All Forum Posts by: Forrest Williams

Good to hear you're starting out early, time is the best asset you have right now. Bezos may have billions of dollars, but no amount of money can buy another second of time. Here's how to get the best start you can.

Open a credit card to pay off every month. Lots of people open one and think, "sweet, here's $5,000." That's not what it's for. Don't use it to buy a new car or top of the line computer. Use it for normal purchases, and pay it off every month. Mine has automatic payments so I don't even have to think about it.

Get a job with a solid W-2. Banks will want two years of paychecks, so try to get a job that isn't tip based. If you wait tables, they want a lot more documentation about your income.

Learn to fix things around your parent's house. Youtube how to patch drywall, replace sinks, painting techniques, anything that will help make a house better once you're in it. The list of things that can go wrong in a house is long, but if you know a little drywall, carpentry, plumbing, and electrical, you can go a long way.

Learn your market. If you're around the twin cities, there are some good areas, bad areas, and up and coming areas (true for all towns really). Learn where you want to be and where you want to avoid. You can change lots of things about a house, you can't change anything about a neighborhood. Try to get the worst house on the best block.

House hack your first house. Buy something run down and ugly, get a couple of friends or roommates and let out the rooms to them while you fix it. Report that income, not only is it the law but it can help establish your income with the banks when you go for your next loan. This is where your repair skills come in too. If you can get a multifamily that's awesome, but those can be more expensive. But rent out every room you can for as long as you can. As soon as you start living alone, you won't want to go back to roommates.

Good luck in your journey! I've got several friends who live in Minnesota and love it there. Feel free to reach out if you want more info too.

@Angelina R martinez you can do it! Get that money!

I've got a client who wants an inspector who's cheap and doesn't waste time checking every outlet. Preferably someone who knows roofs and basements well. Does anyone have a good recommendation?

That's what I would do.

Have her sign the lease with her fiance. She may think co-signing means someone is signing with no intention of living there (like co-signing a loan for your child). They both want to live there together it sounds like. So let them both sign and you're good.

Hi Dimitra! I'm an investor friendly agent who works with new investors like yourself. I started investing 8 years ago with house hacks, and have moved on to rental properties in the past couple years. I sent you a contact request, and would be more than happy to help expand your knowledge base!

@Joshua Janus

Do you have a specific area to cold call? 

Hi Connor! Two flats are great, I highly recommend them as a way to help remove the burden of a mortgage. That being said, I would pass on your friend's offer. You can find two flats where a tenant is paying most if not all the mortgage. If you split it with a friend, you'll be on the hook for at least 50%. Cheap, but not as cheap as having a tenant who's going to pay all of it.

Having to be a landlord over a friend can present some challenges as well. What if they damage the unit? What if they're late on their rent? What is your exit strategy if you want to sell but they don't? There are too many variables that may end up destroying the relationship as well as costing you money. Investments with friends and family can work, but the expectations and splits need to be discussed beforehand.

I encourage you to go for it Angelina, but being a part time agent is tough. Be prepared for challenges to scheduling and meetings. I went with Keller Williams as my brokerage since they have lots of training opportunities and resources. You may have a good local brokerage too. When you finish your class, you'll get lots of mail trying to recruit you. Call brokerages, find out what they offer, and what their commission splits are. Good luck!

You won't get as good returns if you go turnkey vs. self manage, but if your goal is to get money and not think about it turnkey is a good way to go. I assume you've vetted your Memphis provider and like how they do business. Memphis is a hot market right now too so you'll get some appreciation with your property.