All Forum Posts by: Anthony Simboli

@Jessica Stevenson thank you unfortunately I will not be able to attend as I have a conflict. If there is a recording or any takeaways after the meeting please let me know. Appreciate the invite!

@Jade N. congrats on moving forward. I'm going to have to agree with @Alex Olson here in that no one knows what is going to happen. My best advice for any future investments is to always plan for the worst. Have contingency plans for all your investments. Think about enter/exit strategies and add in your risk tolerance. You can make a poor investment in a "great" economy just as easily could make a great investment in a "poor" economy. 

@Joseph J DiFranco I've added a video walk through.  If you see going to the right of the main door is the entrance to the entire master bedroom which is a complete addition on the house. Has 2 closets as well as a slider door to the deck. Skip to 50 seconds into the video.

Thanks in advance!

@John Lyszczyk Makes sense, well I'll keep following if anyone has some suggestions or you end up standardizing your process or automating it. Good Luck!

@Valerie Lopez I think there are a lot of questions to ask if it's worth it or not. Questions I would consider:

1. What is my risk tolerance?

2. Do I have a team prepared to do the work? Am I doing the work myself, if so how long will it take?

3. If a team will do the rehab, what are the estimates?

4. Why is it priced so low now? Are there opportunities to investigate further to get the right set of eyes on it (electrical/structural/plumbing/engineering etc.)

5. If putting all of my money into one investment, what is the opportunity cost of not being able to invest in other properties for X number of months or years?

@John Lyszczyk what exactly are you mailing if you don't mind me asking. I'm looking into doing this but have not started. I was hoping to "automate" it by finding something online that would send them out automatically once I create them online. Any info would be appreciated. 

What properties are you looking into?

@Bailey Kramer 

1. I wish I was asking that question at 19

2. Find someone who has experience in your area and see if you can start a mentor/mentee relationship. Depending on what you have to offer, maybe you can work together on a deal. Even if you get a very small percentage financially, you can can a ton of knowledge and experience in the process. Every property is different, but my opinion is real life experience will always win over any textbook you may read (still think you should continue with reading and podcasts and such) but focus more on the real life experiences. 

I just accepted an offer on a single family home that I am selling. It is a unique house that has been hard to find comps on given its layout and design. The buyer loves the home but I want to make sure I maximize the appraisal value so that there is no potential issues with financing after. 

Example - the master bedroom technically does not have a door on it right now because the master is the entire addition on the house and feedback we've got is that people actually prefer it off they like the look and openness more. Should we frame up a door on just for an appraisal?

The house is staged, but is there anything else I could do within a few days to maybe increase an appraisal?

Any information or experiences would be great. 

Thanks

@Brian Rivera you've already taken your first step in joining BP and reaching out to the community. Listen to the podcasts. I did that for almost a year straight before I got my first investment property and it was so beneficial. I learned so much by listening. 

I would also suggest not worrying about leaving your job to start investing. I would focus on both. Make sure you invest the time before you invest to do your homework (i.e. listen to podcasts, search the forums, run your own comps, analyze deals on the market and follow them through to closing to start to understand trends) 

Investing will not be an immediate payday starting out. Make sure you're saving what you can to align to your early investing goals. Consider using the 90 Day Intentions Journal to track your goals. 

I agree w. @Jonathan Greene I do not think it is ever a good idea to raise the listing price of an on-market property (my opinion). You may have priced your property too low, but if that's the case, you should be getting multiple offers. If you have multiple offers, as the seller you'll have the power to work with your agent and the buyers agents to find a deal that works for both sides.