All Forum Posts by: Eric H.

@Justin Sheley Thank you so much for sharing your experience.

How did you finance the acquisition ($30k)?

@Rochelle Duong Greetings.

I think you should start with a personal assessment. What is your personality? Are you an introvert or an extrovert? Are you "firm" or "soft"? Are you a good or poor money manager? What is your risk tolerance? What are some transferable skills you possess that will help you in real estate? These are just some of the questions you have to ask yourself when deciding on a REI strategy. Keep in mind that each strategy has its pros and cons. You have to decide which cons you don't mind dealing with. Having no housing expense is a great benefit that I suggest taking advantage of. Save as much as you can and be patient with the process. Check out @Scott Trench's book Set for Life for more insight on creating a financial runway to help you get started.

I wish you the best! Peace!

@Eran G. Welcome to BP!!

I think Excel is sufficient for tracking expenses. You are probably going to receive recommendations for all of the software choices you proposed. My advice is just pick one and start using it NOW. There is going to be a learning curve no matter which one you choose so the sooner you start the sooner you'll start to straighten out that curve.

Happy investing! Peace!

Greetings @Megan Gilmore,

You can hear about over 250 stories on how people got started in the industry by listening to the BiggerPockets Podcast. I would say step #1 is learning your market. Learn the ins and outs of your market. Learn prices (as is and after repair, rents), homeowner areas vs rental areas, schools, types of homes, crime data. Understand all you can about your market.

I wish you the best! Peace!

@Gainet M. Congratulations!

I would recommend checking your local laws but if you now own the house you now own everything in the house. Do with it what you please......

@Kristen Ray Greetings,

What you include in your offer letter or letter of intent will be based on your audience. You can also use the standard MAR contract or a contract you have drafted by an attorney as your offer letter. The contract will frequently include more information than you necessarily need for every deal. With experience, you will be able to pick out exactly what you need based on the types of deals you are performing. Ultimately I would be sure to include terms (purchase price, emd/down payment amount, type of financing, closing date), buyer/seller names/addresses, any contingencies.

Hope this helps. Peace!

Great morning @Kristen Ray,

I like to use the redfin app on my phone to track home prices in my local market. I would recommend driving, walking, or biking your target market, street by street. Finally, attending local real estate meetups and speaking with other investors is another way to learn your market.

Happy investing! Peace!

@Kristen Ray unfortunately you are not able to inspect properties before purchasing a tax lien in the state of Maryland. Your best bet is to do a drive by of the front and the rear (if you can get to it). The exterior will give you a starting point for estimating rehab and the interior's condition will be pretty close - in terms of level of repair needed. Always go with worse case scenario either way. With a tax lien you are actually bidding on the lien. That lien can consist of taxes and other municipal fees. Upon winning the bid you do not own the property so you can not enter the property. You own a lien against the property. Check out bidbaltimore.com for more information on the auction process for Baltimore City.

The Tax Lien Certificate Sale statutes are in the Maryland Tax-Property Article and are available online at

http://mgaleg.maryland.gov/webmga/frmStatutes.aspx?pid=statpage&tab=subject5

@Kristen Ray, Greetings.

Usually there will be an inspection contingency in their offer, allowing them to inspect the property before finalizing the deal. If buyer finds something during inspection that kills the deal, he or she has a way out.

Greetings @Janet Lee,

I really enjoyed the founder of Wal-Mart's biography. He offered great insight regarding developing a culture, scaling, and advice on hiring.

I wish you much success! Peace!