All Forum Posts by: Kevin Kaczmarek

biggest mistake I made was partnering without an exit strategy. You need to be in control of the deal and of your future. Always have the exit strategy in mind from the start.

Invest in things that appreciate in value, rent things that depreciate in value.

Turnkey properties can be a great source of passive income as long as you have realistic expectations. Most turnkey investors assume that a rental property generating $800 in rent, is $800 in their pocket. You generally have to cut that number in half. If the turnkey provides the expected return you set from the get go, you can happily hold onto it for some time.
If you are just starting out and are not familiar with general contractors in your area of investment then property rehab can get expensive to the point of diminshing returns.

Sounds like you already understand the fact that with many hands in on the deal, they are going to make an up front profit from you.

Dave is exactly right. Hopefully it is a whole life policy and there is some stretch to the policy. Borrowing against life insurance policies can delay stable returns that could act as a nice retirement account for the policy holder.

Bill,

It takes learning the mistakes from experience as a beginner to want to take your solid advice. I know I had to learn the hard way starting out. Its only after you beat your head against the wall a few times do you realize the good advice experienced investors such as yourself provide.

Welcome Stewart!

I think you will find Biggerpockets to be the best resource to network with resources around the world.

another CRM package to check out is Zoho.com
Its free to small businesses that have 3 users or less and can do as much as Salesforce.

Dan, I would suggest looking up BP members on here local to you that have posted for some time, and seem knowledgeable in owning and accumulating rental properties. Do your homework. Interview at least 5 people in your local area before you start working with someone. Attend a few local REIA meetings.

Have a plan of action. Spend some time doing your research and learning your prospective area for a while. Price points are not going to spike in the next 9 months so you have time on your side. With all of that being said, do not get into analysis paralysis. Set a realistic date of when you will acquire that first asset. You will learn so much as you go along this route that the last thing you want to do is have the $200K burning a hole in your pocket. You worked hard for that money, now make it work hard for you.

Jake, there is plenty of solid advice on this thread but the most important question of them all is what is your ultimate goal in real estate?
Once that is determined, you can take this advice tailored to what you want to do.

great catch Steve. Glad the weather forecast by Wendy is old as well.