All Forum Posts by: Martin Vehlow

Holly,

Welcome to BP! Are you sure you NEED to update the electrical and plumbing? Sometimes when you're dealing with older buildings like this, it makes more sense to keep it the way it is. Once you start opening up walls, things can get complicated.

I'm a little concerned that you say you are a couple weeks from closing but haven't had an inspection yet. in my experience, an inspection is one of the first things done after you have an accepted contract. 

If you do get an inspection done, you might consider having a video inspection done of the sewer lines to see what kind of condition they are in. If he already had one snaked and you are concerned about tree roots, that could definitely get expensive if it's starting to go away.

Don't invest all your cash as a down payment. Keep a healthy amount for maintenance, cap ex, and repairs to cover yourself. 

I wouldn't count on future development as a key factor, only a bonus if everything else works out.

Welcome to BP Matthew! There's loads of great, free information here via the podcast, forums, articles, and videos. Some great books are: 
Rich Dad Poor Dad

Think and Grow Rich

The Millionaire Next Door

The Richest Man in Babylon
These should keep you busy for a while! Note that I do not recommend or agree with all the strategies or principals in these books, but I suggest sifting through and picking the good content and leaving the bad behind.

Wish you all the best!

Welcome to BP Daevion! Start with educating yourself via the podcasts, search through the forums, read articles, books, watch Youtube videos by successful, reputable investors. Beware of "gurus" who just want to upsell you for knowledge. There's ton of great, free information available here.

Wish you all the best!

Kevin, you've got to bring something to the table that the investor needs. Look at it from their perspective, if they are successful and flourishing, why would they want to part with equity in a deal? 

You have to bring something of value that the investor needs. I also echo what @Scott Krone said above. 

Have you considered a job in something real-estate related to build up funds until you can invest? Maybe work for a mortgage company, inspector, bank, etc?

Wish you all the best!

Hey Ian,

Welcome to BP! I would start with getting familiar analyzing properties that are currently on the market so you 1: get comfortable analyzing and 2: see what kind of returns you can expect in your market.

If you've never purchased real estate before, research the steps involved or talk to a Realtor for help understanding the process.

Keep educating yourself so you know the pros and cons as well!

Best!

Nice, exciting!

Hey Alex! You may be in the wrong job if it's driving you crazy...It certainly is possible to just invest but it takes quite a bit of capital to do the buy and hold method. You might want to start by researching the different strategies of investing in real estate and see what appeals to you most. 

All the best!

Congrats, sounds like a great start! Way to go!

Congrats, very exciting! Should be a great start for you.

Assuming you have a local investor in mind, I would go into it more open as far as how it could be structured. Just explain that you are willing to work hard and do whatever he/she needs done. Then dedicate yourself to excellence, honor, and fairness to all, soaking up and seeking to understand while you work around this person, and keep educating yourself above all. I recommend "The Richest Man in Babylon", "Think and Grow Rich", and "Rich Dad Poor Dad" books if you haven't read them already.

Welcome to BP, Kevin!