All Forum Posts by: Thomas O'Donnell

The biggest mistake made by Landlords? Not knowing how to handle tenants. How to screen, how to write a lease, when to collect the deposit, what to do with animals, how to deal with lease violations, etc. Most Landlords lose tens of thousands - or walk away from investing - because they burn out dealing with problems that are fairly simple to prevent.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney approved for your state. It's better than what you'll get from most attorneys and what you'll find on the internet.

What's up BP family! I will becoming a Landlord within the next month or so as I close on a duplex. Does anyone have great advice for new landlords? I am a pretty good communicator and already have a business-like mindset, but I know a lot more goes into it. I'm looking for tips/advice on managing software, screenings (and which softwares to use), when to list for rent, how to get the best tenants and just things I should know overall. I appreciate all advice given, thank you!

 You should chat with @Reece Iovine about getting your inspector license

I struggle finding good home inspectors in Ohio. Prior to last year they didn't need a license. You have to pass background checks and take the online classes. Things you need to know to do well: mold, roofing codes, electric in old homes, and drainage. I like the idea of working for someone to learn how to smell mold, see when joists are rotten, and know what is not safe just by feeling it in your bones. There are a couple online license companies that you can sign up to be the gopher who goes out, takes photos, measures, and reports - this also may be a way to get in. It's a daylight job, it's often dirty, work a many hours you like, and market yourself. You need a website, realtor referrals, lender referrals, insurance adjuster buddies and get on every social media that's free with images. Cell phone, cameras, boots, ladders, tool kit, mold collection kits, computer to type and email reports, and grit. You will make friends at the planning desk in your area. Good ones in Ohio make $120000 a year.

@Thomas O'Donnell Sounds like you're on the right track buying a duplex to get landlording and investing experience.

Depending on how that all goes, you can revaluate in a year:

1) Rent out your unit and buy another 2-4 unit to live in

2) Stay in your unit and buy a 5+ multi with partners

3) Maybe find out real estate really isn't for you

So, I have little to no knowledge of the real estate business considering I'm 19. Just out of high school but my papaw has his own flipping business, and I've watched a few videos. but if I was in your position, I think I would take the money you're making from the job and have it pay for your real estate investments such as a foreclosed house or a fixer-upper, and maybe talk about lowering your hours so you can focus on that a little more or find ways to work around your hours you're getting right now. This could be crap advice but I've worked at a part-time job and the money made from that I used to buy a riding lawn mower to make money mowing. Long story short, it seems like you're making good money. Money that will take you longer to make somewhere else, so if I was you I'd try to funnel some of that money into your real estate dreams. Hope this helped :)

You could start out by going to real estate investor meet ups in your area if you aren't exactly sure which area of real estate you want to get into. I would stay at your current job for now and learn as much about real estate investing as you can during your free time. Wholesaling was mentioned above, that is a great way to make some money without having to have your own money on the line (of course wholesaling is easier said than done). Listen to BP podcast episodes that pertain to leaving jobs to pursue real estate, those are usually very insightful. You could also tell everyone you know that you want to get into RE, you never know who you might come across. People don't know what you want until you tell them. Another great way of getting some money is to property manage some Airbnbs in your area, you could reach out to Airbnb owners (especially out of state ones) and offer to manage their Airbnb for a lower than market fee to start your management portfolio. Just a thought.

Hey Thomas,

There are a number of great BP episodes on this so I recommend scrolling through the archive to see if you can't find some insight there.

You could find someone to partner with on your first deal to make some cash on the side. You could wholesale a deal if you underwrite deals in your spare time and find one that works.

If you're going to dive in by quitting your job just make sure you have the funds necessary to make the leap for an extended period of time, again this depends on your comfort level and your spending habits. You're likely going to want to reinvest any gains you get from making the jump into expanding your business so keep that in mind. If you can take care of your base living expenses and windfalls from putting time and effort into real estate will take you much further in the long run.

Best of luck on your investment journey and more power to you powering through this job to fight for your future!