Reddit Reddit reviews Scavenge Your Way To Real Estate Riches: Capturing the Scavenger Mindset and Employing the Hands on Approach

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Scavenge Your Way To Real Estate Riches: Capturing the Scavenger Mindset and Employing the Hands on Approach
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1 Reddit comment about Scavenge Your Way To Real Estate Riches: Capturing the Scavenger Mindset and Employing the Hands on Approach:

u/Agent_X10 ยท 0 pointsr/Landlord

lol! You poor bastard! Real Estate is a long term money sink, it's a great place to hide money, clean money, and do various other things which are on the surface legitimate, but in reality are kinda sketchy.

If you want something to start with, I'd recommend one of John T Reeds classics called Fixers. https://johntreed.com/products/fixers

The basic points are covered in this post. https://johntreed.com/blogs/john-t-reed-s-real-estate-investment-blog/114371907-how-fixer-uppers-really-work

If you decide you want to get into small town home rentals, or flips, there's one indy book that been going around that has some potential. https://www.amazon.com/Scavenge-Your-Real-Estate-Riches/dp/0989599116

That one is about as hands on as you can get for a general market book. Things like how to find the financing, where to get cheaper contractors, materials, etc.

Not covered in either of those two, but needs looking into, would be overall risk assessment. Are the sewer mains and water lines 150 years old? Is the power grid rotten? This neighborhood is overrun by OLD Siberian Elms, and is prone to ice storms, that's a bad thing right? Oh, the local Zion Lutheran church is bringing in 1800 Sudanese refugees, that'd be good for local property values right?

And that's where you need to find some local landlords groups, even if you'll be doing something like land contracts where you might be able to dodge some of the local inspection requirements, you still have to know the eviction process, how to draw up a proper contract, and a bunch of other things you won't find out until too late. Like about how someone can be evicted one week, and it might not show up in the database of your background check place for 3 weeks, or several months, even worse for criminal convictions. However, Google search, will pop up something like "Mugshot townname tenantname" and you'll find out all sorts of crazy things about your tenant, or rent to own person. Oh, they were the passenger in a high speed chase, and their cousin overdosed 3 years ago, and died last week from CO poisoning along with 5 other junkies down the road. If you're doing a land contract for a house that's in pretty nice shape, I'd spring for the cost of a Lexis Nexis search.