All Forum Posts by: Seth Ferguson

Hi @Rodney Wright

You'll be looking for durability as well as looks. A quality vinyl plank floor looks like hardwood but will be more durable. Stay away from carpet. If you're able to reface the vanities and kitchen cupboards, that may save some money and still give the desired effect. It's tough, since we can't see the property.

Hi @MIKE B.,

You are just starting out. You're never going to get rich from cash flow from one property. Don't even worry about it at this point. Look at doing a refi to free up that equity so you can make a good purchase for the next property. I interviewed Chris Gray a few weeks ago who spoke about this.

@Shannon Phoenix

The commission is paid by the seller at closing, but really comes out of the deal itself.

@Shameka Buggs

With proper education, there is no fear.

Hi @Shannon Phoenix,

Commission will be payable to the listing brokerage. You'll want to contact the agent and explain the seller contacted you.

@Emily Jones There is no requirement to purchase under a LLC. You should speak with an accountant who's familiar with real estate investing about your long-term goals so you can start planning for a larger portfolio. You'll also want to speak with a mortgage broker to find out how purchasing under a LLC vs your own name will affect financing.

Hi @Brock Norton,

Everything you've mentioned really depends on your market and the type of properties you're buying. There are some single families that cash flow really well, while others don't. Same goes for multifamily. I'd be wary of blanket statements. 

I would strongly recommend you learn about how successful investors have built their portfolios. You'll find that it's not just a matter of buying properties to exit the "rate race". That being said, the good investors do.

It sounds like you need some more education. Maybe go to a meetup and ask some questions...there's a virtual meetup on Feb 19th.

@Allen Claussen

You'll need to focus on your target demographic, which will be students. For the value-add play, find out what students want. Wifi, theatre, video game room? All of these things can take the property from average to above-average and command higher rents.

Hi @Brian Gerace,

I don't know the specifics, but I would refinance and get that equity to work. It's not doing you any favors sitting idle.

@Grant Rothenburger

Great, thanks Grant. I'll make sure @Jacob Perez and I talk about how to select and vet potential joint venture partners and how to structure those partnerships.

Looking forward to it!