All Forum Posts by: Nicholas Patrick

I'm not new to real estate investing, but still inexperienced. Why do people fawn over self directed 401k's. I mean, you get to invest in real estate tax free. That's absolutely amazing, BUT you can't start pulling out your money until almost 60. So if you want to retire early, aren't they pretty much useless. Maybe I'm missing something about it. Hope I'm posting this in the right forum. 

Isn't there a privacy feature with that info for Zillow?

I read that same article. I think it was implying that in order to build substantial wealth (5M+) you usually have to start some kind of business. If all you want to do is replace your income, it's definitely possible.

Depends what your wanting to do. I've heard that the Dayton market is a wholesalers dream. I think (not 100% sure) the Cincinnati and Columbus markets are somewhat warm right now. Maybe good for turnkey rentals? Figure out a strategy and go from there. Good luck.

I've been into real estate for a little over a year now. I've absorbed tons of information through books and podcasts. I have even helped my dad with fixing up properties. I think it's time to start actually investing myself though. I've always been more of a hands on learner anyway. I'm interested in small multi-family buy and hold rentals. How can I go about finding a mentor or experienced investor in the suburban Detroit area?

I am pretty sure you have to wait until the six months are up to take any legal actions. I think you'd be better off taking this situation to a lawyer though.

I found that people on BP are surprisingly split on this topic. Taking on old tenants can be hard, because there's a possibility they aren't "trained" right. You don't want to take on bad tenants. I have to say, i would put them through my own tenant screening process, and make sure that they are quality tenants. I would also try to find some kind of reason to raise rental prices, if possible. Something that would benefit both you and the tenant. I wouldn't want to be the grumpy landlord that just comes in and raises prices. That's just my personal opinion. I don't own a multi-family yet so maybe that will change, but that's what I think I would do.

As long as you have numbers to back up your low offer, then there's no problem. Yes, you can offend the seller and property if you are just giving a low offer to give a low offer. Make sure you have some kind of reason why your offer is on the low side. If the property has been sitting around for a while, I believe sellers will be a little more lenient with low offers.

Depending on the type of property you buy I don't think you always need to have a full remodel. Sometimes paint and carpet is enough. I haven't even done my first deal yet, so I'm somewhat a newbie. I do think you're finished product looks fabulous.

@Dylan Parks I am in a similar boat. I am listening to podcasts and reading books. Rich dad poor dad and the millionaire real estate investor are two books i highly recommend. See if your college has an REI club or maybe just an investing club in general. Seek out like minded people and network as you save money. Search on BP for a possible mentor. Attend seminars and events in your area with some colleagues or by yourself. You should be able to find these events using meetup.com Hope my advice helps.