All Forum Posts by: Michael R.

@George Johnson Congratulations and welcome to BP!  

One way to find a great company is to talk to consider what your goals and consider if you want to work for a local firm or a national firm.  Talk to realtors, look for reviews of professionals on line and by word of mouth.  Go to Open Houses and get a feel for how those agents conduct themselves.  Get business cards from those agents and build a network. 

I have a friend that works for Keller Williams and cannot speak highly enough of that firm. I have been told their training and support program are fantastic.  But you may find that same thing with a smaller firm.  

Be selective and make sure that the firm you choose represents your values and that you will feel pride when you represent theirs.

I hope that helps. 

@Mussie T Estiphanos

1. Step 1. Open a BiggerPockets Account. - Check
2. Step 2. Introduce yourself in the Forums - Check
3. Step 3. Explore the Podcasts and listen to as many as you can.
4. Step 4. Read, Network and contribute (that's a threefer, I know).
5. Step 5. Don't forget your key word alerts.
6. Step 6. Upgrade account and go to meetups......
   

That's all I've got for now Mussie -- Welcome to BP.

@Nick Stango I am self employed and have two mortgages -- if you need a reference for a mortgage company, drop me a line and I will inquire with a lender that I work with licensed in VA and can find out who to put you in contact with in Fl. There are 1099 / SE friendly lenders out there.

To your question -- why only a duplex?  You can qualify for residential lending for up to 4 units.  Other than that, I would echo comments that others have made and add, make sure you have an executable plan mapped out. 

I hope that helps.

In 7 years you can save 8K from your current cash flow.  If your cash flow is indeed considering vacancies etc -- why not budget for it?

A quick google search of "Ft Lewis growth 2015" shows me that there is a lot of growth and infrastructure projects going into that area along with bases being joint bases now in that area.  It seems like you are somewhat in the path of progress no?  

How is the rental inventory?  How far are you from this property?  Is it in Washington?

How would selling it improve your investment portfolio and get you to your goals sooner?

I agree with @Steve Babiak pictures are step one. We have very long distance tenants that we text back and forth with and leverage the cameras on mobile phones regularly.  

What is your policy going to be on pets and pet deposits?  

What kind of condition is the property in now?  Clean? Can you tell they had a cat from smell or hair?  How long have these people been your tenants? How has their payment history been and how are they as tenants?  

Perhaps you could offer them half of the deposit back and offer to shampoo the carpets and clean the ducts or some sort of maintenance that would be covered by the $300 dollars and make you both happy.  This would give you a chance to not only inspect the property but see behind furniture and in places that you may miss during a walk through.  

@Patrick Britton - I just evaluated something similar on a triplex. 

@Roy N.is spot on. What we have decided to do in our case is, because the tenants pay electric and the house is separately wired / metered for electric, we are moving to electric appliances and water heaters.  I say this to suggest that if it is too costly to separate all utilities for your clients, separating one such as electrical, and then shifting the burden of cost through electric appliances etc may be an option for your clients.

I hope that helps.

@Conway Churaman

Some red flags:

I can't focus on learning about REI while I have a deadline to move out of my place. 

Why not? If that's how you feel, then don't try to.  What can you do?

I need to find a place to live so I can then focus on my REI education. 

Finding a place to live is separate from learning about REI. You follow this statement with asking for a strategy to do both things that you state you cannot do. So, what do you need?

I need a very specific strategy and plan for my particular situation. 

It would seem you need to find a place to live and then focus on your REI education. Two separate things. Which is the specific strategy you may consider given that you can't focus on REI with a deadline, as you state above.

I wish I could consult with a NY Biggerpockets mentor type.

If a BP Mentor met with you, would you tell them that you have a tight time frame to find a place to live and learn about REI? How do you think that message would be received? If someone came to you with tight deadlines and a seemingly stressful situation, would you stop what you were doing to make them a priority?

Your initial post was pretty dramatic.  Consider writing down all of your current needs. Evaluate them and prioritize them.  Once you've done that, focus on the one most immediately important task that by completing you can focus on the others.  Simplify this situation so you don't have to try to focus on two things at once.

I hope that helps.  

Welcome to the community @Conrad Metzenberg. The podcasts will help you out as well as setting up some key word alerts.

All the best.

As a tenant I liked the idea of an accent wall being done. As a landlord I would agree with what has been said. The answer is no.