One of the things I most enjoy in life is taking a brief moment to look back on what I’ve done. Also the positives and negatives that come along with my decisions. Recently I noticed that I was coming up on my one year anniversary of becoming a member of Bigger Pockets. While learning the proper way to post on Bigger Pockets my account was suspended. I was completely shut out ☺. But after those first few months, I have thoroughly enjoyed my times spent on Bigger Pockets. For those that may think that there is no advantage or opportunity in being a part of Bigger Pockets, I can say that’s 100% wrong! Throughout the past year I’ve made valuable contacts with a handful of wholesalers, a few contractors, and a whole bunch of investors. Thanks to Bigger Pockets, I’m wrapping up my ninth transaction with a BP contact. That’s one transaction per month in the time I’ve been involved on the site! What I want the Bigger Pockets newbies to know is that the majority of those nine transactions came at the very END of my first year. I didn’t jump on the site and immediately get lenders or investors; I put a full year into using the site with little to no return. However, the more time I invested in this site, the more dividends it’s paid me. To the new investors on Bigger Pockets, the first thing I would tell you is to get involved in the forums. I see many posts or comments where people admit that they’ve been lurking in the background but finally came out to introduce themselves. I can’t help but wonder where I’d be today if I’d JUST started posting on Bigger Pockets. I’m about 100% sure that I wouldn’t have nine different transactions with nine different investors that I met on Bigger Pockets. So again, let me urge you rookie investors and members to please get involved in the community. Make some posts and comments. Write a few blogs. It will pay off, but you MUST give before you can receive. I would also like to encourage you to be sure that your profile is adequate. I see so many newbie members that don’t even have a picture or have a tiny “about me” section. Put up a professional looking profile picture; create a detailed “about me” section. To really stand out, become a pro or plus member and make a video introduction of yourself. Write blogs and get involved in the blogs department. Within my first year, I’m coming up on 600 colleagues, 100 followers, close to 600 comments, and 14 awards. These things didn’t happen by accident. I understood the value of Bigger Pockets and made it a point to get highly involved in the site. Almost one year later, it has tremendously paid off...
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When we’re teaching investors how to flip a house, the importance of the kitchen rehab cannot be stressed enough. Kitchens sell homes! In this video, Andrew shows you how to flip a house and rehab that kitchen so the end result is a top-notch, eye-catching product! Our video library helps any investor learn how to flip a house. In today’s video I’ll be discussing: How granite can make a huge difference in your investment! Click here to watch the video. Want to learn more? Click here to check out last week’s post! ...
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Tenant Screening: Love it or hate it, you need to do it if you don’t want to loose your shirt. This guide will show you everything you need to know, and keep you safe from FHA violations too. Remember, we’re not your lawyer and this is not legal advice. Screening tenants is about making sure you get the best tenants into your properties, by finding out everything there is to know about them. It’s more than just a credit score! Establish your basic requirements What do you want from your tenants? Income: 3x the monthly rent Credit: clear of collections Employment: last 2 years, continuously employed. Landlord references: positive Evictions: never ever ever. If someone has been evicted within the FCRA reportable time frame, you don’t want them. Crimes: No felonies, no sex offenders. Some landlords don’t like misdemeanors or violent misdemeanors. Always make sure to check with your state and local laws regarding arrest records, expunged convictions and the like. Regulation varies widely across locations. Stop the bad tenant before they apply Tenants who don’t meet requirements won’t often apply! Make sure all of your requirements are clearly stated in your Ads (Craigslist, Zillow, Trulia, Offline, Facebook, Apartments.com Rent.com etc) on your application form, and during your phone interviews as well! Remember: Be impartial like a robot: Use an Application Form Communicate Requirements Use them for everyone 3. Start screening your prospective tenants Employment Check: Is the tenant gainfully employed? Can you verify that the company exists? Is the phone number of their supervisor a company land line? Are the W2s legit? Does the company show up on a service like the Work Number? Does the Tenant make enough money to pay your rent, with enough left over for all their other expenses? How long have they been working? Are there large, unexplainable gaps in employment over the past few years? What if the tenant is not employed or their income is insufficient? Your best bet is to reject them. If you can’t or everything else is clear, then you should get a co-signer on the lease. The co signer needs to meet all of the rental criteria themselves. No co signer? You can try a rental guarantee bond, but probably you should just move on. Credit Check: What is the tenant’s credit score? Are there any delinquencies, bankruptcies, collections or other bad marks on the credit report? Does the tenant regularly pay their bills on time? How often do they miss payments? Tenant Rental Verification: What do previous landlords say about the tenant? Were they respectful and meet all of the rules of their previous rentals? Go back as many rentals as possible. The current landlord may lie to you just to get rid of a problem tenant. If...
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In recent days, our minds and attention have been heavily drawn to Baltimore, MD, particularly the riots, burning and looting. One of the more vivid images is that of a mother spotting her son in a crowd of looters. Singling him out and physically separating him from the crowd. That brief video of a “Mama Bear” protecting and chastening her “cub” went viral and for good cause. As one of the community leaders in Baltimore said. “If every parent would aggressively seek out their child and rein him/her in as she did, there would be no looting or burning”. On this Mothers Day, I say “Kudos” to the Mama Bears out there who take responsibility. Responsibility for their own children and are proactive in teaching, correcting, molding and disciplining their off-spring. Certainly this is that special occasion to pay tribute to our mothers, but this year I would like to empower those mothers who may be reading this post or encourage the men out there to empower their spouses who are mothers. Motherhood is under attack in many forms in our society. Fifty years ago, the stay-at-home Mom was the norm. Today’s Mom normally must work at least part-time if not full-time to help the family make ends meet. Motherhood is postponed for a career, children are “scheduled” for later years and the ones who are born outside the plan spend sizable portions of their formative years in pre-schools or with other child-care arrangements. The purpose of this blog is not to address any or all of these issues, but its purpose is to exalt these Moms who recognize the supreme importance of rearing the children they birthed and who do so with conviction and purpose and wisdom. My hat is off to the modern mother who knows she has one chance at rearing her young and wants to get it right. And while the challenges on her may be dizzying, yet she finds a way to engage their lives and cast her shadow long upon them. There are no perfect parents; and thus, no perfect mothers, but there is that mother who strives with all her soul to be what her children need. Let me list a few of these admirable Mama Bear qualities: 1. A wise mother takes responsibilities for the children she births. Planned or unplanned, the right time or the wrong time, she knows they are hers. And Mama Bears don’t shirk their responsibilities. 2. A wise mother knows how important Dad is to the children. Whether in the home or not, wise parents don’t tear down each other before the kids. One of the greatest things a mother can do is to love her children’s father. Parenting should be a team partnership. 3. A wise mother has a strong sense of moral rightness. There should be clear simple...
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