All Forum Posts by: Tyler Brown-Lewis

I mean 400,000 is a lot of money. If you're getting approved for loans of that much money why don't you invest in other markets. Your dollar will stretch much farther because you can invest in multiple properties and the returns you get will get you closer to the disposable income you want.

Erica, 

I found that 100% pure lye is a great drain cleaner above drano and all the other products that claim to work. Stop at your local hardware store because most large hardware stores don't carry it. Also wear rubber gloves and goggles lye is dangerous. A bit of cold water and about 1/4th of a bottle should burn up whatevers in your drain.  

Because its  a business the electronic lock isn't a bad idea. I  worked at an office building that did that for several companies that leased space. However, the real question is how many people are accessing the door? Electronic locks can only go up to so many codes (8 to 12) I believe. If you have a key fob system it would allow more ppl to use the door and who ever gets fired, etc will just get theirs turned off. 

1. Assess your location

Are you comfortable investing in your current location? Will you stay or move from that location when your done with school? 

If so, then maybe it'd be best to invest where you plan to relocate a bit later.

2. Affordability

What are the prices of homes in your area and are you willing to put money down for a purchase?

College markets tend to be pretty competitive for investors, especially at larger state schools where there tend to be large companies that buy up available housing.

3. Financing 

How will you finance the purchase? Cash, bank, help from family? Are you employed? Is your credit above average?

If you start with these questions to ask yourself you should come up with a clearer understanding of not only what you want but what you capable of doing at the moment. If something comes in financing then maybe a loan from your parents or partnering with a very close friend is an option. Try house hacking as well, which is buying a house and living in a room and sharing your bathroom while other ppl live with you and pay for your mortgage and utility bill payments. 

As long as the power line is not a safety liability don't worry about it. Push comes to shove, just complain to the city to raise the line or something. Just focus on your numbers on the deal, stick to them and go for buying the house. The more you hesitate the more likely the house(s) will be bought by someone else. All it takes is a phone call for good deals to go away. 

Carpet squares are easy to install just have straight edge, tape measure and a good pair of scissors. If not then I agree completely with Mary Lou. Put down polyurethane to deter water then put down outdoor rugs throughout the hallway. Don't spend too much on it because tenants certainly won't care to clean and vacuum often.  

Try commercial grade carpet squares. You could find them at your local carpet store warehouse and see if they have a closeout on them. Cost me about $50 a box and I got two. I found some in my area that was a dollar per sq ft and layed it down in the hallway with double sided tape that I bought at lowes. The carpet should last for years to come and when it get very dirty in about 2 to 3 years just take a carpet cleaner and go over it or replace individual tiles. 

Angelica,

This is from personal experience because I'am not too far removed from where you are. A few months ago I was making the same decisions you were. For starters decide if you would like to do residential or Commercial RE. If you believe most of your portfolio will be single and small multi-family housing then stick with residential. If you have aspirations of buying apartments, storefronts, warehousing down the road then by all means go commercial its very important to form relationships to find deals. Now think about immediate profit, from an earnings standpoint residential will give you more clients to make money with better commission splits. Commercial will be a bit tougher to begin with with more ppl in your pockets. Sometimes you'll have commissions split down into 1/4 of what you thought you could get once all your referrals are taken care of. Please account your time as well, buyers consume a lot of your time and most times they won't even put an offer down on something after hours of showings or consultations. It can be quite frustrating. Lastly, make sure the brokerage you work for does not have extra fee's that waste your money like "office or desk fee's" them taking a 70/30 or 60/40 split on your deals is enough. Big mistake I've make. 

By all means get your license and use it primarily for your deals and benefits. Work with buyers who are pre approved and are sure they are ready to move and life will be much better especially since you still have some school left. Lastly, please have a full time salaried job it will help you with the loan process because it will be impossible to get one out of school with only a commission based job, trust me.

Wish you the best of luck,

-Tyler 

Thank you both. Arden I'll be calling you soon.

Hello,

I'm a Cleveland OH investor/agent looking for hard money lender to form a  relationship with and buy foreclosed or undervalued fixer-uppers in rentable neighborhoods. I don't need a lot of money to borrow, under 40K that will go towards a buy and hold asset. To structure loan payment I will use cash out refi method or sell upon renovation. 

Thanks,

-Tyler