All Forum Posts by: Warren Barnett

Good evening @Lucas Hall. Thanks for your response.  Do you think I should start with another Property management app provider until apartments.com creates the maintenance request feature?  

@Lucas Hall glad to read apartments.com is building out the maintenance request feature.  I hope it becomes available sooner rather than later.  After closing on a property last week, in my intro letter to my tenants, I directed them to sign up for a cozy.co account. I had reviewed a decent amount of property management app services, and determined cozy to be the best. I was shocked when I went to sign-up, and was directed to go on apartments.com. No where on the cozy.co site did it mention this.  I signed up anyway, and managed to get most of my tenants to as well. However, they notified me there was no maintenance request option. Which is the 2nd biggest reason I decided to go with cozy over others.  
Would you happen to have a timeframe for the roll over? 

Good afternoon Melissa.  Hope all is well.  How did the event go?  I just found out about your meet up now.  Wish I could have attended.  When is the next one?  Thanks

@Michele B. thank you for your response and help.  I appreciate you taking the time to assist. 

When I mentioned "utilizing my father and the equity he currently has in his home as my hard money lender" I was referring to him lending me money from a HELOC/ETC to invest in the purchase of real estate. I would pay him back at a higher interest rate than he pays the bank, but at a far lower rate then any hard money lender would lend to me. I see you mentioned this in suggestion number 4. lol

"Here is my advice,

1. Find a deal for you to BRRR if that is what you want to do.

2. Let them know what you have found and ask if they are interested in doing this YOUR WAY.

3. Form a legal partnership with all the outlines for who gets what, who contributes what. Everything in writing and all signed before any money moves.

4. if 2-3 do not work (and 3 is gonna cost some of your wealth) then find out if you can use the equity in your dad's place to finance the project yourself.

5. IF 2-4 do not work.....then decide if you can afford to find an equity partner that is not one of those aforementioned people here.

6. Make money....Simple right?"

I am definitely going to utilize your road map above.  Thanks for taking the time to lay this out in laymen terms for me.

Nerve racking is an understatement.  At times I feel very confident.  There are then days where I do not know what the next step should be.  Your Edison quote is spot on however.  I guess I have one question left for you if you don't mind.  

How do I approach my father to allow him to understand the power his equity has to change this family forever?  He isn't business minded, and is cut from the cloth of "you get a good job, with good benefits, and a pension so you can retire." I was told you should never attempt to "force" someone to believe you way is the best way.  That you should only present the opportunity you have and allow them to hopefully see it as viable for their own interest.  Any help in this area would be appreciated as well.  Thanks -Warren 

Hello all. Thanks for reading my post. I have a quick question. I’m brand new to REI and I’m in the process of possibly startIng with 3 friends. I have reached out to a few Attorneys to draft a JV contract based off of an article I read on BP titled “10 Vital aspects of a bulletproof joint venture agreement”. So far one attorney has responded with $500/cost. I am waiting to hear back from another attorney who has responded tomorrow. Just trying to see what is considered fair/reasonable and/or an attorney possibly trying to take advantage of a new investor. Thanks for your time. Look forward to the responses. - Warren

Thanks for your response and interest on my topic @Thadeous Larkin. It means a lot to me. Sorry for my delayed response as well. I am attempting to get use to both the mobile app, and the desk top version. Lol I have met with 3 friends once thIse far to discuss the possibility of us “teaming up” to pool our money together to start investing in real estate. It appears however our “needs” and “wants” from real estate differ. Two out of the four of us appear to want to start by buying, flipping, and selling properties. I appear to be the only one who wants to start by BRRRRing properties to build wealth. They’re also focused on attempting to buy a property ASAP. I have stressed to them the importance of ensuring we have a great JV contract signed by each of us before we move forward. I have met with a hIgh school friend who is currently an associate broker. We discussed in length real estate, and what we both are looking to gain from real estate. He has mentioned pooling money together as well with other potential partners. Sounds pretty good, but I’m unsure of what questions I should ask a broker to confirm they have the ability to benefit my long term goals, and not only their own. Any suggestions? Lastly, I also have another opportunity in front of me to starting investing by myself utilizing my father and the equity he currently has in his home as my “hard money lender”. I have yet to approcach him yet about the idea. I don’t know necessarily how I should approach him about the potential his equity has to change the dynamic/financial freedom of our family for generations to come. Any suggestions? Thanks for your time and help. - Warren

@Steve Bracero you're the best.  I am going to go listen to the episode right now.  

Thanks for your response @Gabriel De Almeida it is very much appreciated.  Sorry for my delayed response as well.  I am new to BP so I am attempting to grasp the site every time I log on lol.

I definitely want to mitigate the risk of any investment I partake in.  I also don't want to become a victim of analysis paralysis. 

I have been told by more than one investor that BRRRR is the best strategy to master to build wealth the fastest. Any literature, podcast, webinar suggestions on the topic @Steve Bracero 

Thanks @Steve Bracero.  I would prefer to do as much unconventional financing as possible (Seller Financing, etc). I honestly think I would feel most comfortable with my first investment property being a single family home. 

Good evening.  I hope all of you seeing this post are doing well.  I am a novice to the real estate investing world.  I unfortunately was not afforded an opportunity at a younger age to be exposed to the power of passive income, passive income vehicles, compound interest, and a detailed planning for the future. Every day I wish I had "opened up my eyes" and picked up a book instead of an extra shift at work in my 20's after college.  However I now realize being stuck in regret gets us all now where. 

In January of 2015 life drastically changed for me when my son was born.  I had a sudden shift in thinking and knew working my "Hazardous duty" job for 20 years just to collect a pension would not be enough to provide any last legacy for him.  I identified Real Estate as a great investment vehicle to establish and grow intergenerational wealth.

I have gone to seminars in NYC, read a few books, and listened to multiple podcast about real estate investing as well.  I know I am ready to "make a move", but I don't know what is the most important "first" step after reading all the books, taking notes at the seminars, and being motivated from the real estate Podcast.  

Should I focus on obtaining a certain amount of money first for a downpayment/closing costs and 6 months of expenses? 

Should I continue to research and identify deals in my market area? 

Should I continue to build my support circles (Mentors, Real Estate Agents, Brokers, Bankers, Property Managers, Contractors)? 

Or is there something I am simply neglecting?

I am extremely anxious to start, but as you can see I simply don't know where to. 

Please let me know when you have a chance.  I look forward to hearing from you all. 

Thanks for your time. - Warren