All Forum Posts by: Jordan Thibodeau

@Leon Trak Thanks for posting. IMO: I'm not a huge condo guy, so I would pass and look for SFH or duplexes.

In your projections include: Maitenance, Insurance, and taxes.

@Edith TenBroek congrats on shrinking the debt.  It's easy to fall prey to the fear and greed in the real estate market or financial markets in general. Taking it slow and staying unemotional in real estate is one of the best ways to keep yourself in the game for the long term. I look forward to hearing about your first RE purchase next year.

Cheers,

Jordan

Hi @Matt Jones 

It depends on your debt to income ratio. I would speak your mortgage banker and shoot scenarios to him to see what your options are.

HI @Chad welcome to BP. IMO: I would stay away from an ARM, you have to many risks involved that could permanently harm your future RE career. What if you don't land a high paying job? What if interests rates increase? What if rents decrease?

I would try using this calculator and input conservative numbers for your pro forma rents, repair budget, taxes, insurance, vacancy, and other misc costs.

Also, I was listening to the blog, reading posts, and previewed 100 homes over a 6 months process before I pulled the trigger. I would not take a swing at the first thing you see or I would consider restructuring the deal as a property manager so you can gain land lording experience while the property owner can have peace of mind. 

HI @James Z. 

Being a PM can help you hone your landlording skills, which is invaluable if you want to self manager your buy and hold property. If the PM role is located in the same area you invest, you will be able to learn more about the area, and make connections that will help you with your own pursuits. 

Does anyone know how many properties you can manage? Nope, just you, that takes time understanding how you set up your systems, which type of properties you buy that in turn drives which type of tenants you attract.

Happy Hunting. 

HI Lisa! 

How much income are both families bringing in?

As for the second family, why do they need to move in this weekend? If they rented, why are they leaving their previous residency?

Thanks,

Look at it from the agent's perspective: Do I want to continue to write multiple low ball offers that have no chance in resulting in a commission?

Also, I would look at your criteria and see if you're low balling is within reason. Are you trying to turn a reasonable 10 cap into 20 cap? Or are you buying in an emotional market where low balling by 10k is the only way you will cash flow?

HI Jeremy,

Ask them how many short sales they have closed and for the supporting documentation.

HI John,

I would set a goal, then start working backwards, but make sure that the steps to the main goal are small and easily achievable, which results in momentum and eventually you will accomplish your goal.

Joe: Welcome to the forums. Basically what @Steve Wilcox  said.