Going All In

Hey Cory,

Good luck with your new adventure. Just wondering if you asked for anyones advice on that move(quitting your job with only 2 months saved up with a wife and newborn), here on this site or anywhere else? If not, you might want to make that part of your plan going forward. There are alot of folks on here that have been in similiar situations and might of been able to give you some solid advice. I see you haven't filled in your profile yet, you might want to do that so everyone knows something about you. Keep up updated on your progress.

Action + Knowledge = Success!! Why to make it happen for yourself. I look forward to following your progress from here. May you have great success in your near future.

Where there is a will, there is a way!
One of the first things in RBBP is to identify your "why"... I think you found your motivation.
You have the blueprint... and now the time. You can do it!

Keep us posted as you go.

Aniko
btw... I quit my job to work from home so I could raise my son 22 years ago. Altho it was a financial struggle, I have never regreted that move for even one second. If only RBBP had been around back then...

You couldn't do, like, a part time thing?
I'm not trying to rain on your parade and I give you a standing ovation for your courage, but I'm just wondering if there's a middle ground that allows you a baseline financial life raft, while giving you some time to do real estate and have family time. Then, as your real estate success grows, you could phase out your crappy job. Maybe that's not a possibility, but I wanted to offer something that seemed less drastic. In any case, best best best of luck, my man. Go get it.

You have taken a great leap and you will be rewarded for your hard work. Every time it feels like things aren't going the way you want them to, you can't seem to find an agent, you can't seem to find buyers... Look at that picture of your daughter and remind yourself that you have to keep going for her.
Good luck and best wishes on your real estate journey!
If you need help, ask away. The other members will be glad to help you with whatever questions you have. Know that you are not alone in real estate!

RENinja

Wow! That's really going after what you want; wishing you the best of luck. I was also going to say to fill out your profile. This helps others to take you seriously and investors to find you. Read as much as you can on here to keep informed of where your headed. Tammy

go BIG or go home you can do it

Thanks for the encouragement everyeone and for those expressing concerns I appreciate you as well.

No. I did not get advice from anyone here regarding my decision. Nor did I seek advice from family or friends. I had a lengthy conversation with my wife and several with myself before making the decision. I did not seek advice from my family or friends because none of them are Entrepenuers. I love them dearly and I trust them but they all have an employee mindset. Regardless of their inteligence or compassion for me they just would not be a good source for advice on this decision. I did not seek advice from anyone here only because no one here really knows me, my family, or our situation. I have no doubt that there is a great wealth of knowledge and experience at this site but a stranger's advice would be biased to their own experience and perceptions. I can always go back to work if I need to and I also have a couple of assets that I could sell to last us a few more months if I really needed it.

When I need advice pertaining to real estate (Which I do have a question to ask later in this post) I will absolutely reach out to people here.

Today I found a realtor with 2 back ups if this one does not pan out. I also found an attorney, purchased business cards, and bandit signs. My wife is the techie in the family so she is going to help me with the webiste sometime in the next day or two while our daughter is sleeping.
I had planned to get much more done but I lost track of time while on this site. This site is great but I think I need to actually schedule a set amount of time to review the site so that does not happen again.

Now for my question which pertains to bandit signs. No offense to the newbies. I am sure many of you are full of great ideas but I would really like some advice from investors that are already doing deals.
I have a local number in which the last four digits spell the word home. For my bandit signs I am debating whether to write the full number, spell it or both. If I write both I am not sure if that will take up too much space. My sign will read:

We Buy
Houses!
Any Condition
XXX-XXX-HOME
WWW.MYWebsite.com

Any suggestions?

Any suggestions on how to calculate rent rates on a property?

I am currently running numbers and I am not sure how to accurately calculate rent rates. Sometimes Total View lists estimated rent rate. Sometimes Only Zillow shows their estimate. I have no idea how they calulate it so I want to check thier numbers. Thank you everyone for advice and suggestions.

Cory

Call and ask how much comparable homes are charging in rent. How much you can charge on rent is determined by how much your competition is charging and what kind of amenities they have. There is probably some other ways to calculate rent, but that's what I learned.
Hope that helps.

RENinja

Thanks for the input. I had thought about that the challenge is that this is for a lot of propoerties and I was hoping to find a quicker method. My realtor has an investor that wants out of the businees. He has 67 properties in different areas of town. I was hoping there was something out there that was reliable. The area I live in has nice neighborhoods and so so neighborhoods all mingled together so Rentometer really is not working for me. Guess I will have to check Craigslist and drive through all of the neghborhoods. I also have my realtor but since she and I do not have any experience with one another I fell more comfortable double checking the numbers.

Really I believe this one may be a little too big for me anyway. I am literally just starting out and I do not have enough buyers or a big hitter that can take all of them. The seller is willing to split them up as well so there is still options to make something happen. It all depends on the numbers.

I think you can handle this. I don't know how big your town is, but just blast these deals all over. Contact REI clubs in your town and other closer towns. There might be some investors willing to take a screamin' deal in another town. You might also contact a real estate investment trust. If they are a good enough deal when packaged all together the trust might take it. You might be able to sell to doctors, lawyers, and such, as investment properties.
Good luck!

RENinja

Hi Cory you have my get up an go an you talked over with your Wife an you want to do the right thing an YOU will be sucessful!!!!! Your Realtor can be a big help on the rents if he or she is really good. I take my hat off to you your thinking of your Family an your Wife is willing to help, what a team!!!!!!!to start with, Jim