All Forum Posts by: David Stone

So put someone you know isnt qualified in your rental then? I dont know why you would risk paying out thousands in lost rent and eviction when you know before placing them they are not qualified.

Sure, anyone can lie including the applicant. So, yes I am going to err on the side that benefits me by not placing a bad tenant in my property. Avoid the problem, deny them based on objective information and move on

Its up to you to perform an investigation and chose the most qualified tenant. If you have other options, simply chose who you believe is best qualified. If they're the only applicant, maybe get a written statement from the previous landlord and deny them based off reference. Don't feel like you are obligated to place them. Prove they lied to you, reject them and move on with someone who will pay and treat the place well. Good luck!

Every once in a while they explain the BRRRR strategy in the Bigger Pockets webinar. Look out for that topic but also watch the rest, very valuable info especially when starting off. Welcome!

Honestly, I think the idea behind it is to build fear and unknowns with brand new investors so they come back and want to invest in whatever expensive program offered... the guy who suggested 100 properties before even considering making an offer happened to offer $10k coaching via Skype or somehing... 

I was told through some other investor website that you should look at minimum 100 properties before putting in an offer. I thought that was ridiculous but began looking at properties anyways. Made it through about 10 before I never heard from my realtor again. 

Now I find a property, drive by and look around if it's vacant, calculate numbers and give my offer price for the realtor to put in. If we get accepted, then we will go inside for a showing/inspection. No need to waste anyones time, including your own

Awesome, thanks!

Hi, we have a property we have held for nearly 4 years.  It cashflows and has appreciated in value since we purchased.  With the profits, we are looking to sell it to pay off debt, get us out of the rat race, and pick up another rental property (we would have the next property nearly paid off).

My question is: Can I use part of the profits to pay off consumer debt (credit cards and student loan) and 1031 exchange the rest into my next property? Is there a better strategy for accomplishing what I am trying to do? (Such as maybe 1031 exchange all the profit, purchase the next rental and pull equity out with a HELOC to pay off consumer debt).

Strategy #2 makes the most sense to me... still just trying to wrap my head around it.  Any ideas welcome.  Thanks!

Its difficult stepping so far out from what your circle considers normal. People think what we do is crazy and could never risk or sacrifice what we do but then wonder how we earn the rewards we do, such as working less and spending more time vacationing as a family. It feels like a complete lifestyle change when you're new and there's pressure from others resisting your change

Not sure where I got this one from but it might help get you started.  I think a simple search on the internet would come up with other variations.  Due your due diligence with the contract and seek the advice of an attorney before using.  Good luck

Advertise the property under contract on Craigslist, at your local REIA or real estate meet up, or advertise it under the pro marketplace here on Bigger Pockets