All Forum Posts by: Steven Foster Wilson

I personally have 8+ units in Cleveland and more in Columbus and my team primarily helped me to make the managing of these properties easier. Let me know if you need any help in finding a good neighborhood to start on. 

Hi Lawrence, welcome to BiggerPockets! This is surely the best place to start networking and learning. I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. All the best to your real estate journey!

Hey Anthony, welcome to BiggerPockets! House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place. I'd say keep in mind a few things for starters:

1. Work on your numbers - be sure to calculate potential cash flow and ROI. Make sure to factor in all expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.
2. Type of property - Choosing a triplex and fourplex is ideal but a duplex will also work out.
3. Loan option - FHA will be a great starting point for you if you haven't done it previously, try to look it up.
4. Make sure to properly screen your tenants at all times. Don't rush into things to secure your investments.

Lastly, be a good landlord and build a certain relationship with your tenants by ensuring that you address all issues and concerns in a timely manner. A good landlord will always keep a happy and loyal tenant all the time. Hope this helps and best wishes to your real estate journey!

Quote from @John Roberts:

Quote from @Steven Foster Wilson:

Quote from @Judson Osbon:

I am an investor focused agent in the Orlando area and my business has been growing to the point where I can't do it all myself. I am considering hiring a full time assistant, maybe someone who is considering getting their license or is new to investing and wants to start with hands on education. I am also considering going the VA route as that would probably be quicker and cheaper. Any advice on which way to go? Anyone using a VA and suggestion on where to find them?

I hire 2 VA's from the Philippines and pay them $4 and $6.50/hr, this comes out to be a nice six figure salary when you account for cost of living. They are amazing and are very hard workers and do all the heavy lifting in my business.

 Hi Steven,

what sort of tasks (heavy lifting) do you have the VA's do? I am also looking into hiring a VA since I am an IT Manager for my W2 job and don't have a lot of spare time to focus on other areas.

We currently have 4 SFR's that we own outright and will be a mixture of flips and rentals. We also employ a 3-man crew that does most of the renovating.

Thanks.

 One helps me with my Blog posts, Social media marketing and Cold calling specifically and the other is an All-rounder that pretty much does almost everything that I do on a daily basis. They help out very nicely and gives me a great amount of time to focus on my Clients and BiggerPockets.

Quote from @Judson Osbon:

Quote from @Steven Foster Wilson:

Quote from @Judson Osbon:

I am an investor focused agent in the Orlando area and my business has been growing to the point where I can't do it all myself. I am considering hiring a full time assistant, maybe someone who is considering getting their license or is new to investing and wants to start with hands on education. I am also considering going the VA route as that would probably be quicker and cheaper. Any advice on which way to go? Anyone using a VA and suggestion on where to find them?

I hire 2 VA's from the Philippines and pay them $4 and $6.50/hr, this comes out to be a nice six figure salary when you account for cost of living. They are amazing and are very hard workers and do all the heavy lifting in my business.

 How did you find them? 

 Hey Judson, you'd mostly find them on outsourcing sites like freelancer.com, guru.com and fiverr.com and Upwork. Screen them well and make sure to setup expectations initially. They are pretty easy to work with.

Quote from @Melissa Nash:

What are you looking for? high cashflow, more growth? Are you looking for a fixer upper or Turnkey? New construction or rehab? 

Hey Melissa, the condition of the property depends on your skills, resources, and risk tolerance. If you're primarily focused on generating immediate income from your investment, you might consider properties that have a high potential for rental income relative to their costs. This could involve investing in multi-unit properties, areas with strong rental demand, or properties that can be optimized for cashflow through strategies such as short-term rentals or renting to students. Cleveland will be a good market to go to in terms of Cash flow. If you're more interested in long-term appreciation and wealth accumulation, you might look for properties in areas with strong economic growth, job opportunities, and positive demographic trends. This is where Columbus takes into consideration. 

Quote from @Doris Garcia:

 @Steven Foster Wilson

You are awesome! 

Thank so much for taking the time to share some tips with me, I really appreciate it! 🙏

 You're welcome! Feel free to reach out. I would love to help out as much as I can.

Quote from @Gee Williams:

Quote from @Steven Foster Wilson:

Hi Gee, welcome to BiggerPockets and belated happy birthday! This is surely the best place to start networking and learning.

Time is a very valuable thing, Over-analyzing things can lead to wasted time, missed opportunities, and lost productivity. Great job in overcoming it. By taking action, you can make progress towards your goals and use your time more effectively.

I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. All the best to your real estate journey!

 THANK you so much for the guidance!  I have read AND listened to Rich Dad/Poor Dad several times. HOWEVER, it was his Cash Flow Quadrant book that opened my eyes after 2 decades working in Corporate America that made me start looking into Real Estate! I will definitely check out the BP Facebook page for events. So helpful!

 You're welcome! My wife and I also love the Million Dollar RE Agent and the Million Dollar Investor by Gary Keller as well as The Abcs of Commercial Real Estate investing by Ken McElroy. You will find these beneficial.

Quote from @Doris Garcia:

 @Steven Foster Wilson

You are awesome! 

Thank so much for taking the time to share some tips with me, I really appreciate it! 🙏

You're welcome. Glad to be able to help out.

Hi Jason, welcome to the BiggerPockets community! This is surely the best place to start networking and learning. I always recommend the book “Rich dad, Poor dad” by Robert T. Kiyosaki to anyone starting out. Start listening to the BiggerPockets podcast starting at the very beginning and start growing your network, look on Facebook/BiggerPockets for different events, find a mentor doing what you want to do, and get to know the local lenders/brokers. All the best to your real estate journey!