All Forum Posts by: Troy Ramey

Hi Ryan,

It might work out alright but I personally wouldn't let him make the repairs. From a liability standpoint, you're okaying him to start electrical work and it doesn't sound like he's an electrician. You're also assuming that his standard of work is in line with what you'd expect, and that may not be the case. If I were you, I'd have the fans fixed as a sign of good faith since you are the new landlord, but I'd hire the work out from a licensed contractor. 

Hi Mark,

It's always easiest to me to work backwards from an end goal. So it sounds like your looking for 100K each year, correct?  That would put you in the 8000 range monthly. I would then start looking at properties in the area you plan on investing in. Use calculators to find the rental income numbers. Once you've gone through quite a few, you should have a realistic estimate of how many rentals you'll need to get that 8000 each month. In my area, $400 each month is going to be tough to find but not impossible. 

You had mentioned $417 each month and asked if it's reasonable. The answer is completely dependent on what area you invest in. $400 a month will be reasonable in some markets and very hard in others. You'll have to make that call or ask some people in the area you'd like to invest. 

Try not to get bogged down looking at the numbers constantly. Certainly do your research and calculations, but if you get stuck in that analysis paralysis mode, it's hard to get out. Keep a goal in mind, start building your portfolio and then check back yearly to see where you stand. You can always switch the numbers later if needed. 

Hope this helps

Welcome Andre. I think you'll find a lot of the information you need here as well as a lot of people willing to help out and answer questions. Good luck on your journey

Hi Nik,

My advice is to just be honest and upfront with the realtor or realtors you speak with. Most agents specialize in one specific area of real estate, so the person you have in mind may be out of their comfort zone dealing with MF. I'd just ask them and see what they say. 

As far as talking with several realtors at once, there's absolutely nothing wrong with it provided you let them know and don't have a signed contract with one specific agent. 

Congrats! Seller markets definitely make it harder to find deals, but not impossible. I think there are a lot of people that get discouraged when they don't find a deal the first day or two but it usually takes weeks or months of constant hustle to see results. 

You can't really go wrong for $20.50, right? 

Hi Derek,

There's an absolute ton of information out there and it can be a little intimidating. My suggestion would be to start out slowly. Go to a local REI meeting or get a book on real estate investing. Read some of the forum post on getting started. There are so many routes that you could take in this industry and I think if you can take your time and get a basic understanding of the core principals, you'll be able to choose a route best suited for your goals and in line with your skill set.

I used Real Estate Express and was happy with them. I knew that I didn't want to devote the time to going into an actual class, so I elected to go the online route instead. The software was easy to follow and use, and I felt like they answered my questions reasonably fast. I didn't use all the features they offered, but the basics worked just fine. I don't have anything to compare them to though unfortunately. 

If you decide to use them, wait until they put the software on sale before you buy. It seems like almost every weekend they offer at least 20% off. 

Hi Joshua,

For your first property or two, I'd suggest sticking to your local market if at all possible. Investing too far from your home can be difficult, especially for someone new. 

Hi Brandon, 

If I were in your position, I would start looking for money to close the deal. The seller is looking for you to take the home off his/her hands, and after you signed the contract with them, I feel like you should do your best to move forward if you can. You've still got 2 weeks to get this together so it's certainly not impossible. If you take the property off of the sellers hands and make money, then it's a win/win for both parties.