All Forum Posts by: Garrett Diegel

Just starting out. Learn, Read, Educate Yourself. Make connections and relationships here on BP. Listen to the podcast. All of this will help move you toward your goals but at some point you will have to take an educated leap into REI and buy a property. Just make sure to use any and every resource you can to vet the deal and make sure your parachute is packed.

Welcome, you have found the best place around when it comes to REI support and education. Good luck and reach out to the forums if you ever need anything.

@Mindy Jensen - So far we are into this with 4 units and have had multiple opportunities to sell them and make hefty profits from each. We have held onto them and I'd have to say we wouldn't change a thing. We have entered into REI with the long game in mind. Buy cash flow positive deals and unless there is an opportunity to scale up Monopoly style to a bigger property we will never sell a property. Even then, I'm not sure I'd sell one and lose the cash flow it creates. I'd rather build the portfolio of passive income and if we want a bigger deal (more units / apartment etc) figure out a way to structure the deal without selling your assets to do it. The greatest thing about REI is that there are so many different ways to make it work, this just happens to be mine. Here is to an amazing 2018

READ . LISTEN . LEARN . ASK . - Learn all you can in any way you can about real estate, money, personal finance etc. Then just go ahead and jump into some deals. Don't get trapped in the realtor / transaction mindset. Build renewal rental income and become an investor. Read Set for Life by @Scott Trench - https://www.biggerpockets.com/store/set-for-life-ultimate  - it is a great resource. Also, from someone who has read personal finance books, real estate books, and the like for year. The Bigger Pockets Bookstore has some of the best resources available. https://www.biggerpockets.com/store not to mention the greatest book ever written by @Brandon Turner 

@Belinda L. WELCOME!!!! You are in the right place. 

You can learn more than you imagined here on BP. Feel free to reach out anytime. 

@Dmitriy Fomichenko is also on point with his advise. Get going on the guides, podcasts, etc. All great sources of info.

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

Welcome to BP and the REI world. Some people may chime in with commercial info or cap rates etc but with a duplex or really anything under 5 units they are still treated as residential as far as value.......BUT.....your end buyer if/when you choose to sell will probably not look at it that way. They will probably look for cash flow or possibly cap rates but that is more rare on properties with 5 and under units. All that being said, if you are looking for a market value or ARV I'd just get your broker to put together a BPO for you with good comps etc. That should get you close to what your market can support.

Are you talking paying for a landscape service or to pay to get the property landscaped? Either way I would say it is a good idea depending on the property. However, a good, long term, tenant in your SFH should treat it as their home and your lease should reflect as such. Cmon tenants, get out there and mow your own lawn, if not, we'll get it mowed for you and just bill you for it. That should keep them motivated. Or just give them the option, you mow your lawn etc, OR, we can set that up for you for a fee.

What @Dmitriy Fomichenko said !

I would caution against it anyway but that is just my approach. Why not be diverse in your strategy. Focus on using retirement accounts, mutual funds, etc for a more long term approach while building your REI portfolio as well. This would provide exposure to multiple investment opportunities. One long game option (retirement accounts) and one short game / wealth option (real estate cash flow and equity build up) - Again , not that it is a bad idea to borrow from a 401k or use a self directed IRA - I just think that it is the easy route and that you should get more creative in your financing. Let the retirement accounts do their job and make friends with some local investors, lenders, private money lenders, etc for your REI.

Regional and personal preference for sure. Our oldest property is currently 1978 but I'd be willing to go a bit older in our area. Possibly closer to 1950 or 1960. Much older than that and we have no foundations, electrical and plumbing issues, etc. Not that we can't find a deal with the right numbers in that age range of property but it's just not for us at this time. Our favorites would be 1980 and newer. 

Without a lot of deals under my belt I'd have the say - THE NEXT ONE - All the deals we have done have been fairly creative so far however. If we were not creative we would have never gotten started in the first place. Now, we are up to 5 total "doors" owned over 3 properties. All have been creative financing but we are looking at an up and coming flip property that would be the most creative yet. I figure that if you want it bad enough and the numbers work. There is always a way. -