All Forum Posts by: Jay Orlauski

Welcome to the site Aaron, I think you came to the right place, especially if you are just starting out. I have considered purchasing property in Washington before - I'm looking forward to seeing how your experience is there - I have some family there I would to get a duplex for sometime in the future.

good luck - hope to read about your experiences.

I would say to be sure that you manage your expectations.Don't underestimate the amount of hurdles that can stand in your way. Be realistic, but don't be paralyzed , be willing to learn and to UNlearn. read a lot of books about the subject that interest you most - flipping, wholesaling, birddogging, managing, buying/selling paper , auction or whatever floats your boat. don't be afraid to ask questions and ask a lot of them. Above all, I think the best thing a beginner can do is to find a mentor - there is almost nothing that can substitute for having a mentor to lean on and learn from. If you had to focus your energies on one thing , I would say focus on how to find a mentor - the time spent will more than pay for itself if you find the right one.

Originally posted by Jackie Patterson:

I would suggest you consider starting out "birddogging" for an experienced investor. You find and refer the short sales for a percent of the profit. It's a great way to learn the business, gain experience and knowledge, and make contacts.

Jackie

I really like this idea - 1. it gives you face time with an experienced investor and you allows you see deals happen first hand - not only educational but extremely motivational - plus you will get practice looking for deals and calculating what makes a good deal and a bad one before putting your own money into the game.

2 - it requires relatively no money of your own and you can make some money while learning the ropes. Maybe you save up some of the money to start funding wholesale deals and whatnot.

In any case , coming to this website and seeking knowledge is a great first step towards your goals. Keep up the good work!!

Originally posted by Kendall Matthews:

Years ago I killed all the grass in my front yard at my Phoenix property. It is currently now just dirt

Before, I put it on the market I want to cover it with landscaping rocks.

What have you found that works best to prevent grass and weeds from coming back up?

what we have done in the past is to spray the soil with weed killer to destroy anything already there. Then we would lay plastic down ( usually just a plastic garbage bag torn open) and then we would put down the woodchips/ rocks / whatever substrate you choose. This usually worked for quite a while for us. use black colored bags so it doesn't doesn't show up if rocks get displaced.

Originally posted by Ben Kevan:

Awesome Jay,

Glad it's on its way to completion..

I'm still learning me some ropes.. checking out multiplexes and SFR in multiple locations.. I hope to put down 25%.. since I did FHA with my primary residence..

Hope to follow your ropes shortly

thanks - I look forward so seeing how your progress. I will probably have to do the same thing as my FHA is tied up in this property - the next one I get will have to be conventional and require at least 20% down. - unless I find some hard money lender here on BP and then do a couple flips or wholesale deals -

I would like to add a different angle which does seem to be addressed yet. Oh . by the way , congratulations on your decision to venture into real estate - a rewarding , challenging and life changing move.

When rehabbing and flipping - there is a major critical component in the mix - your contractors. Before you make any commitments, you need be sure that you are going to be able to get it fixed up so you can move it as soon as possible.

The first flip I embarked on was plagued with contractor issues as I ended up using 3 different contractors - none of which really performed. Many days they simply did not show up , promising to be there the next day , only to not show up again. Eventually , with the last contractor , I had the brains to finally draft up a contract that dictates every step of the way, and guaranteed a certain level of work to be done by certain time frames or there would be payment penalties. This made the relationship and the expectations very clear and I was finally able to see progress. They know that I have to move the property within a certain amount of time and if they cannot promise to make it happen and stand behind their word, than it can put the entire deal at risk.

Now, whenever dealing with contractors, I make sure to write up clauses that guarantee performance. Any contractor who will not sign it will not get my business , as I am twice bitten 3 times shy.

Whatever route you go to get your units fixed up - just be sure to keep in mind that there is going to be a mini construction project to manage and after you got all your numbers in place and want to move forward - be sure you have the right crew.

sweet - promptly joined up and linked to linked-in

thanks Charles, I was just getting ready to start a new thread asking for advice on how to get someone to accept an offer. I had been looking for 5 months and was beginning to think that perhaps my offers were unreasonable for the current market climate - we had very strict parameters however that we could not really stray from , as it is important to us to be able to provide housing my parent in laws , and we will also be occupying a unit ourselves. That is why we were hoping for a fourplex , but I am still happy with a triplex - its in a very nice area and has lots of space and all of the things we were specifically looking for. I saw many properties that I would have liked to purchase strictly as investments, but my money is tied up in the current deal. After close, we are going to save some more money and start all over, this time it will be for pure investment and not to live in or house family - I am considering doing a couple wholesale deals to raise some cash for the next rental. I will watch and listen to whats going on at this site and start formulating a plan to take action - perhaps find someone who has done it before and bring them into or something. Right now I am just happy that we are breaking ground and moving forward on a multiplex.

thanks for the encouragement!

Thanks Anthony - and welcome to BP. There are so many great success stories at this site - I have been getting an unofficial education in real estate. Hope to see you around the site.

Originally posted by P NW:

Wish her a good day and politely close the door, even if she is still talking.

laffing.. horrified... I don't know. I get what your saying.. but the poor old lady standing there talking as the the door is shutting in her face gave me twinge of sadness. I wonder if her niece would be more inclined to intervene a little more if she knew how bad off her aunt is. Sounds like she could use a hand around the place. I understand the frustration this puts on her tenants - unfortunately I think it can only get worse as time goes on.