All Forum Posts by: Clayton P.

I have this throughout my units and believe me it's such a hassle. The most important thing is to find out what specific appliances or heaters etc the propane handles. Depending on how mishmashed the place is you may find different tanks for different things. Once you have yourself organized, you can either start an account w/ a propane company, and bill the tenant yourself for reimbursement, or leave it up to the tenant to find a company, start an account, etc. Be aware that the tenant will be charged a fee if they're not the property owner. Also, propane companies are very difficult about delivering propane to a tank that isn't theirs. If it has some other companies name on it they won't fill it.

Nooooooooo!

My god man. No.

I'll echo what @Dev Hornsaid, a business degree will be a large help. Accounting would be good if you're a numbers guy and can afford the cocaine you need to get yourself through it :) jk.

Even if you get your degree in a totally unrelated field to RE, you can STILL be a success in investing, and that's by using your ability to recycle all your profits back into your investing. If you drop everything, you take that ability away, or at least delay it for a substantial amount of time. By letting your W2 gig pay for your lifestyle and needs, you leave all that great RE cash flow / profit to go right back out into the playing field, because you don't need it to eat. If you stay in college vs. drop out, that W2 gig the degree got you can have a LOT more power in how much you can invest and put yourself ahead of the curve, versus a non-degree paying job.

Read mrmoneymustache.com, save/invest 70% of your take home pay, live below your means, and straight up conquer the world.

Russell Brazil , you're keen on how mixing the two can be a slight risk, but at the end of the day, a wholesale offer is coming in the form of a purchase offer, the most that the person can pay for the property. If that purchase offer doesn't work for the seller, the wholesaler has the ability to open up the buyer pool and get the property exposure by listing. It's an additional tool to try to help the seller get the place sold.

Michael Siekerka Dick Rosen one thing I've been confused about is what's the big difference between LL's & Kwikset Smartkeys? The cylinder comes out, is that the main advantage? And how do you guys handle deadbolts?

Alan Chambers , being a realtor, don't you have in your network people doing the kind of deals you're looking to do? They're one of your top assets I'd say. Connect with them, find out how (who) they're funding their deals with, and you can start laying the bricks with those people. HML's are also a good option, and like Joe B. says, a really good deal will have enough meat on it to stomach the rates. Not saying it's an ideal tool, but it's a tool none the less.

This is my very basic approach to this, but if we're comparing returns on the money, compared to how the funds actually get tied up and managed, I just keep my investment cash that I'd like to put on a project soon in an online bank account where the APY is about 1%. For the minuscule fractions of APY that you may get above that in other vehicles, it's nice and no fuss for my needs.. and it's usually either about where a money market acct, or beats it.

I'm sure the more advanced people will have a way better answer.

Originally posted by @Marc M.:

If you think this is scary, wait until the furnace gives out in the middle of winter.  No amount of Behr can fix that.  :D

 I think this is why this thread gets so much attention because really, we all had way worse things happen. I read the title and all I do is smile and think about the time the CO detector started going off in the unit with a small kid, the fire department showed up with the trucks and shut the furnace off (all before 10am while I was at work), I replaced the entire furnace a few days later a few thousand dollars later and was bringing jugs of water and a lego set for the little guy. All in the dead of winter. THAT, was scary haha.

PS, this topic made a cameo in a new blog post! 

https://www.biggerpockets.com/renewsblog/2015/11/1...

@Mindy Jensen ;) "Vivid" paint on the walls was "Orange", right?

Eli, if the resources @Brie Schmidt mentioned aren't available to you - which would be the most efficient route - if you had a target KIND of property in mind ie duplex apartment, 3 bedroom SFR, etc, you'd be going for, then you would pick that zip code, and post a craigslist ad saying you had that kind of property available for rent, just a couple sentences describing it, and see how many bites you get. If you get an onslaught of emails (or not a one) that's a pretty good gauge.

This isn't the most honest route to go but you better believe if I was on the fence about actually making a purchase, I'll exhaust an answer to every last question in my mind if it's the right choice or not, before I make the move. It's not monopoly money you're dealing with.

Definitely make an offer, but at the same time know your exit and how you're going to achieve it. Have a pre approval from your lender, private or conventional, have a good marketing plan if you're planning to wholesale (or better yet a few buyers), have your contractors on standby & the lien waivers ready to go if you're doing the flip yourself.. You get the idea. The most nerve wracking thing is actually getting a low offer accepted and not knowing how to perform

Congrats buddy, it's not about the number, it's about you can say Yeah I did that, I'm in that crew now. Good for you :) Side note.. It blows my mind when I get to see somebody selling houses for a few thousand dollars (albeit they were complete wrecks). If you happened to know... What do your average 1/1 & 2/1 apartments rent for in your area?