All Forum Posts by: Ryan P. Kotschedoff

Hi BP, I am only 16 years old and I plan on becoming a real estate agent/investor in the future. I’ve always had a passion for real estate and what each home has to offer. My question: Is it weird or rude for me to go to open houses just to observe? I do not want to make the agent feel uncomfortable or annoyed with me because I’m looking around with no intention of buying (obviously) but I like to know my market and I want to see some of the houses to get a good idea of how updated the homes are, and what people remodeled etc. Thanks.

@Michael Saucier This is a great next step if you are looking to retire in the upcoming years. Investing in real estate can most definitely produce a good positive cash flow for you to never work again, if you play your cards right. I recommend that you find a partner who is experienced and will go 50/50 on the first couple of deals. Learning the ins and outs of real estate is very important to have someone who will take you under there wing for the expertise. Also doing projects out of state is totally fine in my opinion. If you find a good out of state property manager who can handle the responsibility, I would definitely go for it. Good luck on your journey into real estate. It's definitely worth the time because you will not regret it long term.

@Colin Rawlings I would definitely recommend getting your real estate license due to the fact that you have access to the MLS and the points you stated above. The one and only downside, in my opinion is the time consuming study work but even that isn't as hard or time consuming as people set it out to be. Long story short, it's worth it.

@Heather Rodden You can contact a local real estate attorney

@Alon Helman The other comps do seem promising compared to your investment. Everything checks out to me. The only thing I am worried about is the rehab cost. It's definitely possible that the rehab can be under 60k but let's just hope that you don't run into plumbing or electrical issues. Overall this seems like a good investment and I don't think you need to worry about losing any money.

@George Hoover "When the market crashes, every house is on sale" - Warren buffet

@Shimi Elimelech To analyze the comps in an area you can simply look on Zillow, realtor.com etc to see what the previous homes in the area sold for. Just look for a comp that is in similar condition with other similar specs like sqft or missing contingencies etc.

@Robert Freeborn Generally these deals aren't worth your time but every once in a while you can find a so called "hidden gem" which does produce a higher ROI. Most of them are a waste of time but if you just keep looking you can find one that will produce a higher profit margin.

@Ryan P. Kotschedoff oh nevermind didn't see that you posted the numbers

@Gregg Heminger Amazing! Will you be willing to share the numbers?