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Newbies: These 11 Words Will Give You All The Motivation You’ll Ever Need to Get Started…

“A year from now, you will wish you had started today.”

That’s it.

Those eleven words should be enough to rock you into action.

Did they?

You don’t need a guy on stage telling you about the millions you will make. You don’t need the informercial with the shiny red convertible and the pretty ladies.  You don’t need another book, another course, another mentor.

You need to get off the couch and do something.

After all, a year from now, you’ll wish you’d started today. (Yes, go ahead and Tweet That.)

Let’s look at this another way…

Think back on your life one year ago.

What if you had started then?

(click to continue reading on BiggerPockets)

13 Great Rules Landlords

I’d like to convince myself that it’s not my fault… but I’m a terrible liar.

It is my fault.

At least 99% of the time.

I’m talking about my landlord problems. We all have them and 99% of the time it’s because I don’t follow “the rules.”

When we are children, we believe our parents set up rules just to be mean, but as we grow, we realize those rules are fundamental in keeping us safe and progressing properly through life.

The same applies for the “landlord rules.”

They matter, and they are there for a reason.

When I follow the rules, things generally go well. When I deviate from my rules, and decide to do my own thing… well, things go down hill fast.  I get crazy stressed, my wife and I start arguing, I don’t get to watch “House of Cards” with my sweetheart, and I go to bed hungry.

And somewhere a puppy is crying.

It’s not fun.

So today I decided to write down “the rules” in hopes that I won’t break them as often.  When I look back on the problems I’ve faced in the past few years, nearly every major incident could have been avoided or better managed had I simply stuck to the rules.

Hopefully this list will help you as well.

If you notice any item on this list I forgot to include, do me a favor and add it in the comments at the bottom. Let’s get this list up to 100. Maybe more.  Then maybe landlords, as a whole, won’t make so many mistakes.

With that, I give you:

13 Rules Great Landlords (Almost) Never Break

(click to continue reading on BiggerPockets)

Find Cheap Houses For Sale

“Cheap.”

That’s what I told my agent when she asked me what kind of house I was interested in buying.

I was 21 years old and looking for my first home;  I knew nothing about real estate, but I knew one thing: I wanted to buy a cheap house. At the time I was making barely over minimum wage so I wasn’t buying a cheap home because it fit into some master investment scheme… I wanted a cheap house because it fit in with my budget.

Can you identify with that?

I got lucky on my first deal and found a great, cheap home that I was able to fix up slightly and sell for substantially more money a year later.  Since then, I’ve learned that whether you are shopping for your own personal home or for a house to flip or rent outfinding cheap houses for sale in your market is imperative to securing your financial future. However, depending on what part of the country you live in, this might be difficult with the increasing competition in the real estate space.

How you define “cheap” is obviously relative, but this guide should give you a starting point for finding the lowest-priced houses in your neck of the woods.

(Should you actually buy cheap houses? That’s an important question, but not the subject of this article. Be sure to check out Ben Leybovich’s great post from yesterday called “Newbies Take Note: Why You Shouldn’t Buy Houses for $30,000” to jump into that debate!)

Let’s get started.

Ten Tips to Find Cheap Houses For Sale

(Click to read on BiggerPockets…)

Rental Property in the Next 90

I was sitting down for dinner with a friend the other night and he said to me “Brandon, I want to buy my first property but there is so much information out there. I just want to see the whole process, neatly outlined, so I know my step by step plan.”

And I thought “Isn’t’ that we all want when learning something new?

We want to see the whole picture, not just broken up parts.

Today I want to help you do just that – learn the step by step process for getting your first rental property in the next 90 days. For those of you who like something tangible to look at, at the end of this post I’ll show you where you can download a free 1-page PDF summary of this process- neat and clean, just like my buddy ordered.

Alright, let’s get started.

Step One: Get Pre-Approved.

(Click to read on BiggerPockets…)

 

Triplex

Today I received a private message from a BiggerPockets colleague (we’ll call him Jake) that asked a very good question about a potential property he was looking at. Rather than try to summarize, let me just show you the message:

Rental Property

I wrote out a rather lengthy response and then decided this would make a really good discussion here on the blog. So follow along with me as I analyze this potential property and show you how I look at something like this.

The Potential Rental Property Deal

Allow me to quickly sum up everything in the above question, just so we are all on the same page.

  • Jake owns a home already, with a mortgage payment of $734 per month. His home would rent for $900.
  • Jake is considering a Triplex that just came on the market in a good area
  • The triplex consists of a main house with two basement apartments.
  • The current asking price of the property is $250,000, but Jake is hoping to pay $210,000.
  •  Jake would move to the triplex, live in the main house, and rent his former house and the basement apartments.

So Jake’s wanted to know my thoughts. Would I do it?

Honestly, at first, I thought “Seems decent.”

HOWEVER.

Then I dug into the numbers.

(click to continue reading on BiggerPockets)

The Real Key to Success is Cheating

Remember that kid you used to play games with who always cheated?

Whether it was poker, Monopoly, Pogs, homework – whatever – he/she use to cheat.

(Maybe that kid was you?)

Cheating is looked down on by a lot of people… and rightly so.

  • Cheating in games: bad… no one will like you.
  • Cheating on your taxes: badder… you might end up in prison.
  • Cheating on your wife: baddest… you deserve a punch in the face.

(alright Grammar Nazi… sometimes I make up words. Deal with it.)

However, there is one area of life I’m going to encourage you to cheat at… and that’s real estate investing (or “business, to be a bit more general).

Yep, whether you are planning to flip houseswholesale dealsbuy rental property, invest in a Subway, build a tech startup, or any of the million other ways to make money in this world, some cheating in business can actually help you find more success and it’s totally legal – and acceptable – to do.

What The **** Is He Talking About?

(click to continue reading on BiggerPockets)

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