All Forum Posts by: Ken Powell

When I first started I paid $5,000 for a 8 week coaching and it was a complete waste of money. Unless that person is helping with deals and showing you the ins and outs of real estate, he just pimping you.  

Troy,

I made a few mistake with my properties too but you live and learn and don't make those mistakes again.  To keep it simple, yes you can raise the rent when the current lease expires.  I would suggest managing this property yourself.  Not only will you save $185 per month but you would also gain so much knowledge as a property manager.  Don't beat yourself up over the mistakes, learn from them.

Michael, 

  I would recommend buying a duplex in Norfolk. My agent just sent me a list of duplexes and there are few good properties under $150. Try to find one in a good school district because from my experience, the school is more important than the house to most people.  If you need any assistance do hesitate to ask. 

I have a client that is looking for a Rent To Own in The Pembroke area of Virginia Beach (23455).  Please contact me if you have a home in the area. 

Good Day!

I have been investing for two years. I am very passionate about buy and hold investment but I need a mentor.  I am always reading and learning from BP but I am eager to gain knowledge from an experience investor.  I am willing to  work for knowledge. I am very persistent, hardworking, smart, tech savvy, analytical and good at networking and marketing.  Mentor me and we will make money together! 

Congrats Adam!  I wish you prosperity and mental fortitude.  

I am enjoying this forum! I am a young investor who is trying to figure out how to start a turnkey real estate business.  It is hard to find credible information online.  Can anyone suggest a good book or alternative source for someone looking to acquire and manage rental properties.

Thanks in advance. 

I am currently working on a deal to acquire a 4plex in Norfolk VA. The seller made some good renovation on the property and the property is in a good neighborhood. The rent is two low for the quality of the units and the location. The Seller stated that a couple of the tenants want to renew their contracts when the current one ends but I don't know how to tell them the rent is going up by $80 per month. Do I have to honor what was written in the previous contract (3% annual increase) since it was with a different property manager?

Charles, welcome to the world of the BP world and I am out here in Virginia Beach so if you need anything don't hesitate to ask. 

Diana,

the best place to start is figuring what type of REI you want to be; Buy&Hold, Flipper, Wholesale or a combo. I can only tell you from personal experience that I wasted many hours of my life looking at properties and listening to "gurus" because I did not have an identity. When you start out you will get so much information and you are so eager to take actions that you may end up just going around in circles and not been efficient and productive.

I would say find your identity, then concentrate on a specific area in your local market until you know every street, neighborhoods, and schools.  Always exercise caution but don't let fear stop you from leaping.  Good luck and I wish you much prosperity.