All Forum Posts by: Stephen J Davis

You won't like this but as a mentor, I tell people to not do turnkey as a rule. You lose your equity capture and are left with minimum cash flow.

The best way is to join a local real estate investor group and collect 30 or 40 names for your buyers list. It never took me more than 48 hours to sell my deals with this strategy. 

Don't buy anything that does not have positive cash flow. Be an investor not a speculator. 

I know of no reason to have vacant property. I never buy anything that does not cash flow. I focus on income not saving taxes. That is my CPA's job.

I don't like turn key anyway. They usually suck all of the equity capture out of the deal and you are left with only a little cash flow. Do your own deals and you will make a lot more money.

Be aware that renting rooms is probably the hardest way to lease a property. The turnover is going to be frequent and annoying. It is hard enough to find a family that gets along let alone 8 strangers. Be prepared for a lot of management and a war every time the bills are due. Sorry, but I think this is a bad idea. I think your should stick with single-family property.

I would sell. A $450,000 home will not cash flow as a rule. @Will Fraser has the right idea.

You should be able to find someone like this at a local real estate investor club. That is how I got started.

I am worried that you may have to carry a gun to collect your rent in this type neighborhood. If that is true, you are making a greed decision and not a lifestyle decision. I have done that before and it turned bad so be cautious.

I know you said you think having mortgages is more risky but it really isn't and you can build wealth so much faster. Even if you pay off the mortgages you still have taxes, insurance and maintenance each month. There is no such thing as debt free real estate. If you don't manage the property well you will lose it either way. Plus, you two should be buying an apartment complex not more single-family. You make too much money....LOL.