All Forum Posts by: StacyA McBain

Whether you're an avid investor or just getting started, below is a list of connections I recommend saving in your phone, if they're not there already. We not only shared this list at last month's AVID Investors meeting- An Idaho Real Estate Investor's Club - we also powered up our power teams and introduced some actual contacts.  

This month, AVID Investors meets Wednesday, May 18th and the topic is "The Most Important and Forgotten Element in Real Estate Investing." Based on the list below - you might derive the exact role we'll discuss! PM me if you'd like an invitation.

A Dozen Contacts Every Investor Can't (or Shouldn't) Live Without

1. Asset/business Manager

An often forgotten, but very important role

2. Lender

Commercial >4; residential <4; and possibly private (hard money)

3. Investment Specialist Agent, Brokerage and/or Team

Using an agent in the investment niche’ can have a large impact on the level of service, expertise and overall quality of investment you land. (Just ask our clients)

4. Title Company

We recommend TitleOne in Ada/Canyon County with extended coverage

5. Home Inspector

Ask about exclusions/recommended upgrades e.g. radon, chimney, engineering

6. Insurance Agent

7. Property Neighbor & Other Investors

The ng

8. Accountant

Find out if you’re getting write-offs, tax advantages and if you’re qualified to receive higher loss limits by spending 750 hours or 50% of your time self-managing.

9. Attorney

Are you buying in your name or an LLC's name, using trust or otherwise protected?

10. Local Utilities (for more than just utility service)

They also trim trees off power lines and check into gas smells. Continuous service agreements are a great idea for landlords.

11. Property Manager

Choose your manager wisely. Our "How to Choose a Property Manager” handout is available upon request from me, StacyA McBain, Kelly Turpin of Swope Investment Properties who presented on this topic at AVID.

12.Handyman /Contractor

DIY MANAGERS ALSO NEED CONTACTS THAT PROPERTY MANAGERS MAINTAIN:

Painter

Roofer

Cleaner - Tips and products: Don Aslett cleaning supplies

Concrete/Excavation

Carpet Cleaner - Pressure washer for exterior, full-service janitorial

Mold Remediation

Chimney

Pest Control

Appliance Repair

Flooring

Supplies

HVAC

Plumber

Electrician

Landscaper/sprinkler tech

Assessor’s office

Gutter cleaners

Hi @Marsha Layton,

AVID Investors meets in Boise - Meridian specifically. This month's meeting is Wednesday, and the info is below. As fabulous as the meetings are, they sound a bit far for you. 

In Idaho Falls, there's a club- Kaecee Reed is the contact

You're welcome to expound upon your needs for a short-term deal if you'd like. 

Happy investing!

Hi @Tony Davenport, 

I look forward to meeting you Wednesday - thanks for following up!

I received your RSVP email Saturday night (I enjoyed taking Sunday off this weekend) and have included you on my follow up invitation email. That email will go out tonight or tomorrow and include the final details and address (meetings are held in Meridian, Idaho near near the freeway.) In the meantime, yes, you're safe to put it on your calendar. 

Stacy

At next Wednesday's AVID Investors meeting we will work together to Power Up Your Power Team - a dozen contacts investors can't (or shouldn't) live without. 

This is a presentation and a vendor fair! Attending members will meet actual contacts, who will be introduced and available for networking. You'll also meet each other, fellow BP members and local investors.

Wednesday, 4/20 - doors open at 6:05 p.m for networking, meeting starts at 6:30 and we'll wrap up by 8 p.m.

AVID Investors is an Idaho Real Estate Investor's Club. Meetings are FREE and invite-only, as we provide snacks and beverages (water, soda, beer, wine). We're eager to bring in new members - email me to RSVP and receive your official invitation, which will include the meeting location details. Meetings are held in Meridian, Idaho near near the freeway.

Thanks! Happy Investing!

StacyA McBain

Some leases, mine included, have a "find your own replacement" policy that might just be good enough for a Landlord to accept, if you offer it up as a "win/win" method of handling your early termination at minimal impact on them.

Here's how it works. 

You advertise, show, and find the next tenant (make sure you confirm rent, deposit, terms and duration with landlord before advertising). 

You present a complete application and supporting docs (paystub, ap fee) to the landlord and be prepared to answer any questions from the meeting since you're serving as their eyes and ears. When a person meets their criteria, you work it out so there is just enough time for a walk through between your move out and their move in but no vacancy for the landlord. Your Landlord gets a new leasee at minimal impact on their end and you get out of your lease with minimal penalty, by taking care of most of the work your early move-out creates. Some Landlords would apply a lease re-writing fee and a requirement that any vacancy between tenants is paid by the moving tenant. If you find a tenant who can move in right after you move out, it's only up to your Landlord as to how many days they need to walk through and clean anything you missed. 

Yes, Ted, it has been a tricky market for buying in Boise. With prices up and inventory down, Sellers aren't forced into many/any price or other incentives. For leveraged deals, we're back to looking at factors such as principal paydown to boost that return above stock market expectations and discussing the value of RE as a "tangible" investment. I have a couple B-grade, multi-tenant commercial listings returning a cap rate in the high 7% range, which is a bit better than the multi-family or single-family rental returns of today's market. Good luck out there! 

Hi @William Westfall, 

As the others have mentioned, yes - you're in the right place. There's heaps of experience to be found here in BP, and simply among the respondents to your post. I'm also a buy and hold investor, focusing on large and small multifamily properties, with a strong focus on making sure the numbers make sense.

There are several resources for networking with other investors as @Jonna Weber mentioned (she's also a  seasoned buy and hold investor). Her @Lisa Kohl and I each have worked to create opportunities to make local connections and to further personalize the web discussions we start here online.

Don't hesitate to let me know if you'd like an invitation to AVID Investors - An Idaho Real Estate Investor's Club. We host informative and educational networking events once a month (on the third Wednesday of the month). We bring beverages, snacks and people together to tackle a compelling investment topic.

Happy investing!

Hi Blake, 

I'll message you with a good commercial contact we use for commercial loans. They will be able to provide answers straight from the lender. 

Stacy

A wealth of information on Funding Investment Properties was shared at the last meeting of AVID Investors - An Idaho Real Estate Investor's Club. It included a panel discussion with four experts, each of whom spoke about a different source of lending. It was informative beyond these bulleted takeaway notes that I'm sharing below, which summarize some highlights that may serve as a helpful frame of reference as you explore your options and run your numbers.

This Wednesday's meeting will cover 1031 Exchanges  - you may PM me with your email address if you'd like an invitation (It's held in the Boise area - Meridian to be exact). 

Residential Lending (1-4 units)

• 45 day closes more common right now due to new lending laws (TRID)
• Up to ten loans, more down payment required after four loans
• Add 1/8% to the rate for a cash out refinance
• 4.25% was the 10/21 rate for cash out refinance 

Commercial Lending ( >4 units)

• 25% down
• Loan based on property performance and the person (can loan to entity)
• 10-year term 25-30-year amortization
• Interest rate tends to increase or go variable after a certain number of years.
• One example of a ten-year term:
• 3.35% years 1-3, 4.25% years 4-6, variable years 7-10.

Private Lending  

• Loan to LLC or entity, backed by the property
• <3 year term
• 7-12%
• 70% loan to value for a new investor/client
• Fund in 2-4 days

Self Directed IRAs (Mountain West IRA)

• Works for any investment properties
• Works with partnerships (you can partner with your IRA)
• $200 -$1,850/year
• Easier when a loan is not involved
• Loans would need to be non-recourse (not secured by collateral/the property), which means a higher rates

* The scenarios above were specific to the individual presenters, each of whom serves as a local resource whom we deem competitive. Information like rates and programs change daily. 

Welcome @Brian Pete !

Don't hesitate to hit up any of the BP members, including myself, for connections, advice or leads. 

Stacy