Published On: Sat, Feb 6th, 2016

Sub $30,000 Real Estate Investor Resources

You may just see my real estate investing videos, but as you all know, I worked for 3 out of the 4 Big Four Firms (IBM, Accenture, Deloitte and Touche) As an IT Consultant. When I bring my hands on experience to real estate investing and owning rental properties, a lot of what makes me able to accomplish these real estate goals as well as help others is because of my background in other business activities as well as the resources I have used to get here.

These are common questions I get asked, so I compiled a list of these resources I highly recommend for yourself, even if you never watched another video or spoke to another investor (which I don’t advise, of course, but this is learning on your own that’s the starting point for you being a professional investor).

**Note – some of these items I have an affiliate relationship with, and others do not – however, I have used all of them and stand by their efficacy):

These can help you greatly shorten your learning curve, and are 100% worth your time invested bring you closer to a cash flowing rental property.

Recommended Reading list


Every Landlord’s Guide Tax Deduction Guide
I recommend this for everyone – taxes are so important on getting money back in your bank ccount, you have to take the time to let yourself (or CPA), know they might be leaving money on the table

Inspecting A House By Rex Cauldwell
Boy, this is hard to get through, but once you’ve done it – you’ll know how to analyze a property like a home inspector, severely shortening your learning curve (more than most experienced investors).

 

Rich Dad Poor Dad By Robert Kiyosaki
Why? Because if you don’t know you think like a poor person (and I know I didn’t at the time), you can never change your own mind.

 

 

Possum Living By Dolly Freed
This book brings perspective, on if someone can live off basically nothing, and be happy and healthy…how much do you really need?

 

 

Tax Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes
This one blew my mind on how you can get even more tax savings! Speaking of which, its been a couple of years, I need to read this one again…

 

Recommended DIY

You can purchase this at Lowes, but it will be cheaper at Amazon. Huge pictures, easy to follow instructions that helped me renovate my first two properties, when I was by myself, and had these books and Lowes customer assistance to help.

 

Same as above. Don’t be scared of electrical, just make sure you follow all safety advice – Rule #1 Shut off the power at the panel Rule #2 – Make sure EVERYONE in the house knows you are turning off the power. But, eletrical can be sort of fun, actually.

 

Recommended Rental Property Business Resources

Affinity GM For Insurance – http://www.nreinsurance.com
I have used Affinity GM for 5 years, and they are great. They cover my properties through the vacant, renovation, and the rented phase (unlike other carriers), and they have a great general liability and commercial liability of 1-2 million. Winner.

Your Limited Liability Company – An Operating Manual By Attorney Anthony Mancuso
This is a great hit by NOLO legal forms. I use this to know how to properly document my LLC activities with meeting minutes, document key decisions, and fund and create loans against the assets in the business (making you the first lein holder against assets within the companies). It gives the reasoning behind formal documents, and templates to copy, as well as online downloads. I got the latest version at the time (2014), but I recommend the latest and greatest.

Make Your Own Living Trust
Sooner or later, you will be sophisticated enough in running an LLC that you will want to make the owner of the LLC a trust…I’ll do a video on this soon, but here’s a great resource.

 

Recommended Apps

Genius Scan http://apple.co/1Rnwygm
Scan photos and documents from your phone or Ipad to pdfs and send them and is touted as “a scanner in your pocket.” I paid for the premium version to have more space and to transfer documents with one click. You definitely need this when you need to get signed papers to your real estate agent/contractor and are at work, and can’t get a scanner asap.

Pay Off Debt App http://m.onelink.me/34c20a5b
Great for helping you to pay off those debts, and is easy and intuitive. My husband and I both use this and really like it.

Recommended Legal Formalities

Legalzoom Pre Paid Legal Plans – https://www.legalzoom.com/attorneys-lawyers/legal-plans/personal
I use this ALL the time. They are great for real estate investing questions about tenants, purchasing property, and general legal advice. They have ratings, and I consistently used them for services and laws in Maryland and Virginia. Perfect resource for such a low price, ask them everything you want, I know I do. I purchased the business level since it included CPA advice (for all those  “is this deductible questions”)

Recommended Funding And Credit Resources

SOFI http://bit.ly/1ShtP96  Use this link to get $115 discount :-)
In my recent blog posts, I used SOFI to get a 15k personal loan over 7 years – I chose them because they offered the longest terms over Lendingclub, Prosper, etc. The process took 4 days, and I plan on using them again.

Credit Karma http://creditkarma.com
I use this not only to get credit profile information, but also to get reviews of Credit Unions and Banks in your area, and you can find the one with the best reviews when it comes to giving out loans and customer service.

CreditCards.comhttp://www.creditcards.com
I use this to search for very specific credit cards in case of emergencies. Many times I can put in my credit average, a card that has balance tranfer and long term financing charges, and I choose from whats available. I’ve used this a few times for emergency rental maintenance expenses (like a roof in January, ~4k).

CompareCards.comhttp://comparecards.com
I use this the same as above. I use them both, as they have different card offers available

Experian Credit Trackerhttp://www.experian.com/consumer-products/credit-monitoring.html
I use this today. Getting over my foreclosure but still obtaining credit would be impossible without knowing how to raise my score and know whats going on with my credit. I like this monthly monitoring service more than Equifax since it was VERY specific as to what I needed to do to raise my score, as well as had a nice consultation. Side note – I did notice that when I signed up, my credit score with them went up pretty quickly with them and slowly for others…I don’t know if there is a link, but since Transunion is my lowest now, Im going to sign up with them for a few months and see if there is a difference there too.

 


The ABCs Of Getting Out Of Debt By Rich Dad Advisor Garrett Sutton
Excellent. It taught me tricks that you just dont find by just searching the internet

 

Recommended Blog Resources

Those of you out there are looking to start your own website or blog (and if you haven’t you need to start NOW so you’re not left behind or the last one to take advantage of this opportunity. For those interested, I created a quick page on how and why you should start a blog TODAY!

 

Recommended Motivational Resources

Eric Thomas youtube.com/etthehiphoppreacher

Source: Affordable Real Estate Investments

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Did you know?

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study