All Forum Posts by: Elizabeth S.

It is a struggle to juggle to jobs and life but not impossible. I work full time and manage mine 4 properties. The hardest part is the project management when we are doing work. I'm still working out our best practices for this. We're in the process of picking up 2-3 properties in the next 45 days and so instead of balancing life I will juggle it. Investing is getting me to my goal of freedom and worth not seeing my friends as much or living a relaxing laid back life. As we acquire these next few properties my investment income will surpass my income from my day job, that will be an awesome feeling. Or maybe depressing...in not sure :)

I don't wholesale...but since nobody else has responded.

1. Plan to spend money on marketing.
2. Don't just touch someone once, do it until they either sell to you or tell you to stop.
3. Listen to the Bigger Pockets Podcasts, they have great shows on wholesaling.
4. Keep moving and don't stop. Find someone to be an accountability partner and talk to them for support. Its not easy and you may not always get it right but its possible to make money in this arena.

I'm not familiar with the market, talking to a local agent (who specializes in investment properties) would be the best way to gauge that. I would also recommend checking to see if there are any local investor clubs, meeting other people locally is a huge help.

Regarding the FHA multifamily, as long as you qualify for the FHA loan and want to live in a multifamily property with your tenants the next thing to determine is if the numbers work. Start with the purchase price, insurance and taxes per year. Break it down by the month. Then you need to do some market research to see what multifamily properties are renting for. Factor in whether the utilities are separated or if you will be paying all of those...they add up quickly!! The next number to look at is what you are paying in rent now and how this mortgage differs from that and can you handle it comfortably when the other unites are vacant. The final factor, do you have cash reserves to enter the rental business. If you live on the edge now and think rentals will change you life...you're right but it may not be for the best.

I agree with Chad Ballard. Put your properties into an LLC. Limit the number in an LLC by how much liability you want in one area and then have property insurance and an umbrella policy. I also require that my tenants have renters insurance. Make sure your LLC does not mail to your home address, set up a PO box and traces will be much harder to find.

Then keep up your great relationships with tenants and keep your properties maintained.

I have four single family homes and would like to move into multifamily properties.

I know what I'm looking for in a house, these numbers don't seem bad. I'm most worried about the hodge podge nature of the work done on the house. It doesn't really need any work done to it though. When I say hodge podge, the shingles on the roof don't line up correctly...or match! There is a light weight interior door being used as an exterior door. And most worrisome is that there is a floor joist on the second floor that is obviously jutting up, the foundation is fine though.

I found a duplex that is owned by a real estate agent who looks like (from the MLS record) have been trying to sell it since they bought it a few years ago. Here are the stats:

DOM: 600+ (2nd time listed)
List Price: $49,900
Price Changes: $1000 in all this time
Rent: $1000/month income.
Utilities: Electric & Gas separated and paid by tenants, water paid by owner.

I would probably start off with a $35,000 offer. Again, its not the numbers so much as my fear that something is wrong with it. I would have it inspected by a licenses professional.

I typically don't experience teetering back and forth, my real estate agent (also an investor) said to let it go...but any feedback you can offer would be great.

There are lots of tips, from buying the house, filling the house and managing the house. My tip would be to get really good at land lording, continue to learn and meet new people who are doing it too. If you're nervous, move slowly. It's hard to make too many huge mistakes when you have time to evaluate what went wrong and change directions.

Hello! I started listening to the Bigger Pockets podcast last week and wanted to check out the website. I've heard a lot about the learning opportunities and chance to get feedback from like minded individuals.

I pretty much said everything about myself in my profile. The main highlights: I started investing when was 23 when I purchased two houses at an auction. I love real estate investing because passive cash flow is the BEST! I work a full time job and build my investment portfolio on the side.

My ultimate goal is freedom. I hear too many people who work because they have a mortgage to pay but they hate their job and think that they have to keep working until their 64 and can retire.