All Forum Posts by: Gil Cohen

@Holly Ross First, best of luck to you. Second, it's possible to start with $50k, even nowadays but it's really up to your comfort level. As others mentioned, a turn-key property for that budget might take you to some challenging areas.

For that budget, I'll suggest looking into Detroit and trailers. Detroit still has some good opportunities but it could be a big overtake for a new investor. Used trailers typically go for much less than a traditional house and could be rented for a slightly lower profit margin. 

Hi @Caleb Vislisel, what @Don Konipol said about using an attorney is correct. Your partner and you need is a simple joint partnership agreement. Having a lawyer prepare it for you would be the more innovative way to make sure the agreement is solid. You could do some online research and draw the document yourself and later have a lawyer look it over and correct what is necessary. That would save you some money and more importantly, the research would give you some knowledge on what is important to have in this type of document. Good luck to both of you!

I agree with @Kevin Baker, verify the numbers and make sure the reference list checks out. This person making too much each month to get themselves into this sticky situation only three years ago. 

 Use those hard-working wholesalers to your benefit whenever possible. They already doing all the cold calling and leg work, and want your business. A win-win for all parties.

Nice info in the video, thanks for sharing your thoughts about STR vs LTR. Good to learn what someone like you wanted to do long-term but decided to focus on short-term. Professional pictures for any property are so important. Sweet tip.

Hi all,

I'm looking for recommendations for a contractor/ company/ handyman to replace vinyl siding on a residential property. It's a two-story house and looking to hire and start right away.

 One thing I've noticed many experienced investors are recommending to do, but many first-time investors don't practice is; to go and see the out-of-state property in person. If you ever listen to the BiggerPocket many podcasts, this topic comes up often. Sure, taking a trip cost money, but a few hundred or thousands of dollars is a tiny percentage of a real estate investment. It might be tempting to only rely on a local agent and PMC, but nothing beats seeing a new place in person. 

Please share with us Kevin if you end up investing in Orland. I personally would like to hear about where people invest and how out-of-state markets are doing.

It seems the issue is not with the compressor, freon, or the AC unit itself, but with the tenant. By not following the rental agreement he signed with you, his own actions caused additional problems that could easily be avoided. You mentioned you've spoken with him about reporting issues quicker but with no results on your end. Have you tried to send him an official letter emphasizing the importance of doing so? You can highlight and include the relevant parts in the rental agreement that requiring him to do so.

While some of the problems are certainly not an emergency, the tenant likely doesn't understand that. He also doesn't and shouldn't care about the fact you are unable to receive several bids to get the job done in an economical way to you. 

Try and emphasizes what is the benefit for the tenant in reporting issues sooner and why it is sometimes simply impossible to fix thing right away when he reports and wants them fixed. Hopes you'll be able to set realistic expectations for you both, especially since you mentioned he is a good tenant overall.  

That's a great question @Nader Hachem to ask about renting vs buying. If you believe RE prices would keep going up and you're key on living in a certain area, renting likely be the better call. If you think prices would go down and a monthly mortgage payment would be much higher vs paying rent, perhaps renting is your better option for now. Remember that purchasing a primary residence is still paying rent, just paying it to yourself. 

Hi there @Skyler McKenney, 
Speaking from my experience in the city, I've learned there's no one clear answer to which areas to avoid and which areas are best to invest in. There're many variables involved, but it mostly comes down to what are your goals for the investment and what level of risk are you willing to endure. Are you ok with owning an investment property in a street where the majority of the houses are abundant but you predict would make a comeback in a few years? Or do you prefer to pay a premium and own a turn-key property in a desirable zip code with high rent prices? If you have set clear goals for the investment, this could be a good start in which areas are recommended to achieve those objectives. Hope it helps a bit.