All Forum Posts by: Kevin Fletcher

Welcome to BP!!! You have found the right place to find the answers for any questions you have about RE. Just ask.

@Phillip Dwyer I'm glad you responded, because I got the idea in part from you. Like I said the RE license was just for investing purposes and I would get that first. I was looking online for the criteria to become an appraiser in Colorado and It does seem like it will take over a year to get the license for doing appraisals. I am willing to take the time to go through the process because I am transitioning out of an old career, so I will have the time to complete the needed steps. How much can an appraiser make in their first few years realistically?

Hello. For control of my deals and investing purposes I was planning to get my RE agent license. Also I was thinking that another way to make a little money and hone my skills at valuating properties would be to become a licensed appraiser. I'm looking for input on if this makes sense? Is it bad to have both for any reason? I obviously couldn't do appraisals on my own purchases, but I though it would be a productive way to get another angle on the market. Thoughts?

@Adrian DeGraff And my suggestion was just cautionary, and after a few months once you have built the reserve from the rents, then you can and release that initial emergency fund for another project. It shouldn't effect your COC after that point.

I will always have an extra 5k on my properties to make sure my bases are covered. I may never need to use it, but I factor it into the deal because I don't want to be risking everything over a few thousand dollars. If you do have some other source of emergency funds that you can access you should be fine without it.

@Joseph Weisenbloom Its addictive... I have to warn you ;) Rent checks are the best... Congrats

@Garret Brady The money you need for wholesaling is to do a marketing campaign :

direct marketing- lists of motivated sellers, sending letters

Driving for dollars - driving to find properties that look distressed

bandit signs - signs that tell people to call you to buy their house "We Buy Houses"

When you find a deal the you can put the house under contract for 30 days in which time you will find a buyer that has the money to pay for the property at closing. Then you can take a % between what you buy it and sell it for or an assignment fee. You need to have buyers before you go crazy trying to get houses under contract. The good news is, that if you can find a good deal, there will always be a buyer. There's a lot more to this but these are the basics. Read the blogs, forums and Listen to the podcasts on wholesaling to get more information on this process, there is plenty

@Adrian DeGraff It looks like a good deal, I would just like to add that you never really know when things will go wrong. At the rates you have allotted for repairs ($92.5/m) it would take you around 5 months to pay for a water heater replacement. My point is, if that water heater goes out the first month you will be in trouble. Its important to account for extra money in the beginning for unforeseen repairs (more then you're allotted 2k) on top of the down payment. Its good to have a cash reserve for any rental you own to CYA.

@Pamela Sachar A good way to get a listing for your units in front of a lot of potential tenants is by using

https://postlets.com/

They will post your ad to Zillow, Craigslist, yahoo, hotpads, and others

@Frank Lemos Thank your lucky stars that you found biggerpockets before spending that 25 grand on a course. All of the information that you would have paid for is free here. If you have questions just ask, the BP members will be more then happy to help you with any of the parts of the process that you don't know. This is the anti-guru website, so people like to help and what they get in return is positive networking connections and they learn by teaching.