All Forum Posts by: Linval T.

Hello  @Patrick Frees -Years ago I lived in Beaverton, OR and plan to be back for a visit, to see how the place has been transformed from what I am told.

Welcome to the BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

• http://www.biggerpockets.com/starthere
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• 25 Tips for Real Estate Success

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

http://www.realestate.com/advice/buying-your-first-investment-property/

@Luis Rolando - welcome to the BP community, you already have some tools in your toolkit. Now you have to start using them and engaging us in two way conversations.

@Aaron Chai - welcome to the BP community also. Ok, now that you have taken your initial step, below are some quick links to get engaged.

• http://www.biggerpockets.com/starthere
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• 25 Tips for Real Estate Success

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

http://www.realestate.com/advice/buying-your-first-investment-property/

This practice might not be legal in all states. Some limit rent payment in lump sum to 3 months.

So, you would want to check your State's requirements regarding the legality of this fat payment.

Your lease should stipulate a dollar amount that you expect the tenant to absorb for minor plumbing fixes. 

This of course did not appear to be minor, but, at least you would have a dollar amount that they are responsible for.

I have mine set in leases at $60 and utilize a home warranty service for these fixes and other coverages.

The home warranty service fee is $75 per call plus my contracted yearly cost.

@Chris Johnson - Welcome to REI and don't panic. You have a great community here to extend a helping hand. Our bi-directional conversations will allay your fears!

Below, is a link to get you started.

http://www.realestate.com/advice/buying-your-first-investment-property/

Another site I use is www.hotpads.com

Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost. It doesn't matter if you are young or old, totally new or need to build upon your experience.

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

• http://www.biggerpockets.com/starthere
• Setting up Keyword Alerts
• How to Use @Mentions on BiggerPockets
• 25 Tips for Real Estate Success

After becoming more knowledgeable and confident because of my above suggestions,

take action to snag your first real estate investment deal if new or add to your

existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

@Joe Hausen - Good question, but, it seems like you are not totally at ease with this undertaking and rightly so.

My take is that this property might not be worth your time and effort to acquire, pay the overdue taxes, refurbish and sell for a measly amount of profit if not a loss. 

The residual amount that you project for cash collection is borderline, or just above the profit margin and might even be headed in a negative direction.

I sense that you are caught up with the family aspect of it and believe that you must satisfy their request. 

No, you don't have to do it if the project is not a solid business decision to pursue.

@Erik Schilling - I agree with @Sam Erickson in this case you are both equally associated and a 50% split should be fine. You both bring different qualities to the table and as such should benefit equally.

Neither of you can do it alone.

Good luck and focus on building your portfolio jointly.

@Justin H.- I don't visualize it as bragging. You are fired up and want to pull others up hill with you.

That's amazing and the fact of the matter is that you have a solid plan to acquire, repair, rent and then look to repeat the process.

Congratulations and good luck with your next search. Continue to keep us engaged with your progress as it motivates us to do likewise.

Awesome!