All Forum Posts by: Lorenzo Clark

Hey Aaliyah...welcome to BP!! I don't know how you hear about this site, but you've definitely discovered the greatest resource for real estate investing (REI) on earth!! Congrats on finishing real estate school...so what exactly are you wanting/desiring to accomplish? Are you from the Arlington area? I suggest you do as much as you can to educate yourself on the different aspects of real estate. The "Learn" tab and Resources" tab above are great places to start. There's all kinds of books, materials, podcasts and webinars on a countless amount of topics. Also, do searches of different "Forums" and you'll pick up experiences of other BP members. Best wishes to you!!

Hey Brandon...seeing that you have over 700 posts, I'm guessing that you're not actually a "newbie" on BP. I agree with J Beard and Brendan Kelly...you most definitely will need a team. BP is loaded with support, but honestly, I'd reach out to Brandon Turner (BP podcast and webinar host) by going to his profile and email him directly. (he said he also monitors forums where he see's his name mentioned ) He would definitely know some of the "heavy hitters" in this REI game and be able to point you in the right direction. Sounds like you have a lot of things going well for yourself...I wish you all the best and increased success!!! See you around on the forums...

Hey Tammy...I'd definitely agree with Brian's idea(s).  It's incredible the difference can make just investing in the state (sometimes even the city) next to where you're looking.  With that said, you could at least obtain some "ball park" figures by reaching out to professionals who typically perform/complete routine and major home maintenance.  By estimating costs per hour, and getting ideas on how much a roof could cost, or even price out a new furnace or a/c unit from Home Depot.  These items can help give you a good start.  Also, when you do your home inspection (hopefully), a lot of these guys are familiar with maintenance costs and replacement costs.  Lastly, I'd ask a couple of realtors in your area...often times they hear of "war stories" and assist sellers with minor renovations before they try to list their home.  Best of luck with your 4-plex!! (are you house hacking?)

Hello Hersh...as Chad and others have mentioned, not minimizing the "flood" risks, but natural disasters are prone to happen anywhere. I'm currently in Afghanistan, and in my years here, I've seen serious snow storms, dust storms, and recently...an earthquake! (never experienced THAT before!! Lol!) However, I'm settling down in the Dallas/Fort Worth, Texas area...so I've been picking up properties in Texas. I ensure I have flood insurance...and yes, figure those numbers into the BP rental calculator. If you're looking to eliminate your risks as a REI, that will never happen. However, like you're doing, look for answers and opinions of other experienced REI's...and maximize BP's tools and library of information, and you won't go wrong. Best of luck!!

Hey Jay...I LOVE the positive attitude!!  There's power in being positive...and there's joy in giving!!  I echo your sentiments and wish all of the BP family tremendous success!!

Hey Jon...I like this forum/discussion! With time winding down, my main focus is preparation to start 2016 with a bang!! 1- Buy my 5th property and close by December 31st. 2- Meet with my real estate attorney and set up my strategy to purchase up to $5M in apartment complexes with my partners. (never accomplished this before...need to finish my homework and ensure EVERYTHING is above board) 3- Make at least 4 SOLID REI goals for 2016 4- Prepare for a vacation to one of my top "bucket list" locations!! I wish all of my BP family the best...end this year on TOP of your game no matter how the last 10 months went by!! (Time is still on your side!!)

Hey Lisa...welcome to BP! Looks like you've received numerous "sound" recommendations. I just would suggest you ask yourself a few questions... 1-What "specifically" is your main goal(s) for investing in real estate? 2- How much time can you dedicate to learning and growing your business? 3- What are some potential obstacles/hurtles you could face? BP is the "Bill Gates" of REI information and networking...so you have endless amounts of resources at your disposal. Sounds like you have some cash/assets you've built up, along with great credit, and being a fellow "New Yorker", you're "used to" higher dollar amounts for rents/properties. That's why laying out your main goals and doing your homework is critical. I wholeheartedly agree to start off searching within a driving distance of where ever you plan to settle down. (I've tried the "out-of-state" landlord...it can be brutal!!) And also, check out Brandon's book (as recommended) along with several other pod-casts and webinars filled with GOLD nuggets!! Give yourself some time to get going...best wishes to you!!

Hey Ahmad...it sounds like you guys actually have a great asset on your hands! (a house owned free and clear?!) So, what's your end-game in this? Are you just trying to buy your mother out? Are you looking to take over ownership? I'm asking because I think you may have more options then you realize. A house free and clear...requiring only 30k (roughly) in renovation costs, should EASILY qualify for a home equity loan...or a line of credit (LOC). If I'm not mistaken, this interest can be written off on your taxes, (check with your accountant) have a reasonable rate of interest, and perhaps much better terms. Honestly, I'd try to do that...then, find a friend (who's REALLY a good property manager), fix up the place and rent it out for top dollar! Unless you guys really need to "cash out"- make your asset way more appealing and valuable, and give Mama a boost to her monthly cash flow! Heck, you may even decide to offer an owner finance deal, take like $5k-$10k down, and spread out the rest over like 20 years...at an agreed upon interest rate (more than your LOC), and again, give yourselves an even greater chance to receive that income long term. Whatever way you decide...best wishes to you and your Mom!!

Hello Jason...I'm guessing by now you've sold the property listed in this forum.  Do you have other deals in North Richland Hills, Arlington areas?  Do you know any wholesellers in Dallas, Frisco and Plano?  I'd appreciate your timely response...

Lorenzo

I'm getting started with multi-family unit REI's myself. I want to thank everyone who commented on this Forum. BP is ABSOULUTELY the greatest resource on the planet for REI's!! I've invested in SFH's off and on for years, but all with my own (lack of) knowledge. BP is really a REI's best friend...because of all the people out there so willing to offer plausible and practical advice and experiences!! God bless BP and the family of REI's globally!!