All Forum Posts by: Douglas Larson

@Lane Patterson

This has worked for me . . .

Rip out all carpet and pad, then seal the floors with shellac or oil-base paint or primer like KILLZ. Sand the wood floors and use medium to dark stain, then 2 coats of Polyurethane 2 days apart. Just a warning though, the smell of KILLZ (oil) and Polyurethane are both toxic and you will wonder for the first few days if the cure is worse than the disease.

have Fun! . . . and upload pics when you are done!

@Ramon Jenkins

@Pedro Plencher

@Byron K.

Thanks gentlemen. Normally I would take all the credit for digging up the research and working a little harder than the next guy but sometimes it's just getting a little lucky while you are following the daily "to do" list.

@Nichole Gabriel

It looks like you asked started this thread several months ago. I'm wondering if you could endorse more apps that you have found effective?

Nobody has mentioned Type On PDF for the iPad. I used the free version for several months and then bought the full version. It is an excellent way to review contracts, sign, save and send in PDF format.

I also like Draw Free - also for the iPad for highlighting things like this:

@Larry Flanagan

I'm sure others reading your thread would love an update . . .

Did you find a good SDIRA custodian? Who was it and how has your experience been?

My wife and I have an account with Equity Trust and we have found their services needlessly frustrating but effective in the end. We have been able to buy and sell real estate as we had hoped, and their fees are lower than some companies we looked into but they have made several mistakes and their promise of 3-5 days to execute a DOI (direction of investment) is more like 2 weeks unless you pay the $50 expedite fee. Then it gets done in 24-48 hours. We have found the customer service people friendly and helpful on the phone but actual execution off the phone has been less than promised. I recently called uDirect and I am tempted to try them but was hoping for a reference from someone who has tried them recently.

Thanks.

@Josh R.

First, If you really want to find answers on BiggerPockets you need to do your part and SEARCH! It's that little box in the upper right corner. There is so much info on here that if you put forth just a little effort you will be flooded with great articles and insightful responses from some very experienced investors.

That said, many investors like myself have been successful in high-priced areas. I personally like resort areas like San Diego, Maui, Hawaii and Park City, UT. Entry-level homes start at $400k and go up from there very quickly. You may have to partner with someone and pool your resources. You may have to invest in more humble neighborhoods. You may just have to get more creative. My first 2 deals on Maui were "functional multi-family" properties where I lived in the "ohana" units (mother-in-law apartment) and rented out the main house. If you really want to do this real estate thing then spend some time researching your specific interest areas on these forums and then put together an action plan! Once you have a plan, throw it out there and ask for critiques. There's a lot of great people on here that are willing to help those that help themselves.

Have Fun and Make Your Own Luck!

@Kristin Whitaker

Great questions and I loved reading the answers that followed. Very diverse paths but inspiring and effective!

For me:

1. Investment Type: Fix/Rent/Sell (1-3 years each property=much lower taxes)
2. Geographical Location: San Diego and Maui, HI
3. Type of Financing: Conventional loans (easier to get loans back then tho)
4. How many deals done before taking the leap: 6
5. How much time from first deal to 2-weeks notice: 7.5yrs
5. Ultimate Goal in REI: Fat nest egg of cash (2M) and passive income from rentals to cover all monthly expenses.

P.S. It helped that I didn't have kids when I was making high-risk/high-reward investments. I'm way more conservative now that my REI decisions support 4 people.

@Tina Wells

As a general rule, finding potential tenants takes the following:

- Appeal

- Exposure

- The right price.

- A little patience - especially during the slower months (Oct-Feb in most places).

Your property looks great in the ad so I think you have the appeal part. Regarding exposure, have you tried any other advertizing that might be popular in your specific location (small niche papers, local websites, grocery store bulletin boards)? Sometimes a For Rent sign in the grass is the most effective tool in certain neighborhoods. Also, make sure in your on-line ads to list anything someone might search for like a school name or a landmark or well-known recreation spot. I can't speak to the pricing as I don't know your area but if you have maxed-out your exposure and appeal, pricing must be considered.

Hope that helps.

Thanks for sharing the story! This is the stuff the Gurus never mention in their seminars, but newbies and intermediate investors alike should take notes. Learn from the good, bad and ugly of others' experiences!

Have Fun and Make your Own Luck!

@Michael Lemieux ,

Great story! The title should have been . . .

"I made 25K and got a free car on my first home sale!"

This business is all about being flexible and everybody getting what they need - not always everything they want but what they need!

Thanks for sharing!

If you are a newbie to real estate and this is a first project I would say keep looking!

There are certain things that will kill your time and budget:

- Lots of unknown costs and repairs

- Property far from your home

- Uncooperative sellers

- Low rents and high vacancy

It sound like this deal has only red flags! I'd say go fishing in the lake and leave this deal for someone else!

Have Fun and Make Your Own Luck!