Advice for first timer?
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Advice for first timer? (by NE [PA]) Oct 3, 2020 3:30 PM
       Advice for first timer? (by Pmh [TX]) Oct 3, 2020 3:41 PM
       Advice for first timer? (by Jim in O C [CA]) Oct 3, 2020 3:48 PM
       Advice for first timer? (by RichE [IL]) Oct 3, 2020 3:55 PM
       Advice for first timer? (by Ken [NY]) Oct 3, 2020 4:05 PM
       Advice for first timer? (by razorback_tim [AR]) Oct 3, 2020 4:44 PM
       Advice for first timer? (by Robert J [CA]) Oct 3, 2020 5:22 PM
       Advice for first timer? (by Sisco [MO]) Oct 3, 2020 5:25 PM
       Advice for first timer? (by dave [CA]) Oct 3, 2020 6:13 PM
       Advice for first timer? (by 6x6 [TN]) Oct 3, 2020 6:43 PM
       Advice for first timer? (by Vee [OH]) Oct 3, 2020 6:46 PM
       Advice for first timer? (by Jim in O C [CA]) Oct 3, 2020 6:46 PM
       Advice for first timer? (by NE [PA]) Oct 3, 2020 7:10 PM
       Advice for first timer? (by 6x6 [TN]) Oct 3, 2020 7:26 PM
       Advice for first timer? (by Dave [MO]) Oct 3, 2020 10:48 PM
       Advice for first timer? (by BRAD 20,000 [IN]) Oct 4, 2020 12:28 AM
       Advice for first timer? (by Natasha [MD]) Oct 4, 2020 5:42 AM
       Advice for first timer? (by myob [GA]) Oct 4, 2020 8:33 AM
       Advice for first timer? (by Jeffrey [VA]) Oct 4, 2020 10:01 AM
       Advice for first timer? (by WMH [NC]) Oct 4, 2020 10:08 AM
       Advice for first timer? (by Ray-N-Pa [PA]) Oct 4, 2020 11:01 AM
       Advice for first timer? (by RB [MI]) Oct 4, 2020 11:46 AM
       Advice for first timer? (by MikeA [TX]) Oct 4, 2020 5:47 PM
       Advice for first timer? (by NE [PA]) Oct 4, 2020 5:53 PM
       Advice for first timer? (by Jeffrey [VA]) Oct 4, 2020 6:00 PM
       Advice for first timer? (by MikeA [TX]) Oct 4, 2020 8:23 PM
       Advice for first timer? (by Robin [WI]) Oct 4, 2020 9:52 PM
       Advice for first timer? (by Jeffrey [VA]) Oct 5, 2020 6:55 AM
       Advice for first timer? (by plenty [MO]) Oct 5, 2020 8:35 AM
       Advice for first timer? (by plenty [MO]) Oct 5, 2020 8:36 AM
       Advice for first timer? (by Roy [AL]) Oct 5, 2020 9:19 AM
       Advice for first timer? (by J [FL]) Oct 5, 2020 9:56 AM
       Advice for first timer? (by Deanna [TX]) Oct 5, 2020 10:28 AM
       Advice for first timer? (by Landlord ofthe Flies [TX]) Oct 5, 2020 5:27 PM
       Advice for first timer? (by Caryl [CA]) Oct 15, 2020 4:37 PM
       Advice for first timer? (by Mitchell Goldstein [NY]) Oct 19, 2020 2:19 PM
       Advice for first timer? (by Bonanza [NC]) Oct 19, 2020 3:25 PM
       Advice for first timer? (by BRAD 20,000 [IN]) Oct 20, 2020 9:52 AM

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Advice for first timer? (by NE [PA]) Posted on: Oct 3, 2020 3:30 PM
Message:

Given the current state of affairs, what would you tell to a brand new investor if they came to you and asked you about getting started in rental real estate? --70.44.xxx.xx




Advice for first timer? (by Pmh [TX]) Posted on: Oct 3, 2020 3:41 PM
Message:

put 25% down. so long as he/she has cc lines no reason to put cash in a reserve. run credit checks (through this site vendor) make friends with other local LL. All of us had a first time. --107.77.xxx.xxx




Advice for first timer? (by Jim in O C [CA]) Posted on: Oct 3, 2020 3:48 PM
Message:

Check your laws carefully. If you were in California I would definitely recommend not at this time.

In some states that are very tenant friendly and with COVID-19 you could have a tenant move in and pay the move in costs and not pay another penny for months like in 6 to 12 or with Civid-19 who knows.

I donít have the statistics but I would believe many landlords have lost their properties because they couldnít maintain their mortgages and didnít have a larger reserve. --99.23.xxx.x




Advice for first timer? (by RichE [IL]) Posted on: Oct 3, 2020 3:55 PM
Message:

Have them work along side of you for one month of 40 hour weeks as an unpaid intern to see if thy have the right stuff for this business. Tell them Harvard has a 4 day wealth management session they charge $10,500 for and you are offering them a more practical program for some sweat equity. --67.186.xxx.xxx




Advice for first timer? (by Ken [NY]) Posted on: Oct 3, 2020 4:05 PM
Message:

In my state i would tell them to move to another state.I would tell if you invest in my state now you better know what you are doing and have the ability to fight because it will be you against everyone else here --104.229.xxx.xxx




Advice for first timer? (by razorback_tim [AR]) Posted on: Oct 3, 2020 4:44 PM
Message:

Be patient and buy right. If you buy right, it will work out.

In the meantime, work on property management skills. --70.178.x.xx




Advice for first timer? (by Robert J [CA]) Posted on: Oct 3, 2020 5:22 PM
Message:

Too many "investors" never realize that owning rental property is like having another child. You can not put off chores, repairs or maintenance. Have to think on your feet and make "good" judgement calls.

--47.155.xx.xxx




Advice for first timer? (by Sisco [MO]) Posted on: Oct 3, 2020 5:25 PM
Message:

Be sure that personal finances are rock solid, no cc debt, must have shown the discipline to save.

If married, must have spouse be fully onboard. If spouses hide finances from each other- donít buy.

Learn how to make money with rental property management. Having done so, only buy houses that will make money EVERY month. --67.43.xxx.xxx




Advice for first timer? (by dave [CA]) Posted on: Oct 3, 2020 6:13 PM
Message:

1. you make your money on the day you buy the property,....

you realize your profit on the day you sell your property -- buy right.

2. having no tenant is better than having a bad tenant --

screen right and don't allow yourself to get desperate.

3. buy good tools and learn how to use them.

4. learn the laws and create a plain english lease that covers EVERYTHING. Start with form leases for your jurisdiction, cut and paste AND HAVE A RE ATTORNEY REVIEW.

5. locate 2 or 3 RE TRANSACTIONAL LAWYERS AND LL/T EVICTION LAWYERS, before you need them.

6. Banking relationships with 2 or 3 banks -- both for lines of credit and REO'S. work the line of credit up before you need it. the bank is the business of loaning money and collecting interest and getting the principal back. they're less concerned with what the money is being used for, than seeing it out and in,....out and in,....out and in. just don't be a wise guy.

7. you're running a business. be professional with your tenants, suppliers and contractors. be a tough, knowledgible negotiator, fair and reasonable,...and pay your

bills. don't be a wise guy.

8. keep your properties secure, clean and painted.

--172.250.xx.xxx




Advice for first timer? (by 6x6 [TN]) Posted on: Oct 3, 2020 6:43 PM
Message:

Definitely learn property management. I bought first but should have learned first. --73.120.xx.xxx




Advice for first timer? (by Vee [OH]) Posted on: Oct 3, 2020 6:46 PM
Message:

Before you start have a 7 digit lottery winning to dissolve or grow... --76.188.xxx.xxx




Advice for first timer? (by Jim in O C [CA]) Posted on: Oct 3, 2020 6:46 PM
Message:

Daveís number 2 should be in all caps. --99.23.xxx.x




Advice for first timer? (by NE [PA]) Posted on: Oct 3, 2020 7:10 PM
Message:

6 x 6, you really can't learn property management until your feet are in the fire.

Start reading on it, sure, but it's impossible to know how to navigate the day-to-day of tenants without having tenants. And even then, there's always going to be a curveball. --70.44.xxx.xx




Advice for first timer? (by 6x6 [TN]) Posted on: Oct 3, 2020 7:26 PM
Message:

Good point --73.120.xx.xxx




Advice for first timer? (by Dave [MO]) Posted on: Oct 3, 2020 10:48 PM
Message:

Have a good mentor.

Iíve had a couple of newbies call me and I told them to wait, this is more of a seasoned investors market. Newbies have FOMO right now.

Iíve seen houses 5 yrs. ago you could buy for $20,000 and now sellers want $50,000 and the house will need a new roof and more work on the inside. Investors, will spend lots of money for what the tenants want in todayís rental market. Help is hard to find and negotiate prices. Canít do evictions at this timeÖ if they get the wrong tenant in the home it could be a huge loss on their first investment property.

--173.216.xxx.xx




Advice for first timer? (by BRAD 20,000 [IN]) Posted on: Oct 4, 2020 12:28 AM
Message:

If you live in my county give up. Itís useless. Futile. I bought all the good deals.

If you insist, education is everything. Itís cheaper than college classes but will make you MUCH more money. Gumption and grit must be properly applied. It can get you into trouble without proper education. Knowledge is power and profit.

BRAD

PS Real estate ďbeen good to meĒ. I make waaaaaaay more than on a job with only a few hours work per week.

BRAD --73.102.xxx.xxx




Advice for first timer? (by Natasha [MD]) Posted on: Oct 4, 2020 5:42 AM
Message:

Everything that Dave (CA) said and I agree #2 should be in All caps as mentioned by Jim in OC. Education is key as Brad (IN) said but don't get analysis of paralysis...you must act.

But I would also add, don't follow the pack. I have always gone against whatever the herd investors were doing and have been successful.

--190.105.xxx.xxx




Advice for first timer? (by myob [GA]) Posted on: Oct 4, 2020 8:33 AM
Message:

Brand NEW?

you know this investing is not for you. Let me take that property off your hands.

second tell the wife it wil be 8 or 9 years before you see any profit! MAYBE! --99.103.xxx.xxx




Advice for first timer? (by Jeffrey [VA]) Posted on: Oct 4, 2020 10:01 AM
Message:

Right from the start, learn all you can about how to run a rental business (not just how to manage properties) AND put your trust in God. --70.161.xxx.xxx




Advice for first timer? (by WMH [NC]) Posted on: Oct 4, 2020 10:08 AM
Message:

1) RE is often a "get rich slow" business. Better be ready to be in it for the long haul.

2) Learn all you can. Take advantage of all that the internet has to offer, yes, but then make sure to interact with other LLs when possible: Boot Camp! Convention! Local meetings! Also, READ your state laws - the actual law, not some paraphrased version.

3) Start yesterday. --50.82.xxx.xxx




Advice for first timer? (by Ray-N-Pa [PA]) Posted on: Oct 4, 2020 11:01 AM
Message:

There is opportunity in every market. The real issue become - are you willing to face the risk associated with it compared to the potential pay off.

The longer you are in the field, the level of return and risk change.

I would tell them to start looking for a team in advance. Now is the time to build that team and get trained up --24.101.xxx.xx




Advice for first timer? (by RB [MI]) Posted on: Oct 4, 2020 11:46 AM
Message:

Don't quit your day job. --199.192.xxx.x




Advice for first timer? (by MikeA [TX]) Posted on: Oct 4, 2020 5:47 PM
Message:

I'm facing this now but it is a little closer to home. My son has decided he wants to get into rentals and I'm planning on divesting over the next 3-4 years so the plan is to slowly sell them to him and carry the notes. I have one vacant right now that I'm planning on selling on the open market since prices are so high. In good conscience, I don't want him to have to deal with the eviction moratoriums right off the bat. He has a lot to learn and at this point one wrong applicant could really sour his perspective on rentals. To me it's not worth it until the politics settles down a little. So, I'm going to have him work with me for the next few months and focus him on training for the long haul. Once this eviction moratorium is past and he has a basic handle on the processes then we will start the transition. --64.130.xx.xxx




Advice for first timer? (by NE [PA]) Posted on: Oct 4, 2020 5:53 PM
Message:

MikeA, that's kind of where I was going with this. What do we tell to a newbie coming in with all these moratorium is going on. --70.44.xxx.xx




Advice for first timer? (by Jeffrey [VA]) Posted on: Oct 4, 2020 6:00 PM
Message:

Mike, I would highly encourage you to invite your son to come (with you) to the next available Landlording Bootcamp in the summer of 2021. Another option in the meantime is to sign-up for the MrLandlord.com/Membership Bootcamp Level access, where he would have online access to extensive audio and video trainings and learn at a pace that works for him (and you). --70.161.xxx.xxx




Advice for first timer? (by MikeA [TX]) Posted on: Oct 4, 2020 8:23 PM
Message:

Interesting you mentioned that Jeffrey. I was looking at the boot camp information. I was thinking of doing the on-line version so we could go through it together at our pace (he is working a day job). I've been needing to update my lease and other procedures so I was thinking of tying it into the process so he has a good clean set of procedures and lease that he was involved in creating, thus knowing the reason behind each piece. Did I read correctly that we can do the on-line version and get tickets to a future in-person boot camp?

--64.130.xx.xxx




Advice for first timer? (by Robin [WI]) Posted on: Oct 4, 2020 9:52 PM
Message:

Spend an hour every day reading posts on MrLL. After six months of this reality check, if they're still interested, start looking at properties, but be patient until they find one where the numbers work.

In this market, I'd be very, very wary of investing as a newbie. We got started after the 2008 crash, when a monkey could make money. Right now with housing prices through the roof, labor and materials through the roof, and the eviction moratoriums with no end in sight...I'd be looking for the day job with health insurance and saving up for when prices correct. --104.230.xxx.xx




Advice for first timer? (by Jeffrey [VA]) Posted on: Oct 5, 2020 6:55 AM
Message:

Yes Mike, you read correctly. You can do the on-line version and get tickets for two persons to a future in-person boot camp. --70.161.xxx.xxx




Advice for first timer? (by plenty [MO]) Posted on: Oct 5, 2020 8:35 AM
Message:

My mom always said... the day you sell that house we'd wished you'd bought the one next door. ( from my experience she is right cause that is when you have forgot all the years of work and reap the pay off ) --99.203.xx.xxx




Advice for first timer? (by plenty [MO]) Posted on: Oct 5, 2020 8:36 AM
Message:

Sorry. My typing! Correction...

My mom always said... the day you sell that house is the day you will have wished you'd bought the one next door. ( from my experience she is right cause that is when you have forgot all the years of work and reap the pay off ) --99.203.xx.xxx




Advice for first timer? (by Roy [AL]) Posted on: Oct 5, 2020 9:19 AM
Message:

Two weeks ago I gave out some advice to a new Mom & Pop couple who had just bought their first rental house and did not have a clue about what to do next. I told them to go to the Mr. LL website and begin your education there. Learn as much as you can about managing tenants and everything else will take care of itself. --68.63.xxx.xxx




Advice for first timer? (by J [FL]) Posted on: Oct 5, 2020 9:56 AM
Message:

Robin,

I so agree...I can't believe how many mailers and texts I am getting right now from we buy houses people, even in this environment. There appears to be frenzy and group psychology going on right now in the housing market. A lot of them are going to get burned when the music finally stops. --72.188.xxx.xxx




Advice for first timer? (by Deanna [TX]) Posted on: Oct 5, 2020 10:28 AM
Message:

Who do you want to rent to? Where do they want to live? That's what you need to buy.

And read, read, read, and familiarize yourself with your desired area... but always from the perspective of catering to your preferred market. --137.118.xx.xxx




Advice for first timer? (by Landlord ofthe Flies [TX]) Posted on: Oct 5, 2020 5:27 PM
Message:

Keep your debts (personal and professional) low and easily manageable, keep at least 6 months worth of cash on hand, but in times like this, I may recommend 12 months. And finally, screen potential tenants like your livelihood depends upon it, because it does depend on it.

Don't be in a hurry to buy a house, and don't fall in love with the house you're buying.

Landlording is a long-term, slow growth investment strategy. There's no way to get rich quick without the risk of leverage, but heavily financing is also a way to get poor quick too. --108.69.xxx.xxx




Advice for first timer? (by Caryl [CA]) Posted on: Oct 15, 2020 4:37 PM
Message:

another suggestion: get involved with the local area property association -that way you will be kept apprised of pending laws, laws that have been passed and when to write to your state representatives.They will also have many ways to connect people in your area for information or help with who to contact if you don't have the repair people you need. --68.189.xx.xxx




Advice for first timer? (by Mitchell Goldstein [NY]) Posted on: Oct 19, 2020 2:19 PM
Message:

All the advice is good. It is certainly necessary to learn first and invest later. I studied for one year before jumping in, decided on a plan and then found a home run within two weeks. Create a plan and work the plan.

1. Join your local REIA, Real Estate Investors Assoc

2. Become active in it.

3. Network with active REI. Take them to lunch and bleed their brain. Ask if you can go with them to see property they are looking at? Before you buy, as them to walk through and review the property.

4. Read lots of REI books to get ideas but don't get hooked on thinking you need to buy various REI systems, software and VA's. DO NOT chase the next shiny object.

5. Become very familiar with your lease and associated docs.

6. Know your Landlord/Tenant state law AND your county law.

7. One of your attorneys could be your local judge. He won't rule on your case but he could call the presiding judge on your behalf.

8. Have a REI system and stick to it. I believe that the most important issue is price, price, price.

9. I have found that the most motivated seller is the tax delinquent facing an upcoming tax deed auction. I ONLY deal with sellers who are desperate.

10. Talk with sellers and try to give them what they need, but in a way that you can make a profit.

11. DON"T GIVE UP. REI is the best of the best investments and the only one where you have a good deal of control. --45.47.xxx.xxx




Advice for first timer? (by Bonanza [NC]) Posted on: Oct 19, 2020 3:25 PM
Message:

Buy where you live. some might disagree but do you really want to drive an hour to fix someone's toilet. Learn your area. What sells, who buys, who rents. How much does a 2/1, 2/2, 3/1, and 3/2 rent for in your town? What do SFH cost with those attributes. What do duplexes and apartments cost with those attributes. Do you want SFH or apartments? Pros and cons to each. What will make your rentals special (so you can charge more).

Read landlording books. This web site has some, go study.

Attend CE and lectures on landlording. It's a process that you will continue to update and change.

You need a system, so do the above and create a system that works for you.

As mentioned. It is not a get rich plan. It is slow. It requires work. If you don't like work, don't by RE, stick with stocks. --71.217.xxx.xxx




Advice for first timer? (by BRAD 20,000 [IN]) Posted on: Oct 20, 2020 9:52 AM
Message:

Hmmm...the "get rich quick" thing...

My goal was not to get rich but to become FREE!!! by replacing my job's income.

From day one each of my properties made positive cash flow.

With enough little rental houses providing cash flow, that cash flow let me quit my job and be FREE!!!

I wasn't focused on getting rich, my focus was on gaining my FREEDOM!!!

The rich part followed.

BRAD

--73.102.xxx.xxx



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