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2012-08-28 19:12:55 GMT 2012-08-28 22:01:26 (GMT -06:00) Central Time (US & Canada) Yes (click here to learn more about ) Closed - Note: This project was manually closed by the voice seeker before it reached its original deadline. 0 0 0 direct invitation(s) have been sent by the voice seeker resulting in 0 audition(s) and/or proposal(s) so far. Voice123 SmartCast is seeking 50 auditions and/or proposals for this project (approx.) Invitations sent by SmartCast have resulted in 0 audition(s) and/or proposal(s) so far.
It depends. Is the husband on the lease? If so, you won’t be able to take his name off unless there is a breach of the lease, or unless he gives you written permission. You never want to take someone off a lease unless you are sure whoever stays on the lease can afford to pay the rent. And be careful about getting involved in other people’s domestic situations. Even the best people are at their worst when a relationship is going south, and you don’t want to get caught in the crossfire.
2. How do I find deals?
Hustle. The only way to get more deals is to work your butt off. They aren’t going to just fall out of the sky and hit you in the head. New deals are the lifeblood of your empire, and if you don’t have any in the pipeline your business will never grow. The best ways to find deals are to scour the internet (sites like craigslist can be a goldmine), search the classified section of your local newspaper, and writing down the telephone numbers listed on “For Sale” signs you see as you drive around town. But nothing beats networking. You will get more deals from the people you know than you will from any other source. Join your local real estate investors association (REIA), talk to other investors, build a good relationship with your bank, and let your friends and family know you are looking for deals. Start looking for an investment realtor who understands the business. You’ll be surprised how many deals you will find when you let the people you know send opportunities your way.
3. What does “buy & hold” mean?
A “buy & hold” is where you buy investment property with the idea of owning it for an extended period of time so that you can earn rental income from it or sell it for a profit after you have made money on it. It’s different than a “flip” which is where you buy a property with the idea of selling it quickly. If you have read The Savvy Landlord, you know my experience with flips and that I only buy properties as buy & holds.
4. What’s a good average cash flow on a rental property?
As much as possible. I won’t do any deal if I don’t cash flow at least $100 per month, but $200 is my goal. If I cash flow $300 per month it’s a home run. I have a few properties where I will cash flow substantially more than that after I pay off mortgages and I hope each and every one of you gets at least one sweet deal like that.
5. Should I partner with someone on a deal?
It depends. Partnering can be a great way to access someone else’s money, skill, and experience, especially when you are new to the business. But you have to make sure you have the right partner. If you partner with someone, make sure you share the same goals. You don’t want to work with someone who doesn’t want to grow his business like you want to grow yours. Even the nicest people can be anchors, and you don’t want them dragging you down. A partnership can be very stressful, and you both need to understand that going into the deal. You don’t want to lose money and a friendship, so if you decide to go into partnerships, choose carefully. And be sure to get everything in writing, including who pays for what, who owns the property, any important deadlines, and how you get paid. If you go into a partnership without a written agreement and things fall apart, you get what you deserve.
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