I am a Realtor based in downtown Austin. I love my job, the people I get to meet on a daily basis and helping them. My long term goal though is to get into Rehabs/flipping and single family/small multi rentals to gain financial freedom for me and my daughter and be able to give back to the city and those less fortunate than myself in finding affordable housing. Not quite sure what the last part of that looks like yet, I hate seeing people living on the street though or meeting people struggling to afford a basic roof over their heads. Currently building up my skillset with mentors and looking to learn more about how syndication works and examples of flip/rehab budgets and costs. Also, want to meet people and make new friends in the industry! Always looking to learn!!
@Jay Helms Hey Jay! Brand new here. What’s a mastermind group?
A group of like minded individuals who help each other strive for goal obtainment by challenging and holding each other accountable. Some folks choose to do this locally but in my case I have time / travel constraints that have pushed me to develop a virtual group, council if you will. If you are interested I can send you more details. Let me know and welcome to BP!
Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
7y
@David Moxham I flip - but this could work with holding as well. Look for places where you can add a little apartment (I've added as small as 172 sq feet) super clean, cheap, cute... Maybe a basement or attic or just build an addition. Divide up an awkwardly laid out floorplan. This gives you extra income and creates new inexpensive inventory.
Thanks for reply’s. @dannywebber I have actioned all of the above aside from the written long term plan, still figuring that out, I’m new to bigger pockets and wanted to say hello! Thanks for your response. @Teri Feeney Styers that's exactly what I've been looking at when I show properties. One of my mentors is a builder who is currently helping me with clients who want to do exactly that. It's a fascinating process. Main problem is competing with developers in pricing. Looking for off mls inventory as well now so we are not always pushed to highest and best. I couldn't say if Austin is ADU friendly as I haven't gone through the process of constructing one myself. I will say I see quite a few at properties I've shown. I'll check out your website!
Rental Property Investor · Honolulu, HI · Member since 2016 · 18 posts · 4 votes
7y
Hi @David Moxham I own two properties in Austin, and am all about networking and bouncing ideas off of people on a similar journey!
@Danny Webber As someone who is more experienced in real estate investing, I'd like to hear your thoughts: in what ways can a mentee add value to a mentor? I'm willing to provide free labor in exchange for free knowledge, just curious if there are specific skills I need to develop/ add to my value proposition to a potential mentor.
@Kendra Lane hey! Thanks for replying. I know you asked Danny this question but I thought I’d chime in! I have helped lease my mentors properties and photograph them. This has had me driving all over town for the last year or so. Learning the areas and building a network of future buyers that are now and in the last few months turning into great sales in buying. Whenever he calls I am there to hold open houses for him or take pictures or help him open a door for clients. My other mentor I met at my first listing. Honestly, we became great friends and she said that she loved how keen I was to learn about an industry she loved and had spent 30+ years in. Again, i have opened doors for her clients and helped her in anyway i can, it is continual learning. I think putting yourselve out there continually and being ethical and driven attracts the right people to you. Would love to connect and share experiences!
Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
7y
Long answer for this question...
Short notes:
1. research
2. legwork
3. sourcing materials/vendors
4. insurance audits on their properties
5. tax protests yearly on their properties
6. deal sourcing/partnering
+ much more. I would hook up with a paid/unpaid mentor that has the same goals as you or close to them. meaning, don't hook up with a fix-n-flip guy if you want long term SF Rentals or if you do find a SF rental mentor as well.
@Jay Helms Hey Jay! Brand new here. What’s a mastermind group?
A group of like minded individuals who help each other strive for goal obtainment by challenging and holding each other accountable. Some folks choose to do this locally but in my case I have time / travel constraints that have pushed me to develop a virtual group, council if you will. If you are interested I can send you more details. Let me know and welcome to BP!
Hey Jay! Yes I am absolutely interested. In my first year as a realtor and have sold houses and worked with builders/investors. Currently trying to analyse a property for potential first partial flip. Would love to have a group to bounce ideas off. Please send me details when you have a moment.
@Jay Helms Hey Jay! Yes I am absolutely interested. In my first year as a realtor and have sold houses and worked with builders/investors. Currently trying to analyse a property for potential first partial flip. Would love to have a group to bounce ideas off. Please send me details when you have a moment.
Lender · Austin, TX · Member since 2018 · 241 posts · 136 votes
7y
Hi @David Moxham - providing section 8 housing is not only a good investment, but it is a form of giving back. Most people don't want to manage those tenants though most of those tenants have been dealt bad hands and do need help.
Getting into a syndicated fund that invests in affordable housing or opportunity zones are also options.
@Jarrod Covey Hey Jarod!
Thanks for info. That’s funny, I just got off the phone with someone this morning walking them through their section 8 app for a place. Is this something you are involved or or know of syndicates doing this?
Lender · Austin, TX · Member since 2018 · 241 posts · 136 votes
7y
@David Moxham an investor of mine owns 17 homes that he rents out under section 8. Excellent way to diversify your portfolio as a percentage of rent is guaranteed by the federal government.
The key is finding someone to manage the properties, as far as I know the actual application process and getting tenants is relatively easy. Sounds like you know a little something about this.
I'm not familiar with any funds that do this, though I am aware of funds that invest in Opportunity Zones.