All Forum Posts by: Frank Hinck

@Cody Evans

If it’s not a primary residence then 20%. Go multi if you can get a good buy, add value by separating utilities, or force other appreciation.

@David Smith

Many local jurisdictions have contractor exams or want references to get licensed, plus showing insurance, bond, etc. All have annual license renewals (registration fees). NYC has a 40 question exam you have to sit for and get fingerprinted prior. I’m sure NJ has the same kind of things.

@Chris Rowland

Invest with a partner. Form an LLC you're 50/50 legally but the partners name is the only that appears on the mortgage. Or be a hard money lender to another local reputable investor.

@Kyle Parcell

2-3-4plex and House Hack it with that 3.5% FHA. Just make sure it's a good value buy. And have some cash reserves for when you have repairs and tenant damage.

@Carter Kramer

Prologis. Black rock is an investment fund with a very strong RE wing too

@Lavanta Davis

Great way to get started:

-Listen to BP Podcast #40

-read the Ultimate Beginners Guide on the website

Also use Mint or Acorns to help review your monthly spending and cut some costs and get on the path of saving a couple hundred / month toward your first Rental.

@Gregory Schwartz

Operating and finding good mgmt can be TOUGH.

Not sure if BP has done a self storage specific to Storage but another one I Listen to you would find really interesting is episode 229 of “Real Estate Investing for Cash Flow”. The guest is a super experienced old school storage dude who drops a lot of knowledge on metrics, professional associations and if there’s even a need in your area for it based on # of homes, population age, etc.

@Tre Hobbs

BP Podcast show 75. The best newbie MHP Podcast is Ryan Narus.

Can I ask why MH and not a SFH? MHP Parks are tough business and lots of large well funded folks out there. Dropping single MHs on property isn't a bad idea but most Localities really hate MHs and have ordinances against them. Or Kevin Bupp has a podcast which is a little more high level.

@Sara Rush

Check out the ultimate guide on rehab costs by J Scott and also find a realtor who knows your "farm area" and can help with ARVs. There's also a Fix and Flip Calc and a BRRRR Calc on the website you can use.

@Curt Hoffart

As a fellow GC, I have had this virtually the entire thought process and it it a solid, valid one. It all depends on the cost to build vs cost to buy. In your scenario it makes the most sense to sell and make the ~$100k first, rather than B(build)RRRR and rent it and only get a few hundred a month. Also you put a lot on the line to build the home, as any new developer does. Not that it seems the market is going to crash, but the developers got burned extremely bad in 07-08 because they were holding all the property and the stalled builds, I just wouldn’t do more than 1-2 at a time and figure out your market.

Or totally opposite go BIG and buy a plot of land cheap and try to fully develop it and get the economy of scale instead of doing infill lots.