All Forum Posts by: Louis Leone

I'll vote for the red.  Maybe even throw in some vinyl shutters in black (they're pretty cheap)

Welcome to the forums @Rob Boese !

@Sean Brooks 

Totally agree with what you're saying.  You're much better off standing on the shoulders of giants.  For example, writing a great post and getting it recognized by a blog that has a huge following.  Building an audience from scratch takes a very long time at this point in time.

I absolutely have provided bonuses for contractors and do believe that in markets where contractors are in demand it does help in building a relationship.  Having said that, if I provide a bonus, I usually also have a penalty clause if the work takes much longer than expected.  This usually minimizes contractors going to other jobs when they should be finishing what they promised at mine.

@Cecil Russell 

Could you explain a bit more?  Are you trying to wholesale or buy, etc..

Depending on what you're trying to do, you may be trying to sell them too much on the phone.  In many cases, the phone call is just to get an appointment in person.  In person you will be able to present your case much more effectively.

@Jon Huber 

Essex county tends to have much higher taxes than the same properties in other counties, but I understand your thought process (putting a family member in) with regards to your cash flow issue.  When the numbers are tight on cash flow, you would hope you could count on appreciation and that's where the neighborhood really matters.  If you could target the better neighborhoods (maybe Maplewood, South Orange) it's a little less riskier even though your appreciation may not be as much.  

@Luana C. Welcome to BP!  

Keep us updated on your progress.

Wow.....definitely jealous!

If you're really set on doing this, why don't you see if you can borrow the money from one of your parents and pay them back.  The 12% just seems killer, especially since it's not going to be short term.  You should also address any worst case scenarios (e.g. major capx event).  If you need to put money in to fix something, what will be your plan B?  How is the expenditure going to be split between the two of you?  The more you can plan for a "worst case" scenario rather than a "best case", the better off you'll be in the long run.

Hi Aaron,

Welcome to the forum.  Here would be a couple of initial steps I would consider taking:

1) Digest and read as much as you can on Bigger Pockets (and books) until you have enough information to determine what type of investing you wish to do.  You may be limited by time, money or other factors that would make some choices not feasible for you at this time.

2) Set a reasonable goal for yourself based on what type of investment you're going to focus on.  Without a specific goal it's easy to get sidetrack or do endless analysis.

3) Lean as much as you can about your focus. For example, if you're a real estate agent and were going to focus on SFR in your area, see as many properties as you can so can learn real value when you see it.

4) Join your local REIA and try to find a mentor who is doing exactly what you want to do. They will decrease your learning curve considerably.

I think that would be a good start.