All Forum Posts by: Michael R.

Great show.  Thanks!

@Account Closed said that when you are going to partner with someone for the first time -- do it on a short term investment like a flip.  This will test the waters.

The reason for that statement - to which I agree - is that this is more than a long term thing - it's like a marriage.  Literally.  It's contractual and when the relationship ends it is messy when property and money are involved.  

Find an attorney that does not represent your partner.  

You will want to check out Podcast 77 & 81.

Please check back and update how things work out.  

Sent you a message @Mark Updegraff

Consider looking up the total cost of ownership to determine the total cost. I like the suggestions of used hondas.

Welcome to the community. Be sure to turn your key word notification on.

There are several ways to learn your market. You can start by making a list of the types of property you want to learn about. For example SFH, townhomes, apartments, multifamily units of 4 units or less, commercial etc. Next pick one and go schedule walk throughs on as many as you can. Go to open houses and look up the address. Basilly build a profile of maybe a zip code or propetry type. Go learn the finishes, the neighborhoods and the price and square footage. These are one way to learn about the inventory as well as the type of housing available in the different neighborhoods.

Repeat this for other properties and or property types and build your own database. Look for things like hospitals, schools, or properties near public transportation lines. Go to your city planning web site to find out where future infrastructure or development will take place. 

I'm sure there are more way and there have been some great suggestions already. Learning your market may help you decide on what type of REI you want to do. Or you could specify first. By profiling one type of RE at a time you may find that you will learn what is the best fit for your local market.

I hope that helps.

With your end goal and horizon in mind, how will purchasing this property help or hinder achieving the goal?

I would look at your market. I have debated this with my partners on the triples we own in NY. My answer is that since utilities are one factor of the unit, I take into account more factors. 

For example, if the apartments down the street pay all utilities but charge more rent, then I adjust my rates so that the net cost to the tenant is about the same.

I hope that helps.

Welcome Sean! I would welcome the opportunity to grab a drink with you both. Don't forget to setup your key word alerts.

I am also in IT in the area and the podcasts have made my long commute the virtual BP University.