All Forum Posts by: Troy Egar

Hello everyone!

I just recently close on my first home/rental property yesterday and am excited to have finally started the journey towards financial freedom. Over the contract period, I worked to get the word out through my network that I'm looking to rent out 3 of the bedrooms in my new house. I was wondering if anyone has any insights or advice for drafting a "house-hacking" lease vs a standard lease?

Also, one of potential future tenants is a mutual friend and I was wondering if anyone had experience on how to approach the background/credit check process? I assume I should try and keep the process as consistent as possible when screening tenants, even if they are within my personal network. 

Thank you and please bear with me if some of the answers to these questions seem obvious. This is all pretty new to me.

Hey @Chris Hopper, thanks for starting this thread - it's a great one! You've certainly helped to give me the motivation to start making offers myself. Been making strides on deal flow such as reaching out to wholesalers and running dozens of deals a day on the MLS. I try to take new action every day.

I'm currently ready to buy and have been making offers but it's very competitive out there - especially for someone like me trying to use traditional financing. Would love to partner on a BRRRR, that would fix my financing problem, just looking for the right partner who's willing to do so! By consistently going to meet-ups and REIAs, I'm sure the time will come very soon.

Hope you've had a healthy and happy new year. 

Oh and any advice is always appreciated - thanks!

@Jon Reed Thank you for the advice - that was my gut feeling on this as well. I got a rec for a good attorney and will get the contract reviewed before signing. Thank you!

Hello everyone, Hope you're having a great day! I'm a new investor and have recently started going out to meet-ups, networking, and trying to find deals. The other night I met a more experienced investor at a non-BP meet-up who owns about 50 units and does rentals, flip, wholesales etc. We discussed an agreement where he would be the one finding the deals, getting the funds, and running the overall process as he has much more experience, obviously. My part in the agreement would be to hunt the leads he provides and to learn and contribute where needed. The distribution of work here is reflected in the share of profits which I find to be very fair. Only caveat is he wants me to sign a JV contract, which I don't have much experience in (as I'm not a lawyer) and I suppose I also don't know him very well either. I'm not sure what to do here. I think this could be a great opportunity to learn from someone more experienced while providing value but also don't want to sign myself into a contract that could end up putting me in a bad situation down the road (which I don't know if this is true but you get my point). I would appreciate any advice about this, especially if you've been in a similar situation. Thank you! Best, Troy

Hi Kelly,

Thank you for the advice. Those are all great questions that I'll have to consider as I narrow down my search and choose an area to invest in. Since starting this thread, I have already selected a few areas of interest with the advice of some realtors and other investors. This community is great!

@Art Perkitny Wow that is a lot of very helpful information. Thank you so much! Now it's time to unpack those metrics and to dig into some market research. I appreciate the advice. 

Hey everyone,

As someone new to Houston, it can sometimes be difficult to understand all of the different neighborhoods/areas. It's a big city as I'm sure you all know! I feel a little overwhelmed as I read through listings online and attempt to analyze some deals.

Does anyone have any advice on learning a new market, specifically for new investors in general (i.e. areas of high growth potential, areas to avoid due to crime, etc, and other tips)? I'm willing to do the research myself, of course, but any pointers or suggestions on where to look would be very appreciated. I hope to learn as much as possible before jumping in too fast. Thanks!

@Chris Hopper Sounds like you've experienced some frustration in talking with new investors that I'm not aware of. The intent of my post was not to sound like I'm not serious - as I certainly am. 

Regardless, I appreciate your advice and the motivation to start with taking a jump. 

@Vijaianand Thirunageswaram Thank you for the welcome and advice on getting started. I would agree that taking the leap is the most challenging part. 

When saying it out loud, I suppose it does sound ridiculous to say breaking a lease should prevent me from purchasing a property earlier than my lease agreement. I think you and @Chris Hopper are correct. So thank you for that. 

I'll be sure to start connecting and look forward to contributing here.