All Forum Posts by: Christopher Finn

@Fradel Schaechter Starting a free group and posting on meetup.com is a great way to get going! It's how we started a networking meetup down in my area. 

Posting here on the BP 'Events & Happenings' section may help raise awareness as well.

If you do start one shoot me a DM, i'd definitely be interested in attending!

Between the forums and the podcasts I gain some really valuable insight from investors who have done every type of Real Estate Investment you can imagine. 

These investors all discuss different difficulties they run into, and their advice has really helped me avoid a lot of simple mistakes I would have likely made in my own investments. 

These forums have also taught me the importance of due diligence and conducting proper research when dealing with the various legal aspects of Real Estate.

Realtors are great because the average person looking to buy or rent a house will often go to them first. 

Think of the people who are looking to buy their first home, or upgrade their home when they have a family, they will go to a realtor to find their new home. These are the buyers that will pay a higher price to buy, because they don't understand the market like investors do.

You don't NEED a realtor, but in certain markets, they can save you both time & money. It also pays to have one on your team as they often become aware of deals when they first become available.

Hi @Elsa M.

Some great ways to find tenants are through:

• A local realtor (this may cost you, but takes the work off of you)

• Trulia (free posting)

• Craigslist

• Facebook Groups in your local area

• Hanging pamphlets on local bulletin boards 

• Local Newspaper

Be sure to properly screen them (Credit, Criminal & Background)  by using one of various screening services that are out there.

Best of luck!

@Ken Yeung Welcome to BP!

If he is in a bad financial situation, he may just be trying to leverage the situation to buy himself time. I would offer to give the deposit back only AFTER he has removed all of his things and given you the keys.

@Joseph M. It's extremely interesting to see what he repurposes the distressed real estate for. It's my assumption his idea is to use these spaces for new industries..like self-driving cars.

This is his "Next Uber."

Guy is playing a game of chess. Fascinating to watch.

A great tenant will really help you sleep at night knowing that your mortgage is being paid off, and the house is being taken care of.

Depending on HOW below the market average you are, you could always increase the rent by a small amount every year. If your tenant is aware that they are paying well below, they may be understanding of incremental increases. You will never know, if you never have the conversation.

While it doesn't sound like the ideal situation, you can save yourself a lot of time, money & potential grief dealing with the tenant turnover process by keeping a great tenant in your rental.

@Jerry Cinor

House hacking is great if you don't mind living in the same vicinity as your tenants. 

You can apply for an FHA loan, and if you are approved you put next to nothing down (3-4% on average). You would also only have to live there for a year after the loan closes.

The only trouble is finding a multifamily property at the right price in todays market. Depending on your area, it may be hard to find, as many are getting into multifamily for the reasons you've stated.

All in all I think that it would make for a great first investment experience for you.

Best of luck! 

Hey @Alec McGinn 

If you don't mind paying the percentage or 1 month of your gross rent, a good PM can really make your life easier. This is not to say that you will never run into issues with a PM company

Managing your own properties does come with its drawbacks, but in my experience it is definitely doable and with the right tools to help you manage, you can save a lot of money over time.

I use dwel.co to collect my rent online, coordinate maintenance requests with my tenants and manage my finances. There are a lot of other great software products out there as well, that can help you self manage.

Hope this was helpful!