All Forum Posts by: Kim Stofan

Hi @Westton Geer!  Here's my 2 cents... Home Warranties are not worth the money usually. They have many exclusions. A lot of policies will not cover existing problems. The company can deny any claim you make based on the assertion that it was a pre-existing problem. Most policies will not cover you if they believe you or your tenant have insufficiently maintained the item. They will use this rationale to deny many claims. You will still need to pay a service provider fee and will have no say in who your service provider is. The warranty will also only cover a small portion of the cost.

HI @Kris Zabish!  I love you enthusiasm and obvious drive to get going in investing.  However, I would seriously caution you to make sure your family is on good financial footing before you jump in into the investing realm.  This would include having a good amount of cash reserves and an emergency fund in place that would cover 3-6 months of your living expenses before you start taking on additional risk of being a landlord.  

Hey @Jason Baker, Here's my two cents on home warranties... In general they arenot worth the money. They tend to have many exclusions. A lot of policies will not cover existing problems. The company can deny any claim you make based on the assertion that it was a pre-existing problem. Most policies will not cover you if they believe you or your tenant have insufficiently maintained the item. They will use this rationale to deny many claims. You will still need to pay a service provider fee and will have no say in who your service provider is. The warranty will also only cover a small portion of the cost.

Hi @Mark Sherwood  Welcome to BP!  Most of the time you can expand your search area and find a more reasonably priced area one to two hours from where you live.  Probably an area that has a bigger population as well.  Have you attended any meetups?  It might be good to talk to other local investors and find out what they are doing and where they are investing.  Good luck!

Hi @Adam Moore  Glad you found BP! There's an unlimited wealth of knowledge to be found in these pages to help kickstart your journey!

A few words of advice for you...

If you haven't already, make it a priority to get out a local Real Estate Investors meet-up. Interacting face to face will help tremendously with forming those critical relationships to aid your progress. Experienced investors will want to help you if you show initiative, drive, and genuine interest. Focus on how you might be able to help them in their business!

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible. Be very specific about what you are looking for.

Use the BP calculators every day to run the numbers on prospective deals. With lots of practice you will be able to identify a good deal quickly and jump on it when the opportunity presents itself.

Good Luck!

Hi @Ty M Kuntz Glad you found BP! There's an unlimited wealth of knowledge to be found in these pages to help kickstart your journey!

A few words of advice for you...

If you haven't already, make it a priority to get out a local Real Estate Investors meet-up. Interacting face to face will help tremendously with forming those critical relationships to aid your progress. Experienced investors will want to help you if you show initiative, drive, and genuine interest. Focus on how you might be able to help them in their business!

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible. Be very specific about what you are looking for.

Use the BP calculators every day to run the numbers on prospective deals. With lots of practice you will be able to identify a good deal quickly and jump on it when the opportunity presents itself.

Good Luck!

@Ty M Kuntz

Hi @Jack Bao  Glad you found BP! There's an unlimited wealth of knowledge to be found in these pages to help kickstart your journey!

A few words of advice for you...

If you haven't already, make it a priority to get out a local Real Estate Investors meet-up. Interacting face to face will help tremendously with forming those critical relationships to aid your progress. Experienced investors will want to help you if you show initiative, drive, and genuine interest. Focus on how you might be able to help them in their business!

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible. Be very specific about what you are looking for.

Use the BP calculators every day to run the numbers on prospective deals. With lots of practice you will be able to identify a good deal quickly and jump on it when the opportunity presents itself.

Good Luck!

Hi @Andrew Barrios!  Welcome to BP!  It sounds like you have some great ideas formulating.  Have you been listening to the BP podcast?  If not I recommend you start listening to those daily while you drive around and in your spare time.  Start using the BP calculators every day to start analyzing the deals in your target area.  Also try to get out to a local real estate meetup to start meeting our local investors!  Spend some time every day learning about the business and you will start to feel more confident as you go forward.  You have the tremendous advantage of time on your side.  Best of luck to you!

Hi @Justin Thompson Glad you found BP! There's an unlimited wealth of knowledge to be found in these pages to help kickstart your journey!

A few words of advice for you...

If you haven't already, make it a priority to get out a local Real Estate Investors meet-up. Interacting face to face will help tremendously with forming those critical relationships to aid your progress. Experienced investors will want to help you if you show initiative, drive, and genuine interest. Focus on how you might be able to help them in their business!

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible. Be very specific about what you are looking for.

Use the BP calculators every day to run the numbers on prospective deals. With lots of practice you will be able to identify a good deal quickly and jump on it when the opportunity presents itself.

Good Luck!

Hi @Neil L.!  Fellow BP Podcast enthusiast here!  You must have a wealth of knowledge to share from all your experience.  Have you invested mostly in California or elsewhere?  I'm in the Sacramento area.  Let me know if I can help in anyway!  Take care!