All Forum Posts by: Jake E.

Arlington is a lot of fun. We have rental property here and don't ever have a problem getting a great rent rate. Just like any other area it varies in its preferences, but just know that north,south, and west bring in  higher rates than central or east.  If you want to know a little bit more about Arlington just let me know. I wish you guys the best!

I would venture to say that the biggest part of getting started is simply learning how to network and ask a ton of questions. As @Jon Sanborn and @Ayodeji Kuponiyi were telling you, soaking up the info and educating yourself are extremely key. BP is a great way to network as you've been doing but @Kami S. is definitely talking about familiarizing yourself with local investors which is going to be extremely valuable. Local is a great starting place so find out who really does it near you and network with them. They can show you how to do a ton of awesome stuff in real estate investing!

The concern is that you've never done it before so by all means move with caution. As @Andrew Michael was saying, you would be acting as a private money lender. So, for this part seek a real estate attorney, have them draw up a note according to what you both agree upon. Then ask the attorney to make sure that you are being placed in first lien position. But, before you even agree to the transaction , make sure that it is a good deal to be a part of and look at the worst case-scenario. Too many of these transactions take place which often destroy friendships not to mention the deal. Best of luck my friend!

There will always be plenty of questions of whether or not to buy the property but the one thing you will always want to do is.......make an offer. Don't try to make it a good deal just simply stick with a good offer.

look for lender brokers in your area and they will get you in touch with someone that will work on the repair so that they can get the loan done in time. I think that's what @Chris Mason was referring to. I have a pretty good one in DFW, don't know if she does SA but if not then she probably knows someone. PM me and I'll get you the contact info.

@Jack B.sounds like you are more than curious or concerned about whats going on at your rental property. Though the majority of my business comes from assigning contracts, I still have rental property which accounts for the most exciting times of my real estate ventures. I have grown to understand that people are people and that some are going to do things that break rules but not all of them. This morning at 9am I will go to the municipal court building and help a fellow investor file their first eviction. They have been doing this for quite some time now and it shocks me that things have come this far and the eviction was not already done long ago. The very reason it usually gets this far is because of a lack of communication. @Marcia Maynardoffered a great suggestion for this situation and future dealings with tenants "just ask them." @Mike Cumbie was basically telling us that people are going to live and we are going to drive ourselves crazy if we try to watch everything that they do. @Michael Notowas asking the basic fundamentals of whether or not this would be a serious issue. All seem to have great advice and sound experience so really it comes down to one question. What do your own policy and procedures for this situation say to do? If you don't have P&P then start writing your own, that way its systematic. I wish you the very best with your business my friend, have a great one!

@Reuben Harris I believe that we all have a story similar to this somewhere along the way where we were burned. There is so much stuff out here that you can learn from that we can actually learn from others that are more than willing to help. I can see by your comments that you recognize this now. Man sorry for the ouch but it certainly made you stronger so go do your thing now!

Welcome @Brendan Martin to BP, we wish you the very best in all that you do. I'm in Arlington, Tx. but will keep an ear open for something you can connect to up that way. Have a great one!

@Jerry Puckettthe business is a tough one to venture into and, trust me, everybody has a different angle they take in investing. I have guys that want houses already rented at a certain price point and return, some want 70 to 85% all in, some want me to assign them an option. The fact is that everyone is looking for something different, so the key is to get to know a whole lot of those "everyone's" and make it happen. The stereotype will always be there, its the reason I started assigning contracts. I couldn't stand seeing flyers that didn't make sense at the REIA's like the one that @Will Barnard was describing. You will not be able to keep others from doing so much damage; however, what you can do is become a sound 'go to guy" with your endeavors. 

Congrats to you on your success, i would just suggest that you take a moment and go back through the process from beginning to end so that you can get a better look at the process.  It just helps you to get better. ........write that stuff down (what worked and what didnt) so that you form your own policies and procedures. We wish you the best!