All Forum Posts by: Dylan B.

@Mindy Jensen You guys are putting out some great material! Keep it up! I cant wait to start reading this one. 

@Freeman Schultz My advice to you is don't take their money up front.  If you decide that they meet your criteria, then simply tell them they will have to pay monthly. 

@Allan Rosso I would start utilizing a tax accountant.  As David had inferred. 

I would say it all depends on your situation.. If you are investing from out of state/country, turnkey may be the way to go. 

@Tae C.

Don't know if this applies to your situation but have you thought about a 203K loan?

@Kyle Davis

These are some very great questions but I would advise that it depends on your situation. 

I have a full time job and technically "dont need the money" to survive on at least.  I completed my first flip in 2016 and used all the profits to buy the next investment and just pulled what I had initially invested back into my personal account. 

I am primarily a buy and hold investor and I am trying to acquire more properties to build my portfolio, so I do not take a profit from these (at the moment) I plan on taking a profit once I have acquired X amount.  As for now, I am reinvesting back into my business. 

When you are analyzing a property for a potential buy and hold, you need to be accounting for repair, vacancies, PM, etc... Check this video that Bigger Pockets made about analyzing rental property. 

https://www.youtube.com/watch?v=T_7vhsSBi7c

@Andrew Kusuda 

My parents did this for me and my siblings but on a larger scale.  They invested in several rental properties when we were all very young... I can remember going to different properties as my dad was fixing them up and he put us all to work and told us they would pay for our college someday.  Nothing like some sweat equity in child labor lol. 

My parents would refinance the properties as we were ready for college. The greatest part of it all is that you are utilizing other peoples money!

You need to verify their current lease.  You will more than likely not be able to kick them out if their lease is still valid.  If they are on a M2M then you should be able to give them notice that you need them out of the property. 

@Eve Oliver Most people that I know of have taken the online courses through Charles Barnes while working full time.  I plan on starting next month myself. 

@Joe Ebanks

What I would do first off is get everything in writing.  Get a quote on the carpet/install and give the tenant a copy of that and have him give you 50% of that cost.  That way you are able to run the expenses through your business. Personally, I wouldn't increase the rent solely because of the cost of the carpet, you stated that the carpet was not in that good of shape so it would have needed to be accomplished anyways.