All Forum Posts by: Nick Watkins

I would feel out the situation and see if they are willing to leave without problems.

Hi Jake, 

GR is a fantastic market. we have everything from $20k SFR all the way up to $10 Million homes so this is going to be a hard one for me to answer without knowing the range you would like to be in.

Where should you look?      East GR is very high end start there.

Single VS Multi?               I do both in the area and find its all about the deal.

Up and coming area?      Allendale is by GVSU and im seeing land and homes being developed.

Property Management?   10% is about the cost here 

tenets?                              you could be taking someones headach.

Welcome to GR feel free to look me up when you get here and we can grab a drink and discuss what kinds of things you guys are looking to get out of the area. 

The BIGGEST thing that i have learned is this is a business. I can't tell you how to run yours but I can tell you emotions don't pay the bills. If you can afford for this person to not pay you and you give it to them FREE then you have a choice to make within yourself and your family. 

I know this doesn't come out and tell you the answer you want, let me ask you a question. If the property manager did there job correctly would you know why any tenant is late on rent or would a notice just be handed on the day it is allowed to be served?   

WOW with that kind of return you should be able to get private money from hard money lenders. 

keep up the good work.

Welcome, to BP make sure you share your experience on success stories!!!! 

I always look forward to reading how others have approached the business.

Honestly I have never physically met my lender. I was using Prospect mortgage then he moved to a company called imortgage. Rob is his name and I know alot about him and his personal life and I have never shaken his hand. I have used him for 4 loans, he has a can do attitude and has knowledge of a good deal as he is an investor as well. He is in South Haven MI if you would like to get his information let me know.

Its so hard to compete with @Brandon Turner for a better post this site has SO MUCH for people to learn from. 

I would like to touch on some of your "personal" questions.

1. I am 27 now but started investing at 20 years old. I have found that with my age I dont have any issues as long as i know the terminology and sound like I know what im talking about. 

2. Mentors I found talking to people and telling them that i bought a house or duplex was the way to go. My wifes grandpa's best friend owned 250+ units and he introduced me to him. BEST THING I HAVE EVER DONE.

3. My advice for young and no money. Do your due diligence study the market make smart offers.

Sorry I'm not familiar with the Canada realestate market and rules.

Good luck have fun,

Nick

Perfect, just a quick suggestion then have 1 of you get the 3.5% or 5% loan on the rental with friends rent out the rooms and live free. The other one take out a FHA 203K loan to flip a house this way you can finance the repairs and only have to put down the 3.5% still keeping a cash reserve.

The more you can barrow and still cashflow = the more you can buy with todays low interest rates..

I have a HELOC thru my credit union and found a MTG lender to write the policy for my investment.

IF you are selling off market I would use a good title company and sell by owner. This will save you money and still be legally done correctly.