All Forum Posts by: Jared Hottle

I agree I think if you can swing it in your area with home prices look to do it. Call a bunch of local banks tell them what you are trying to do (explain BRRR method to them), let them know you have 50k you can use as a downpayment and see if they can get you purchase price and rehab budget. Go to local meetups, find an investor minded agent and start looking for deals simultaneously making contractor and trades connections. Driving for dollars for a little bit each day can also be a great idea to add to your funnel

I think an area and a realtor would be a good first step. Find someone who owns short terms or know someone who does as they will be able to point you in the right direction for management and other vendors.

 I agree with Troy, have done this a few times with occupied units where tenants get burned out at price points that attract lots of window shoppers. Not only would I put inspection period maybe also putting in the terms something like this. Buyer to be given ability to walk through each unit within 3 business days and if they find it not suitable can cancel contract with full release of earnest money. 

I would look to do the BRRR strategy into long-term or short-term rentals. the 360k should be enough to get you a house and a rehab budget in a midwest city. Fix it up, rent it out, refinance it and do the same thing. Leverage that 360k perpetually for life and watch it turn into millions! It can be done.

Not sure the demand for your auto job or what it would pay but if you are looking at getting into real estate investing I would suggest trying to find the highest paying job you can in that field. This will allow you to pay down debt fast and be bankable to take action on your first property. 

Not sure what the normal ways of investing are? The best way to start is househacking. Can you rent out your basement or look to buy a duplex or build an accessory unit? Beyond that I think exploring turnkey single or multi family or doing the BRRR strategy is a good place to start.

I'm sorry to hear about the situation you're dealing with. Here are some steps you can take to address the issue:

1. Document the condition of the property: Take photos and videos of the property's condition, especially if there is evidence of damage, trash, mold, or insects. This documentation can be used as evidence in court.
2. Notify the tenant: Send a written notice to the tenant stating that you believe they have abandoned the property and requesting that they return the keys and vacate the premises immediately. You can also include a statement that you will pursue legal action if they do not comply.
3. Inspect the property: Once you have notified the tenant, you can inspect the property to assess the extent of the damage and make any necessary repairs. If you find that the tenant has caused damage beyond normal wear and tear, you can deduct the cost of repairs from their security deposit.
4. Hire a professional cleaning service: If the property is in an unsanitary condition, you may need to hire a professional cleaning service to remove any trash, mold, or insects. Again, you can deduct the cost of the cleaning from the security deposit if necessary.
5. Consider legal action: If the tenant does not comply with your request to vacate the property and/or pay for damages, you may need to file a lawsuit to recover any unpaid rent, damages, or cleaning costs. The police report you filed can be used as evidence in court.
6. Review landlord-tenant laws: Make sure you are familiar with the landlord-tenant laws in your state, especially regarding security deposits, evictions, and legal action. You may want to consult with a lawyer to ensure you are following the correct legal procedures.

I hope this helps, and good luck with resolving the situation.

Depends on your goals. I think househacking in your local market will always be the best. Beyond that if you live in an expensive area, BRRRing or turn-key rentals in the Midwest will be a good option for cash flow. If you have interest in the midwest shoot me a message I am in Northeast Iowa and still helping buy cashflowing deals. 

Anything on seperate meters I have tenants pay. If driveways are split they are responsible for own snow. usually I take care of mowing as it can look like a mess real easy if one tenant mows more than another. 

I think it something that is easy to overthink for sure. I would probably start just with your house but as your business grows it may be good to get a PO box for your business as a whole.