All Forum Posts by: Michael Evans

I'm always looking to partner on flips in my market. I'm also getting very interested in the DFW market if anyone needs any help.

Thanks

I agree with the tiny house concept. I am currently living in a 450 sqft guest house I built behind my home, all legal with permits. I am doing Airbnb with the main house, hoping to get enough income to pay the entire cost of the property. In other words, live for Free! 

Five units and above are considered commercial real estate and are valued on NOI. The opportunities are huge by rehabbing, increasing rents and adding value. When you go to a lender, they are looking at the property very differently. Read "Commercial Real Estate Investing for Dummies" by Peter Conti and Peter Harris to really understand the benefits of Multi-Family over buying a single-family house.

Have you searched for the comps in that area? What are other similar properties sold for? A median 1300 sqft house in my market would cost at least $250 sqft to build

Build your team. Read "More Important Than Money" by Robert Kiyosaki. It will teach you the importance of having Realtor, Attorney, Accountant, Engineer, Contractor, Banker, and partners. A developer can't do it without them.

Why not buy a multi-family, at least a five-unit, with just one mortgage. Then if you have a vacancy or two, you still have some cash flow tow pay the one mortgage

Getting the license is one thing. The education necessary to pass the test is invaluable even if you decide not to get a license, you will learn a lot that will help in your investing career

Before you do anything, Read "The Book On Flipping Houses" By J Scott

You didn't mention if you have a "cash buyer" list. You should have a minimum of ten. Some gurus say 100 cash buyers if you're going to get serious

Have you thought about doing short term rental with your home? Depending on your area, it could be a lot more income than long term renting. And you don't have the worry about having to evict tenants. 

In case you're not aware, in California, it is very hard to evict tenants. They can move in, pay rent for a couple of months and then just stop paying. It could cost you months and thousands to get them out. With short term rental, you know they are going to leave on their own.