All Forum Posts by: Clayton Plank

@Chase A. i have never used Utility Score. However, I have always had good luck with just calling the utility company and telling them I was in the process of purchasing the property and would like to know the average cost. I have only had one time where they were hesitant and after i explained that I did not want anyone's information just the average usage they agreed.

@Cameron Nehrer look into house-hacking. If you can qualify for an FHA loan you are looking at only having to put down 3-5%. There are tons of podcasts on this idea as well as info here in the forums.

@Randy Siau Welcome to BP! I would suggest listening to the BP Podcasts, finding a local REIA to join and network. Its awesome you are interested so early as time is something that you can't get back. I wish I would have started sooner than I did.

@Allison Haley, maybe you can try and work a deal with her to build your own equity or shares in the business or try and seek out private/hard money. Is she still active in the business or you running everything? Is she even interested in selling?

@George Ostojic, I have used this strategy and it has worked great. I used it for down payments on owner finance deals, rehabs, and even whole purchases. I just make sure I pay that money back first before I try to pay myself anything or go after other deals. I use it similar to the BRRRR strategy as I use it then pay it back until I find another deal and then repeat. I like the method as I am not paying for the money if I'm not using it.

@Allison Haley, does she own them out right and be willing to hold the note for you? 

@Matt Damico, I have found it very hard to talk with banks about a property until it hits there REO office. Even then banks have become smarter and have started to rehab their REO properties to sell them at market prices.

@Kris Hatcher, I have used cash for keys several times and it ha worked great. I'm not sure the cost of evictions in your area or the length of time it takes but here in Jacksonville it is $275 if you file yourself and on average over 30 days. I have offered  $100-150 if they moved out that weekend and explained it to them it would save them from the eviction on their record. 

@Rogers Smith, I use the plain white vinyl regular blinds from Lowes on most of my units. If it is a higher end unit then I may go with faux wood blinds. It is an on-going expense some times but I roll that over onto the tenant if they damage them. The blinds cost me 10-15 bucks and I charge $30 to my tenant if I have to replace them as I have time in it as well. I feel I would prefer to provide the blinds instead of like you mentioned driving by and see Disney sheets or aluminum foil in my unit windows. 

@Michael Foster, I used the Biggerpockets podcasts to get ideas and general basics of how things worked. Then I would seek out someone in our Reia that was implementing those ideas with great success. I am not a big fan of guru courses and really liked finding people in my area that were doing what I wanted to do. I would offer my time or other helpful ways of giving back to them in exchange for them allowing me to follow along with the process.