All Forum Posts by: Lina Sitto

It’s stunning. Congrats 😊

Bachelor of Arts in English from Wayne State University, Detroit. 

I can't say exactly why I pursued that particular degree; to receive credit for all the reading I was doing? Haha ;p

To spend my time doing something until I discovered I was actually a real estate investor? There, that's it. I know, you didn't ask why. 

I can't say if or exactly how Academia has helped me with REI, but I can say that everything I accomplish propels me to my next venture or ambition.

For those of you that say it hasn't helped you at all-you are wrong. Everything you do/accomplish becomes part of your persona. 

The end.  

as far as apps:

Tydlig. It's a calculator that shows you everything on one page and if you change just one number in the equation, it recalculates everything just like that. For example, if you change .70 to .80, everything recalculates. It also stays on the screen for when you open the app next. Every investor should use it. 

Podio is amazing. Everything I have in the pipeline is in there. The website is best but the app is nice to just update, like after speaking to a seller again, etc. Easy update w/o having to go into the site. 

IFTTT: have not used it yet,  but this app basically makes the Internet work for you. 

Every seller I have helped get out of a distressed situation (by connecting them with an end buyer), had first contacted a realtor and was essentially told they can't help them in their current situation without major changes being made to their house. My first deal: the seller was handicapped and had inherited his grandfather's house while he himself was living in it. It was filled with his late grandfather's stuff, it was extremely dirty, and it needed at least a mini cosmetic renovation just to be considered by any agent. He couldn't even afford to have it cleaned let alone have a $2000 facelift done on it. I'm sure no retail buyer would consider stepping foot in these types of houses with their pre-approval loan letter in hand; they don't need to. These houses are for investors who can invest money into them so they can hire their realtor at the end to sell it for them. So it's a WIN WIN for everyone, even agents. Stop bashing honest people who are finding people in distressed situations and helping them out when nobody else can or will. If I didn't love helping people, I wouldn't even do this. My last deal: I actually sold the contract to an agent/investor. He would never have considered showing a 1930's house with original everything in it to any of his potential retail buyers. He already knew he was doing a complete reno on it before the closing. The seller's attorney had to approve all my paperwork. Hmmm,  guess it was legal enough for him.   

Hi,

I might be contracting 3 lots on a nice street in Rochester Hills, MI. They are adjacent to each other and one has a house that needs so much work, it's probably more ecenomical to tear it down and start over. The owner lives in it. 

If you are a builder and interested, please call me. # in profile. I hope this kind of post is okay :/

Thanks.

@Steven Paul

In retrospect I should have acquired a four plex while in college. I woulda had free rent and the other three apartments rented out with great cash flow. I learned that from one of the investors on a BP podcast. 

You can look for fourplexes in areas you like; as in drive around and look, then find the owners and send them letters until one of them responds. That would be the best way imho. Finding owners is easy. Let me know if you need help with that. 

This post may help:

https://www.biggerpockets.com/forums/84/topics/277...

I highly recommend:

The Millionaire Mind by Thomas J. Stanley. Finishing it soon. Had to start Flip when it came so that's why I put down the former. A great book for parents to read, too. 

Next in my stack is:

The Housing Boom and Bust by Thomas Sowell

Good to Great by Jim Collins 

Lessons of History by Will Durant

Will get something by Gary Keller, Napolean Hill, and maybe one of the Sharks, lol. 

Would love to know if you chose something off my list ;)

Hi Kevin,

Congratulations on your first hold property ;). 

Two years for a tenant you don't know* very well (yet) might be too long. After their first year, if you like them, only then I would decide if I want them on my property for two more years or not. You can state in the lease under the two year option that the rent will not increase to persuade them to sign for two more years. I don't currently own any properties but when I do, I will only offer one year at a time. I look at it like this: a lot can happen in a year, but even more can happen in two. 

Also, if you consider a nice pergo or something you won't have to worry about replacing carpet. You can even suggest rugs to your tenants and decrease the security dep. by a few dollars for having one in every room. 

Back when I was renting, two years would have scared me away for sure, and I was a model* tenant every time. 

Hth. :)

Very informative. Not very long. He talks about the differences in buying as an investor vs. a retail buyer. 

http://youtu.be/bumaRrhHdVE