All Forum Posts by: John Clark

hi @Account Closed, welcome to BP.  It really is a great resource for all things real estate.  I would start off with BP's Ultimate Beginner Guide. It will give the basics of RE in a nice logical order.  This way you can start asking questions or searching the site for previous questions that interest you. 

Education is key.  But you will never learn everything.  So don't try. 

You have already stated you want to be wealthy.  That's a good start.  Now break that down into short and long term goals.  (example, Short Term Goal - buy 1 investment house by the end of the year)  Then everyday, take steps that get you closer to that goal. 

You have listened to some the Podcasts, so you know what most of the people say about what separates successful RE investors that from ones that give up or fail, Taking action. 

Nicely done.  Knowledge is power.

Hi @Andre Akwaegbu, welcome to BP.  I also listen to the Podcasts everyday on my way to and from work.  It's a great investment in yourself.

As @Paul Timmins mentioned, Amanda Han's book "The Book on Tax Strategies for the Savvy Real Estate Investor" will walk you through what others have gone through.  Some situations will apply and some won't.  But it get the ideas and concepts in front of you.

But to answer your question about an LLC, it's a good idea to have one. But it is not required to purchase or rent a property. But as always, you should talk with people that know the laws in your area. And going to the REIA's will certainly put you in front of the right people.

Good luck.  Go make your own luck. 

Welcome to BP @Veronica R.

The best place to start is with your education.  I would recommend the BP Ultimate Beginners Guide to Real Estate Investing, which can be found here 

https://www.biggerpockets.com/real-estate-investing

This will take you through a systematic approach to RE investing.  While you can go through the forums looking for the pieces of what you want, it's not as good as getting a general understanding of the overall process.  This will then help you know which questions to ask. 

@Vy Mai, a month is too long.  But the issue you may be facing, being in a college town, most students are looking to move out or back home in the summer months.  I expect that it would rent very quickly in the late summer for the Fall semester of school.

So you are going to have to increase your marketing.  Flyers in coffee shops, CL, Zillow, etc. 

Do you charge prospective tenants a fee for turning in their applications, to cover the cost of a credit check?  If so, maybe waive that fee.

Congratulations on an awesome flip.  I really like the horizontal planks/fence to hide the area under the house.  It's a very unique design feature.  One I may have to borrow.  

thanks for the idea @Account Closed

Congrats @George P.  I'm currently stuck at 9 rentals, also in the business for 6 years.  So it's good to see what's possible if you set your mind to it.  I'm currently on the hunt for #10.

All of my rentals are in Redford, Southfield, Livonia and Farmington Hills.  All are performing well and have mostly good luck with tenants.  But I do spend a lot time in the areas and talking with the people.

The question I have, is there a way to determine how many of the recent sales are to investors?  Rental investors specifically.  Maybe it comes from spending time on BP, but I'm getting concerned about rental saturation in these areas.

Thoughts or comments? 

(not intending to hijack your thread, just helping everyone looking for data)

That's great, congratulations.  Yes there will be stress, but don't worry, time passes either way.  I heard somewhere "there is no good or bad news, just news."  So with that, take the news as it comes, deal with the issue and move on.  It's saved my sanity more than once. 

On a side note, a 12 unit would require a commercial loan and they are usually particular about loaning to a newbie.  But you were able to pull it off.  So that means they believe you will succeed.  :-)