duplex, triplex, or quad and rent out the other units.

With that said I tend to wish that I had either gotten my license sooner or focussed more on investments. Now I am stuck in a spot where I have to find buyers and sellers or I don't have adequate revenue coming in. I would really focus on your market like Jerry suggested. Become an expert and you will be able to spot a distressed property a mile away.

Please remember you are here to service your customers. Whether they are first time home buyers or someone feeling the pressures of their mortgage and wants out, they are your customers and neef your best service. This will build your reputation and make you successful.

Doug

What exactly are you looking for? I can recommend a great commercial team and an awesome inspector.

@Joshua Fair Welcome to Bigger Pockets. I think you have found the right place to have your questions answered. One of the best things to do is check out The Ultimate Beginner's Guide. Then check out the podcasts and blogs. There is a lot of information here.

In regards to your specific questions there are a lot of variables to consider. First of all the process is simple. Ensure that market rent for your area is what you will need to charge to turn a profit, find a good tenant (BP got us a discount for Transunion Smart Move, an excellent background check), use a solid lease (see Mark Warda's books on Landlording in Florida), and then treat them right by responding to issues promptly but otherwise leaving them to quiet enjoyment of the home. Next find a house you can afford, add value to and then rent out at a profit. Talk to a Realtor specifically about your intentions.

A mortgage company will assess if you can actually afford both mortgages. The metric they use is debt to income ratio. Your total monthly bills for borrowed money has to be around 40% or less than your income. I can suggest some great mortgage companies if you need a recommendation.

The only wrong way to go about doing this is foolhardily and without a plan. So you seem to be on track to doing it right. I would suggest if you have children at the home that you move out before starting renovations. I have toddlers and renovating my first house was a disaster while I lived there and troublesome when I moved because of the amount of time I spent away from them. I should have used professionals, your mileage may vary. If you have the skillset, time and resources to do it yourself and be happy with the results then doing so will save you money.

Best of luck to you and we look forward to hearing about your progress.

@Lambert Toombs Welcome to Bigger Pockets. It is a great community with knowledge from all corners of the globe. Pay particular attention to the podcasts and blogs, there is some really good information available.

What investment strategy are you most interested in?

Be sure to tap in to your local community as well. Our Real Estate Investment scene is very active and very helpful. Check out Bigger Pockets Events and Happenings and Meetup.com for more information.

You could be approaching the conversation wrong and may appear to be a dreamer or tire kicker. You also have to remember that a lot of what is on Zillow is old and make have sold.