Medium-Term Rentals

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Tomoko Hale
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Please advise the steps to move forward with my first investment.

Tomoko Hale
Posted Nov 20 2022, 13:44

I'm new to here and nice to meet you all! 

There are so many things I could learn and am actually overwhelmed from a lot of information comes to my inbox everyday.

I obtained a real estate agent license wanting to start investing last year and currently being inactive because I was so scared not knowing what to do. I don't have a partner(other than my husband not interested in the real estate but is supportive of what I'm going to do)

I finally figured out that I'd like to invest on mid term rental to start from, and eventually multi family. 

I have some ideas of finance to purchase an investment property after learning from this community but not certain yet.

I have no knowledge of investing real estate world and English is not my first language that I'd like to avoid miscommunication and misunderstandings.

Without knowing the details info such as regulations in the area or procedures of buying a property( even though I passed to get the license), should I start connecting an investor friendly agent and start learning from the agent? I thought I'd activate my license first but I thought I'd ask a professional agent first so I could learn and will be ready.

I bought  the book of "30 days stay" and will read this week.

 I thought I can keep learning but want to step forward to get out of my comfortable zone sooner than later.

Please give me advise should Just jump in finding an investor friendly agent in that area?


Thanks!

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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
Replied Nov 20 2022, 18:05

First of all, let me just say good job on going for it!!!  You are TRYING and that is good.  I remember in the older podcasts and forum posts, Brandon Turner talked a lot about how you should be analyzing 100 deals a week / month, whatever it is depending on your personal goals.  That means, doing an analysis of 3 properties per day, and after a month, you can compare 100 of them.  That is something you can do on a desktop computer and take lots of notes on.  

Secondly, I will say, yes, I do believe a quality, investor friendly realtor would be good for you.  I suggest interviewing at least 3, to make sure you find someone who has the right balance of friendly, but experienced in the area you want to invest.  

I would also find a similar version of a lender, actually…your realtor should have 1-2 great recommendations.  Conversations with lenders who care are very valuable.  

One last thing…take a deep breath :) you’ve got time.  I am proud of you for learning, growing, and taking you first few steps.  It will work out!  

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Jack Mawer
  • Lender
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Jack Mawer
  • Lender
Replied Nov 21 2022, 07:40

Congrats on obtaining your real estate license and gaining investing knowledge along the way! I think that the concept of investing can be intimidating for sure especially in a market like todays. However, this could also be a huge opportunity to get your feet wet and start learning through trial and error. I think that focusing on the mid-term rental game is a very good start - traveling nurses and things of the sort are becoming increasingly popular these days. In addition, you can obtain more cash flow with higher rents this way rather than having a tenant who lives there year after year. I would keep educating yourself and pull the trigger when you feel comfortable enough with your knowledge and reserves. Best of luck and happy to connect!!

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Tomoko Hale
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Tomoko Hale
Replied Nov 21 2022, 13:21
Quote from @Nate Sanow:

First of all, let me just say good job on going for it!!!  You are TRYING and that is good.  I remember in the older podcasts and forum posts, Brandon Turner talked a lot about how you should be analyzing 100 deals a week / month, whatever it is depending on your personal goals.  That means, doing an analysis of 3 properties per day, and after a month, you can compare 100 of them.  That is something you can do on a desktop computer and take lots of notes on.  

Secondly, I will say, yes, I do believe a quality, investor friendly realtor would be good for you.  I suggest interviewing at least 3, to make sure you find someone who has the right balance of friendly, but experienced in the area you want to invest.  

I would also find a similar version of a lender, actually…your realtor should have 1-2 great recommendations.  Conversations with lenders who care are very valuable.  

One last thing…take a deep breath :) you’ve got time.  I am proud of you for learning, growing, and taking you first few steps.  It will work out!  


 Thank you for the kind words! 

I have started searching an investor friendly realtor and see only 2 around the area I'm looking. Should I search more realtors next closest city?

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Tomoko Hale
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Tomoko Hale
Replied Nov 21 2022, 13:24
Quote from @Jack Mawer:

Congrats on obtaining your real estate license and gaining investing knowledge along the way! I think that the concept of investing can be intimidating for sure especially in a market like todays. However, this could also be a huge opportunity to get your feet wet and start learning through trial and error. I think that focusing on the mid-term rental game is a very good start - traveling nurses and things of the sort are becoming increasingly popular these days. In addition, you can obtain more cash flow with higher rents this way rather than having a tenant who lives there year after year. I would keep educating yourself and pull the trigger when you feel comfortable enough with your knowledge and reserves. Best of luck and happy to connect!!


 Thank you! There were so many things out there and I didn't have a solid channel to educate myself. I'm glad I found this resource and am excited!

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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
Replied Nov 21 2022, 14:28
Quote from @Tomoko Hale:
Quote from @Nate Sanow:

First of all, let me just say good job on going for it!!!  You are TRYING and that is good.  I remember in the older podcasts and forum posts, Brandon Turner talked a lot about how you should be analyzing 100 deals a week / month, whatever it is depending on your personal goals.  That means, doing an analysis of 3 properties per day, and after a month, you can compare 100 of them.  That is something you can do on a desktop computer and take lots of notes on.  

Secondly, I will say, yes, I do believe a quality, investor friendly realtor would be good for you.  I suggest interviewing at least 3, to make sure you find someone who has the right balance of friendly, but experienced in the area you want to invest.  

I would also find a similar version of a lender, actually…your realtor should have 1-2 great recommendations.  Conversations with lenders who care are very valuable.  

One last thing…take a deep breath :) you’ve got time.  I am proud of you for learning, growing, and taking you first few steps.  It will work out!  


 Thank you for the kind words! 

I have started searching an investor friendly realtor and see only 2 around the area I'm looking. Should I search more realtors next closest city?


 That’s probably your call, if you like 1 of the 2… it’s okay to stop searching :)

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Tomoko Hale
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Tomoko Hale
Replied Nov 22 2022, 04:56
Quote from @Nate Sanow:
Quote from @Tomoko Hale:
Quote from @Nate Sanow:

First of all, let me just say good job on going for it!!!  You are TRYING and that is good.  I remember in the older podcasts and forum posts, Brandon Turner talked a lot about how you should be analyzing 100 deals a week / month, whatever it is depending on your personal goals.  That means, doing an analysis of 3 properties per day, and after a month, you can compare 100 of them.  That is something you can do on a desktop computer and take lots of notes on.  

Secondly, I will say, yes, I do believe a quality, investor friendly realtor would be good for you.  I suggest interviewing at least 3, to make sure you find someone who has the right balance of friendly, but experienced in the area you want to invest.  

I would also find a similar version of a lender, actually…your realtor should have 1-2 great recommendations.  Conversations with lenders who care are very valuable.  

One last thing…take a deep breath :) you’ve got time.  I am proud of you for learning, growing, and taking you first few steps.  It will work out!  


 Thank you for the kind words! 

I have started searching an investor friendly realtor and see only 2 around the area I'm looking. Should I search more realtors next closest city?


 That’s probably your call, if you like 1 of the 2… it’s okay to stop searching :)

OK. Thank you

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Leo Ray#3 General Real Estate Investing Contributor
  • Investor
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Leo Ray#3 General Real Estate Investing Contributor
  • Investor
Replied Nov 26 2022, 14:45

Hi @Tomoko Hale  I'm an investor in Salt Lake City.  Message me, and I can send you the contact info of my investor-friendly agent (who I've worked with for years).

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Replied Nov 26 2022, 15:08

Happy to assist. Just helped a client close a mid term rental/house hack this week. 

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Tomoko Hale
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Tomoko Hale
Replied Nov 26 2022, 19:13
Quote from @Leo Ray:

Hi @Tomoko Hale  I'm an investor in Salt Lake City.  Message me, and I can send you the contact info of my investor-friendly agent (who I've worked with for years).


 Hi Leo Ray,

Thank you very much for your reply. I'm looking forward to it!!!

I really appreciate your support!

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Tomoko Hale
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Tomoko Hale
Replied Nov 26 2022, 19:16
Quote from @Logan Zylstra:

Happy to assist. Just helped a client close a mid term rental/house hack this week. 


Thank you. I drive around the place I want to invest today and need to figure out a few pieces. I'm sure it is depends on the location and i"m looking for 2bds/2 bths to rent by a room so they could have an own bath room. Are these traveling nurses and seasonal contractors tend to share a house ?

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Blake Bratcher
  • Realtor
  • Salt Lake City, UT
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Blake Bratcher
  • Realtor
  • Salt Lake City, UT
Replied Dec 8 2022, 14:56
Quote from @Tomoko Hale:
Quote from @Nate Sanow:

First of all, let me just say good job on going for it!!!  You are TRYING and that is good.  I remember in the older podcasts and forum posts, Brandon Turner talked a lot about how you should be analyzing 100 deals a week / month, whatever it is depending on your personal goals.  That means, doing an analysis of 3 properties per day, and after a month, you can compare 100 of them.  That is something you can do on a desktop computer and take lots of notes on.  

Secondly, I will say, yes, I do believe a quality, investor friendly realtor would be good for you.  I suggest interviewing at least 3, to make sure you find someone who has the right balance of friendly, but experienced in the area you want to invest.  

I would also find a similar version of a lender, actually…your realtor should have 1-2 great recommendations.  Conversations with lenders who care are very valuable.  

One last thing…take a deep breath :) you’ve got time.  I am proud of you for learning, growing, and taking you first few steps.  It will work out!  


 Thank you for the kind words! 

I have started searching an investor friendly realtor and see only 2 around the area I'm looking. Should I search more realtors next closest city?

 Hi @Tomoko Hale! Congratulations on making the first step to build multigenerational wealth. As others have mentioned, I'd highly recommend interviewing a few agents to see who may be the best fit not only in terms of the knowledge they posses, but also their communication style, bandwidth to take on new clients and their connection to other industry professionals (Lenders, Contractors, etc). My brokerage has a property management wing, so I have first-hand experience from both the purchasing pathway and maintaining a property.

And congratulations on getting licensed as well. With the ability to not only represent yourself in transactions but the opportunity to apply a portion of your commission in some cases to your closing costs, you're making excellent (and smart) strides.

If you have not already found someone to help you during this process, I'd love to share a conversation. This is a huge accomplishment! Even getting started. 

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Jeremy Jareckyj
  • Realtor
  • Salt Lake City, UT
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Jeremy Jareckyj
  • Realtor
  • Salt Lake City, UT
Replied Dec 8 2022, 18:31

Hey Tomoko!

I would love to chat with you. Our team has successfully helped our clients buy over 25 STRs in northern Utah over the last year. We run Airdream Vacation Rentals in addition to being investor friendly agents and cohosting over 60 units in Northern Utah. When evaluating potential earnings, we can use our 60+ rental portfolio to get you very accurate earning data.


I'm new to Bigger Pockets but have finally decided to hop in. Message me if you'd like to chat further!

I love that you're taking the jump into REI and reaching out is such a great way to start.

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Sydney Todd
  • Realtor
  • Salt Lake City, UT
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Sydney Todd
  • Realtor
  • Salt Lake City, UT
Replied Dec 8 2022, 19:14

Hi Tomoko! 

I am an agent/investor in the Salt Lake valley. I would love to connect! 

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Tomoko Hale
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Tomoko Hale
Replied Dec 8 2022, 22:17
Quote from @Sydney Todd:

Hi Tomoko! 

I am an agent/investor in the Salt Lake valley. I would love to connect! 


 Thank your for connecting !

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Cassidy McKee
  • Garden City, UT
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Cassidy McKee
  • Garden City, UT
Replied Dec 10 2022, 15:30

Tomoko,

I'm a CPA that specializes in real estate. I'm located in Kaysville, UT and do investing in Utah. I have lots of clients that would be able to help you and I can give you suggestions depending on your strategy and specific location in Utah. Feel free to send me a message and I can refer some people your way.

Brandt Bennett CPA

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Tomoko Hale
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Tomoko Hale
Replied Dec 11 2022, 14:47
Quote from @Cassidy McKee:

Tomoko,

I'm a CPA that specializes in real estate. I'm located in Kaysville, UT and do investing in Utah. I have lots of clients that would be able to help you and I can give you suggestions depending on your strategy and specific location in Utah. Feel free to send me a message and I can refer some people your way.

Brandt Bennett CPA


 Hi Brandt, 


thank you for your message! I’m excited about what I have been learning and the actions i will be taking!! I appreciate your support!

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Zachariah Torres
  • Lender
  • Saratoga Springs, UT
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Zachariah Torres
  • Lender
  • Saratoga Springs, UT
Replied Dec 15 2022, 10:24

Hi Tomoko, congrats on getting your license! It's a huge step and not an easy one. Real estate is a great vehicle to start building wealth for yourself and future generations. I have found properties from both the MLS and from wholesalers here in Utah. They're not a bad idea if you are able to analyze the deals they send over. I'm a Mortgage Broker out here as well and would be happy to connect to answer any questions or get you set up with some loan options. My number is in my profile!

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Basit Siddiqi
  • Accountant
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied Dec 22 2022, 22:59

I read your initial post and I read uncertainty and doubt.

I would take a pause and educate yourself as much as possible before moving forward.

You mentioned wanting a 2 Bed - 2 Bath in your target market.
I would analyze every 2/2 that sold in your market for the past 90 days and understand why each sold for the price that they did.
Once this is done, reach out to a lender to see how much you qualify to purchase.

Then, I would reach out to an agent to have them show you 2/2's that you are interested in.

best of luck

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Tomoko Hale
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Tomoko Hale
Replied Dec 23 2022, 08:25
Quote from @Basit Siddiqi:

I read your initial post and I read uncertainty and doubt.

I would take a pause and educate yourself as much as possible before moving forward.

You mentioned wanting a 2 Bed - 2 Bath in your target market.
I would analyze every 2/2 that sold in your market for the past 90 days and understand why each sold for the price that they did.
Once this is done, reach out to a lender to see how much you qualify to purchase.

Then, I would reach out to an agent to have them show you 2/2's that you are interested in.

best of luck

Thank you for your advice. As you mentioned in your reply I’ve started analyzing as many properties as I can.