All Forum Posts by: Robert Masucci

Great plan! Keep learning. 

Hey Robert is there a reason you cannot save the cashflow from the first deal and roll it into a second deal, or have investor join you on another deal? You don't want to over leverage yourself by taking on too many loans. Might be best to get then next deal when you are cash ready rather than moving too quickly for fear of missing out. They'll always be deals out there. Hope that's somewhat helpful. 

Hey Dean, what does the lease agreement say is the penalty for not giving ample notice and is that something you want to enforce or were they good tenants while they were there? 

Understood. That's up to you, but PM can be a very demanding job. If you're looking to dive more into that for experience then good idea. If not, and you'd rather spend your time working on other things, it might be best to have a professional fill that role. You'll have to decide that based on your long-term goals. As for your question, I would start networking with handymen now to get a few in your contacts in case you need immediate repairs (assuming you're not doing those yourself). I'm sure you can find some networking here and on Facebook, etc. If you ever need to dive deeper into this, feel free to connect! 

Hey Thierno, good idea to bring on a PM. When you get to that step, if you ever need consulting feel free to connect! 

Hey Benson, wondering why you're getting rid of your PM? Are they not doing a good job, or you're looking to save money? 

Hey Christopher, best advice especially if you're new to this industry is to not invest outside of your immediate area. Look for deals in areas you're familiar with and have a deep understanding of the market conditions and can get to the property in a reasonable timeframe in the event you need to. This will make your life so much less stressful. Hope this helps a little. 

Hey Edward, wow that's unfortunate and some of the risks that come with this industry if you're not 100% sure about the risk vs. reward up front. However, you can't go back so I would start exploring how you can manage this property from Chicago. Take a look at credible property managers in your area and start vetting them now. Have your broker start getting the property ready for leasing and start working with you legal team on putting together a thorough lease agreement. Also it wouldn't hurt to have your property reassessed every year going forward to see what it might sell for so that you know exactly what year you can finally recoup your investment based on that years market conditions. Hope this helps get you started in the right direction. 

Hey James, just curious what exactly do they mean by pay you to do a flip for them? What are the terms of the agreement? 

Hey Ilia, my first advice would be, it's very risky to invest in an area that you do not live close to. You're going to want to, especially for your first investment, make sure that you live near the property so that you can maintain it properly and be aware of what is going on with it. It's actually important part of the learning process as you get into this industry. So my best advice is for your first property I would not invest in an area that you don't live in or near because it could lead to a lot of problems that will make it even harder for you to deal with if you don't live close to the property. I recommend looking for something closer to where you are. It's better to have a decent deal that you can properly manage then to have a deal that seems better monetarily that is completely out of your control. Hope you find the deal you're looking for.