All Forum Posts by: Jason Phelps
Jason Phelps has started 0 posts and replied 10 times.
Post: Networking meeting people
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
@Aaron Mulholland @James Wilcox @Craig Jennings
I am just south of Lexington, a rental investor myself and would love to talk as well.
Post: Should I offer cash for keys??? Please give insight
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
It’s a case by case scenario for me. My area is sort of landlord friendly (depending on the judge you get) so I use both.
Typical eviction for me is 21-25 days through the court, but if the tenant is “educated” on the system it can take 2-3 months. That’s where I weigh my options and usually go cash for keys.
Post: Someone had to start the annual "what are your goals" post so....
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
@Bryan Clement
2019 goal was to purchase 20 properties. I missed it and I was only able to close on 18 (25 units total).
2020 goal is to close on 24 properties, or average 2 a month overall. I already have 2 in the works (14 units total).
I wish everyone on here good luck and I hope everyone hits their 2020 goals!
Post: New hot places to buy
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
Louisville and Indy both have been good for some time now. The new “hot” places to buy has already past. Don’t get me wrong...There are still deals to be found, but it’s like anywhere else here now.
Post: Buying first investment property
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
Originally posted by @CJ M.:
@Robert Dennehey
1. Read “Rich Dad Poor Dad” (The audio book is available for free on YouTube)
2. Read “The Millionaire Real Estate Investor” (The audio book is available for free on YouTube)
3. Understand the BRRRR method
4. Listen to as many BP podcasts as humanly possible.
5. Talk to any REI's you know. Buy them lunch/coffee and pick their brain! Understand what it means to add-value to someone. People are generous with knowledge, but most aren't out there looking to spend their valuable time being a mentor.
6. Visit the BP and mrlandlord.com forums every day for at least a few minutes
7. Join your local REIA group and network
8. Download Zillow, Trulia, Realtor, Redfin, etc. and watch the listings and what they sell for in your "target area." I tend to focus on B/C neighborhoods. Set up alerts for when a property lists that meets your criteria.
9. Find a couple properties and practice running the numbers on them. Know how to calculate Cash-on-Cash Return as well as Cash Flow (seems many folks on BP still get that calc. wrong).
10. Talk to a lender(s). Have a discussion about your goals and visions. Build a relationship with them. Trust me, finding deals is only part of the battle. Funding them is a completely different story.
11.Figure out what type of REI you want to be (e.g. Buy and Hold, Wholeser, etc.)
^^THIS^^
Seriously though, educate yourself about the area you want to invest in as much as possible. Then decide on your first purchase! Congrats on your win and good luck to you!
Post: How do I verify buyers for wholesaling?
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
Originally posted by @David Johnson:
@Jason Phelps I agree! It looks like the "investor" I was talking to was a flake, he hasn't responded since I asked for POF.
@David Johnson Sounds like he was trying to wholesale your wholesale without having any skin in the game.... I've seen that a lot this past year.
Post: Purchase Contract after owner passing away?
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
@Tyler Hubbs was she married?
Post: Financing a mobile home without a title
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
Yes I contacted them and they were able to walk me through the steps necessary to make it happen.
Post: Financing a mobile home without a title
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
@Cody Godfrey I’m currently doing the same. Your state will give you guidelines on obtaining a title. I had to order a VIN plate for the MH, have it inspected and wait about two weeks for the title to arrive. Wasn’t a lot of work at all. Good luck on it!
Post: We're told to skip small deals and start big. What about lending?
- Rental Property Investor
- KY (kentucky)
- Posts 11
- Votes 7
@Stephanie P. Yes!