All Forum Posts by: Paul Santos

Welcome to BP and an even bigger welcome to Phoenix - Valley of the Sun! I moved here about 1 year ago and love it! Best of luck!

The New York Attorney's General Office puts out a Tenant's Rights Guide. I suggest looking through the guide to see if there is anything applicable to your situation. 

@George Temes welcome to BP, I was in your shoes little over a year ago. The only thing I knew was I was going to get my real estate license and wanted to sell homes. Then I got the investor bug when I started listening to the BP podcasts. I started at show #1 and worked my way through every show. Last month, I purchased a SFR as a rental in QC. Got licensed last June, joined an agency in October, and used my license to purchase the SFR. I work full-time at a government job, but similar to you, I can retire in a year.

Read all you can, listen to as many podcasts as possible, the BP podcasts are some of the best around, and ask all the questions you want.... through this information gathering, you will find what you want to do, what works best for you, and how you will do it. 

A real estate investor's romance story might look something like this, it is the chain of events (steps) that someone first starting out in real estate investment might take:

1. Birddogging - as a starting point and to raise some capital

2. Wholesaling - convert sufficient birddog capital earned into marketing for wholesale deals

3. Fix and Flip - convert larger gains from wholesale earnings into buying wholesale, fixing, and then selling at profit (flipping)

4. Buy and Hold - from fix/flip and wholesaling you now have sufficient experience and knowledge, and hopefully money, to be selective in keeping some properties and start to build a passive income portfolio

5. The Skies the Limit - you take all you have learned and experience gained, and move into a bigger arena of real estate investment such as commercial properties etc....

All being said, where you start in real estate investing will depend on where you are in terms of experience, knowledge, and ultimately funding. As they say in the BP world, your first step is going out and doing something (take action).

I got these questions from a Podcast, I think, but can't remember who/where. 

Questions to Ask prospective management companies:

• 1.What are your average days on market for vacant homes?
• 2.What is your average rent amount for all properties managed?
• 3.What is your average work order cost for the owner?
• 4.What is your average make ready cost for the owner?
• 5.Are all my invoices uploaded to my owner portal?
• 6.How do you advertise your vacant units?
• 7.Do I receive video of my pre and post make ready?
• 8.Do you have a setup fee?
• 9.Do you upcharge on maintenance?
• 10.When do you make owner payments? How often?
• 11.Are you a Certified Property Manager?
• 12.Are you a member of NARPM?
• 13.What is your Guarantee?

@James Bynum From the ADRE website under FAQs

What is Property Management?
Property management is real estate activity involving the management by written agreement of an individual’s rental properties for compensation. (A.R.S. § 32-2171)

Is a real estate license required to conduct property management services?
Yes. A real estate license is required to perform property management services. Property management services are provided to the employing broker’s clients by persons licensed to the broker and with the knowledge and supervision of the designated or self-employed broker.

Is the "residential leasing agent or manager" of the owner's property required to hold a real estate license?
The "Residential leasing agent or manager" must have a license if they perform property management activities at more than one location during a workday or if they receive special compensation, i.e., commissions or property management fees, for their services. (A.R.S. § 32-2121.A.6)

First step is to narrow your focus down to what type of real estate investing you are looking to do. Second step is to start reading BP forums, blogs, books, and start listening to all the podcasts. This will give some exposure to the vast world of real estate investing and all the unique ways to get into investing. At first it may seem overwhelming, but with time you will gradually begin to focus on a specific area that interests you/spouse and/or meets your investment goals.

So much to learn about real estate, and you never stop learning, that's what I like about it. I too became licensed this year, and after listening/reading all that BP has to offer for a year and half, I took the plunge last month and purchased a SFR (buy & hold).

You are fortunate to have your spouse in the game as well, so your potential is unlimited. Welcome to BP and enjoy your journey!

Disclosure: I am a real estate agent:  To reiterate what has been said already, it costs you nothing to have a buyers agent represent you, since the selling party pays all commissions. 

Having an agent will at the least ensure you go through the appropriate "due process" of buying a property, having an agent with investment experience even a bigger plus. 

Also highly recommend, if you haven't done so already, get pre-approved by a lender (unless you are an all-cash deal) this shows not only you are serious, but most likely have the adequate financials to complete a purchase transaction. Good luck on your endeavors!

@Evan Bell Welcome to BP, you will find this place addictive. There is nothing like BP in the universe, covers everything related to real estate and then some. 

I also highly recommend taking up @Dick Rosen on his offer. I met with him a while back for lunch, and his advice helped me make some very good decisions. 

Wish you the best!

Cash flow you control when you buy at the right price, right place, and right location. Appreciation you can't control, the market and economy will dictate, although hold on to a property long enough and your appreciation stands a better chance. In the meantime, you have someone paying down your principle and building equity. Good property management is vital.