All Forum Posts by: Kevin Paulk

@Niki M. Who knows that you have this goal and what does your RE network look like? 

To break this down, the more people that know about your goal the higher your chances will be of accomplishing it. Reach out on this platform, facebook groups, talk to Family& friends and let them know what you are looking for.

Also how many people are you connected with who are in real estate? Minimum you should know is at least one property manager, one real estate agent, one wholesaler, one flipper and one handy man in your area. Explain what you are looking for and ask them what they need help with.

Some of the best deals come from word of mouth.

Cheers!

@Jerome Jewell Once your brother gets the financing and you guys have a property. You would let the title company know that you want to be added to the Deed. Then it would look like this, your brother is holding the mortgage and you guys are both owners of the property according to the deed. 

@George Penree In addition to running your numbers to find the right property. Pay close attention upfront to what your potential renter pool looks like. I feel a lot of people who house hack miss that step up front. 

Cheers!

@Jerome Jewell I would make sure that you have structured a really good partnership with your brother before structuring a deal. We know how the saying goes never mix "family and business" but if you do, establish who will be responsible for what, what is the exit strategy, what is the goal for each property, play out every thing that could go wrong and etc.

@Gennaro Adamo Congrats on the first purchase!

One tip! for you is familiarize yourself with the BP platform. In the tools sections they have a couple kool calculators. You might want to plug your numbers in the Rental calculator to understand the numbers behind your purchase.

Cheers! and all the best!

@Clodiane Guillaume Welcome! and good luck on the start of your real estate journey. 

@Tyler Brown Why not just bake the cost of the water and gas into the monthly rent and call it a day.

@Leland M Campbell are you looking to wholesale, flip, rental????

@Jay Bob I would increase the rent. You have a couple of things working for you. 

1. Your increase still puts you $200 below the market rate. It would be really hard for them to find something close to what there paying for in the area.

2. The likelihood fo them moving in the winter time is slim. Could happen but slim.

3. Your $50 increase is $4.17 a month. There would be a lot of time & energy spent on there part to look for something and then move for a $4 a month increase.

4. Seems like they enjoy staying there.

Cheers!

@Keith Olson leverage a few real estate agents and property managers in the area and explain your situation. A few would be happy to talk to you and give you some feedback.