All Forum Posts by: Josiah Kay

In the upper-right hand corner of your screen, there should be a magnifying glass icon. If you select this, you can search all of BiggerPockets by entering in your keywords. Otherwise, if you just want to search the forums, you an select "Forums" from the drop-down box that displays next to the search bar. 

One option is to purchase them directly from BiggerPockets: https://www.biggerpockets.com/landlord-forms

Otherwise, you could check for local organizations that sell those legal forms. For example, in Wisconsin, we have Wisconsin Legal Bank that works with attorneys to draft up legal documents. 

If neither of the above work, you can always work with your own attorney. 

Don't forget to account for vacancy, repairs, capital expenditures, property management (even if you self-manage, there will likely come a time when you don't want to), and water/sewer (if you pay for them). 

I don't think he is unrealistic about those numbers. I use that same criteria when analyzing properties. Now, that isn't to say that I come across a lot of properties that satisfy this criteria. Over the past six months of MLS listings in the area I am looking at, I would say that one or two (if that) met the 12% ROI and $200 cashflow criteria (using the listing price).

However, every house is going to have a price that makes it a good deal. They may have it listed for $160K, but after running your numbers, you determine that you could only pay $110K to meet your criteria. To you, the house is worth $110K and that's what you would try and get it for (if not less). 

I'm not sure where you are looking for properties already, but I would suggest trying to find off market properties where you are more likely to find sellers with sales prices more in line with your criteria. For example, search through Craigslist FSBO, FaceBook FSBO, drive for dollars, etc. Otherwise, there is a ton of information in the BP forums and podcasts about finding off market details.

Agree with Dan. I don't know about Tennessee, but typically you would have to honor the lease of the previous landlord. If you were going to try and give them a notice, I would recommend speaking with an attorney first. 

I haven't previously, but with my next renewal I am planning on adding that as a requirement. Just one more layer of protection for me. I have seen other investors in my area have that same requirement so I know it won't surprise prospective tenants.

Hi, Patrick - you are in good company. There are a ton of great people from Milwaukee on the site. I actually host a meet up in Wauwatosa every month. If you are interested in meeting some more fellow MKE investors, feel free to PM me and I can share the details. 

@Cole Budney The BP forums are a great place to learn more about real estate investing. Otherwise, some book recommendations (these include mostly books on business/lifestyle or buy/hold investing):

- "E-Myth Revisited" by Michael Gerber

- "Cashflow Quadrant" by Robert Kiyosaki (further builds on the "Rich Dad, Poor Dad" foundation)

- "Set for Life" by Scott Trench

- "Long-Distance Real Estate Investing" by David Greene

- "The Book on Managing Rental Properties' by Brandon Turner and Heather Turner

- "The Miracle Morning" by Hal Elrod

-"HOLD" by Gary Keller (geared toward SFR)

-"The ABCs of Real Estate Investing" by Ken McElroy (geared toward commercial investing)

"Multi-Family Millions" by David Lyndahl (This is on my list of "To-Reads". I've personally been recommended it and have seen it recommend on the forums as well).

To @Marcus Auerbach's point on the HELOC - I should of been more clear. I agree that a HELOC shouldn't be used as long term financing. For long term, you would be better off with 30 year fixed. However, by using a HELOC to purchase, you may be able to leverage a "cash" offer to negotiate better purchase terms with the seller. Then, after the purchase, you can refinance into long term financing.