All Forum Posts by: Tony Wooldridge

@Jay Orlauski, just wanted to take a moment and send you a GR8 big CONGRATS on your 1st Annual Investors Summit.  Sounds like it was a BIG hit!  Wish I could have been in attendance!  Here is to wishing you GR8 success in the near future and most assuredly on your next summit/meetup!  Congrats once again Jay.  Thanks for sharing.   

@Woodward William Beardsley, sounds like a golden ticket "MAY" have landed into your lap.  However, regardless of how GR8 or not that this deal might be it will require you to do a GR8 deal of due diligence to make sure the #'s make sense for what ever type of investing you are looking to do.  By that I mean, is it hitting the goals that you have set for yourself within your niche/strategy (do you even know what those are yet?)? So as GR8 as this sounds take the time to educate yourself on not only what investing you want to do but what that looks like from a numbers standpoint.  Are you a appreciation guy or a cash flow guy?  

Full disclosure here:  I am not a B&H investor (YET), as I am working on my first flip now.  But one thing that I hear preached on BP throughout the site is take ACTION!  That looks different for every person but ultimately it comes down to taking the first step into the unknown (which is a little unnerving) but once you do it starts to feel more comfortable with time.  I like you don't have a huge (known at all really) support team around me.  However, what I do have is my personal mentor Bigger Pockets.  I lean on our fellow colleagues hard and they seem to never let me down.  So it may feel like you are on an island by yourself at times but remember you have BP (good job on using it so far, but keep it up!) to help you through the hard times.  Take a look in your area for local meet-ups as well, it also appears that you have a couple of BP'ers that want to meet up with you!

So in closing, take the time to educate yourself so you know what your investing looks like for you and once that is done run endless #'s time and again so you know definitively what a good deal in your area looks like. Keep on using BP for all mentioned above to include meeting with other investors and finally when you have a grasp of what it is you feel comfortable investing in and it makes sense and you are ready JUMP IN! I wish you nothing but the best and here is to wishing you a successful 2017 in your REI ventures!

@Marina M., first let me start off by saying welcome to BP, the greatest REI website in the WORLD! You will find that there are some really cool and smart folks on this website that are extremely generous with their vast knowledge! So I commend you on tapping into it as you have asked your first question but I also challenge you to continue to do so as this will help to keep you focused and motivated!

O.K. to your question, lol.  

1. What kind of insurance should I be looking at? It depends on what kind of REI you would like to do. However, it appears based off of looking at your Profile you would like to get into MF which I suppose you can consider BH investing. I am a flipper and I use a specific insurance for vacant homes as I am rehabbing the property.  

2. Is it different for single family versus multi-family? Full disclosure: I am not an expert in this area as you can see I have provided you with some past forum post that I thought might help you due to my lack of personal experience in this area! Please see hyper links below.

3. Any other important things I should know?

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

https://www.biggerpockets.com/forums/432/topics/64...

If you have any questions keep asking them. However, type your question into the search bar (upper left corner) your question may have been asked and answered before by another BPer in the past. Well, I certainly hope you find what you are looking for and once again welcome to the BP family. I will be looking forward to seeing you around the site. Here is to wishing you a successful 2017 in your REI ventures!

@Hailey Barr, Spokane has meet-ups fairly frequently.  You can go to community icon on the top left of the page and go to networking events and type in "Spokane" for example and it should give you the following link: https://www.biggerpockets.com/forums/521-events-an...

if you don't see anything current reach out to some of the BP members that have used this platform for their meet-ups in the past and I am sure they would be more than happy to add you to an email contact list when they plan on having another. There is also another REIA up there that is held fairly regularly (which I attended years ago) type in Spokane REIA in google and it will give you the results you are possibly seeking. I certainly hope you find what you are looking for and here is to wishing you a successful 2017 in your REI ventures!

Hard work is hard and lazy people are lazy.  When one meets the other they clash like oil and water! 

@Kevin Romines, Primary in this case would be a rental as this is the sole purpose of this property.  On the county website under the description section it has it listed as a residential home and doesn't reference it as a duplex or similar MF dewelling.  

Kevin, as always especially as of late, I appreciate your continued knowledge and help on my threads.  Maybe we can link up and discuss how you may assist in lending in the future(?) Thanks again Kevin and hope you too have a GR8 weekend!  

@Jennifer Beadles, thanks for stopping in to share your thoughts on the matter. I have already planted the seed with my lender as they are looking into how this situation would be viewed from a lending/value perspective. You mentioned appraisers as this is something that I am interested in as to how they will value the property because of the unique situation(?) Do you recall or have personal experience with that? Well, thanks again for your time and insight on the matter. Here is to wishing you a GR8 rest of your weekend as well as year in your 2017 REI ventures!

@David Clinton III, we are going to take a second look at the properties again today because the first time we looked at them we were not able to access the mother-in-law structure as they could not locate the key.  To your point, the bigger property (although older and needing updates) is rent ready with a few minor cosmetic things to do and will make sure the little one is as well today.  I am on the fence as to the PM or not.  I have heard on a lot of the podcast that there was a GR8 deal of value in managing properties yourself at first to see the ins/outs of BH investing.  I realize the up front challenges associated with this and will make a determination soon if we go through with the deal.  Thanks for stopping by to share your thoughts.  How is the wake boarding up on Coeur D Alene lake these days?  Beautiful place!  Have a GR8 rest of your weekend!  

@Dre Moore, first let me start off by saying THANK YOU for your dedicated service to our country.  Freedom is not free and brave Men such as yourself make it possible for ALL of us to live such GR8 FREE lives in the greatest nation in the world, so thanks again.

Although everyone's niche/strategies are different as they relate to REI it is hard to pin point any one book so let me if I may recommend a list that you can choose from as there are GR8 books within this list.

https://www.biggerpockets.com/renewsblog/2013/04/1...

https://www.biggerpockets.com/renewsblog/2013/10/1...

these list should at least spark your interest in what ever you are looking for. Hope this helps. Welcome to BP and I certainly hope you have a successful 2017 in your REI ventures. Stay safe out there!

@Jordan Grimstad, its funny you mention the duplex analogy as that is exactly what popped into my mind when I first saw the properties but without the symmetry! So far through my analysis of the property all of the #'s are making sense.  However, one thing I forgot to mention is I currently have a flip going on right now as well.  So it is time for me to get a little creative with the financing side of the house!  Thanks for stopping in to share your thoughts Jordan.  Hope you have a GR8 up and coming weekend!