All Forum Posts by: Kevin Fletcher

Bummer, Gonna miss another one! I guess the May meetup might be my opportunity to meet everyone

@Joe L. The internet has more resources in one place than any other place. So there are a thousand ways to find deals online, but as the other posters said, every other investor has access to those same leads. I try to find deals online all the time, but the ones I seem to actually get are not from an online source

@Account Closed Yeah, you should go back and read the terms of your mortgage. If you bought it as a Primary residence and you immedietly rent it out it can be looked at as mortgage fraud, not something you wanna play around with.

Congratulations, keep grinding away!

@Aaron Montague Thanks for your help, The sale of this property would give me enough to purchase a flip outright, but I do see the value in finding partners and private money. My line of thinking was do a few on my own with my own money then it'll be easier to find everything i need in the future. (private money, hard money, partners

@Aaron Montague I agree its a good way to hedge the possibilities of a bad flip, but one of the reasons i am thinking about selling in the next year is to be on the right side of a bubble I see in the market. I am still not really sure how I want to navigate this. I just wanna avoid losing a ton of equity. So I was thinking, if I cut and run now, when there are more buyers for a multi-unit, then i wont be stuck with it in a falling economy. And I will have the ability to do more flip deals (short term investments) until I see what will happen with the market. Ideas?

@Edward Burns Wow, you're right, I didn't understand. I will deinitely look into that

I lived in my 3-unit for 4 years and I think it'll be kinda tough to tell your tenants that you don't own the place. Its public record, so if they wanted to check they could. You will be giving 10% of your cash flow to a property manager, when 9 times out of 10 its a pretty easy job (depending on the property). Plus, these land lording skills I think are important to learn. I understand that you are worried about your tenants knocking on your door, but there are other ways to set boundaries so they don't bother you constantly. First of all, I was extra careful on who I decided would live there. I never rented to college kids, tenants with pets, and I generally took time to really do a quality background check on every potential tenant. You have to see if you get along with them. If you're going to live there, I would even take a month less rent (if needed) to really take the time to get the right tenants. Don't rent to anyone who gives you any sign that they'll be annoying.

And if you do decide to use a property manager, just play the ignorance card and tell them to call the property manager. That is even something you can stipulate in the lease, that "contact property manager for any and all problems with the unit" and make them initial it, highlight it, or do whatever you can to make them understand that they need to leave you alone

@Eric Siu

I'm actually doing the same thing. Ive had a 3-plex for the last 6 years and now that I'm starting to invest more I needed to free up some cash, so I can fund my own deals. I wanted to do a flip or two on my own, to learn and show to a potential lender in the future that I have the ability to make them money. The 600 dollars a month cash flow I had on my units was great but, it'll take me around 3 or more years to make the same amount of money ill make in one flip.

@Stephen Lofthus and @Aly W. Im gonna check out that American Greed for sure, that show is crazy. Yeah, that's why I asked, I get nervous just having big amounts of money in the bank. I feel like my visibility is high.

@Dipo Aromire and @David Krulac I Bought the multi-unit in 2008 and since it has dropped in value and came back to around where I bought it for. I may not be worth the trouble for the small gain I made on the property to this point. I'm just trying to free up some capital so I can work a few other deals I'm hoping to get later this summer. So i will definitely use the 1031 exc. in the future.

@Edward Burns Yeah, I need to learn a lot more about stocks before i head that route. With real estate for me the risks are measured, with stock and my lack of comfort with the market I feel like I'm just gambling. At this point id rather not make a dime then lose money on stocks, but i know thats not sustainable. I need to learn more and make smart decisions, cause with inflation, not making money on your money is losing money