All Forum Posts by: Tim Steele

@Christopher Gingras Thanks for the advice. I am going to put it to work. 

I noticed some online auction sites offer pre bidding a couple of weeks  before a property actually opens for auction. What does this mean? How does it work? Can I buy the property before it go to auction?

One thing that worked for me building credit and a relationship with my local bank is pulling equity out of a vehicle. My truck was paid off so I pulled 4k out in equity and paid it back in a 6 month loan. 

@Jamiel Strickland 

Your hearts in the right place and you sound like you are ready to go out and make things happen. You are on here stratigizing and that is really awesome. Taking action is what most people are not doing and you are!!

Talk to some property management companies. Since you are will yo work for free, tell them they can pay you for what they think your results are worth. Managers love people with your attitude.

Another tip. Owners like to buy foreclosures at your local courthouse. Find them there, introduce yourself. Let then know you want to learn and will start by running errands or whatever. Owners love people with your attitude. 

I agree. Get experience with another company first. It can be tough work, and you may decide it's not what you had in mind and want out. 

This way you get valuable experience from someone else, get exposure to the business and get paid to learn. 

I agree. Get experience with another company first. It can be tough work, and you may decide it's not what you had in mind and want out. 

This way you get valuable experience from someone else, get exposure to the business and get paid to learn. 

I purchased a 4 plex recently that was similar. Vancacies with one long term tenant. No paperwork, no memory of the security deposit. When I had toured the unit, clean organized. The tenant was paying 1/3 of the market rent. 

I wanted the tenant to stay. But wanted a fair relationship. I sent a notice that there would be a rent increase and paperwork to sign for a new lease. 

The tenant stayed, and having a unit already rented with a good tenant has been a great thing. It's been 3 months and no issues. 

But as was said, document the security deposit (if there is one and amount) you don't want to get stuck with a tenant claiming they had paid a security deposit equal to 2 months rent.

It has been said you are the sum of the 5 people closest to you. I think that can also be said toward what you listen to. Over the years, I've tried different podcasts. Some have come and gone, but I have my top 5. Recently, there has been some overlap on those podcasts with hosts of one show appearing on another. I love that. Makes me feel I am surrounding myself with the best people or podcasts. I'd love to hear what others are listening to and maybe branch out. Here are mine in no particular order.

1) Bigger Podcasts - Listening since the beginning @Brandon Turner

2) Empower with Clayton Morris - A real feel good podcast. Clayton was a guest on BP, and @Joshua Dorkin was a guest on Empower. Amazing interview, listening to Josh talk about the growth of BP. (Thank you for doing that podcast; I appreciate you even more.)

3) Clark Howard - He wants to save you money and is a pleasent guy doing it

4) Stuff You Should Know - A presentation on a variety of topics. Always interesting

5) Sarah and Vinnie Secret Show - Morning radio show out of SF, not for kids

What are you listening to?

@James Wise  Yes. I should say when I read @Kyle Scholnick post, I read it as he was buying "for" a turnkey property. I buy distressed properties (of varying degrees). Then, I add them to the rental portfolio or put them back on the market as turnkey. ( I hope I wasn't misleading.) 

I find the deal, run the numbers and share the numbers with the banker. He will fund the property with no money down. ( I do put down earnest money of $500.) In addition, he will fund the fix up. I am buying these homes at a discount so the equity is already in the property. That is what he is looking for. If something should happen, can he feel comfortable he will get his money back. 

For an example, here are the numbers of my last flip:

Purchase price $19,000

Fix up $40,000

List Price $110,000

Sold $104,000 

This is a relationship I continue to build.  After 3 years, I am just now to the point he will fund two properties at the same time. 

I buy from several sources. 1)MLS is good, talk to your favorite realtor and have them set you up on an automatic email. So you get an email when something you are looking for comes on the market. 2) Birddogs. I tell people I am in real estate and that I pay a cash if I am able to close a deal they brought me. How much you pay depends on the deal. 3) Make nice with your postal carrier. They know everything and would enjoy a cold water on a really hot day. 4) Drive for dollars, exercise is different areas. When you see a house that looks available, write the address down. Find your own fun way, and you will find time. 5) My outside the box way is "Geocacheing". It takes me to different areas and there is the thrill of the hunt. This also works if you want to look at real estate on vacation.