All Forum Posts by: James Vermillion

I would head over to the marketplace and check out some other properties people have posted looking for funding. That will give you an idea of the questions people will have but just off the top of my head, here are a few:

1) Exit Strategy

2) Analysis (purchase price, renovation budget, holding costs, etc, etc, etc).

3) Length of financing needed

4) Your past experience

You get the idea, but in general people are not just looking to lend on a property, they are looking to lend to you, so they want to make sure that the deal is good and that you are capable of making it happen.

Welcome to BP Jessica! I love the strategy of flipping houses to build capital to add rental properties to your portfolio, in fact, that is what we have been doing with success for a few years now. I think it provides a balances approach, and allows you to gain from the benefits of the two different strategies (they work together rather well). Good luck!

I also invest in a college town, but instead of taking advantage of the students themselves, we usually end up benefiting from the demographic of graduates who stay around after school. The multiple universities in my investment area makes for a strong job force and higher income than other areas nearby. However, I know several people who cater to the college students and there is money to be made there, but as several others have pointed out, there are some cons as well. Frequent turnover and property damage are the most common, they are college kids after all, so keep that in mind when you are renovating the property. Do not over renovate!

Welcome to BP and congrats on your interest in real estate. BP can be as great a resource as you make it. Make sure you spend some time familiarizing yourself with the various sections of the site, as each has its own great benefits. I always love visiting Nashville...what a fun city!

Finding good, reliable contractors was difficult, but the good news is they all know each other, so once you find a couple that you know do quality work, show up on time, finish the job, and have competitive prices, they can point you to other people they have worked with in the past. Before long, you will have a nice network of contractors.

To start out though, it is a vetting process like any other. Conduct interviews, get references, have them provide quotes, and use a scope of work agreement with those you higher. Also, don't forget to have them fill out a W-9 for you, before they do any work.

Of course you can always talk to other investors as well. Checkout your local real estate investing club / association and talk to those in attendance.

Welcome to BP Brian, and please don't encourage the sound effects on the podcast :)

Welcome to BP Paul! How was your first year as a real estate investor?

Welcome to BP David. Occupying a multi-family property can be a great way to get started in real estate investing. Make sure you do your research on how to screen tenants...this is going to be especially important since you and your family will be living in the same building. Not properly screening can lead you to some major headaches and cost you a lot of money. There is a lot of info here on BP about how to screen tenants, a search should give you plenty of reading materia. Good luck!

Welcome to BP Shane. I love NOLA and visited quite a bit when I was stationed in Shreveport...what a fun town! Hopefully I will have a chance to get back there sometime soon.

Welcome to BP Manny, there is a strong group of members from the DFW area, so you should have no problem getting information about your local market. Good luck to you as you get started!