All Forum Posts by: Billy Daniel

We use Buildium.  We only manage a few, but the system is pretty user-friendly.  The tech support is pretty great too.  It's worth the cost in my opinion.

I wouldn't make any decisions based on IRR. I don't even calculate it for my properties. Look at cash flow and projected appreciation (your own calculations).

I'm not sure how only $3k in repairs can raise the rent $100/month.  That's not very much when it comes to value add.  MAYBE if it's materials only.....

Good luck and trust your numbers, not thiers!

We like laying LVP in our rentals.  It looks nice and is pretty durable with very little upkeep.

Your broker is probably the final authority on what commission you can take.  In our state, agents aren't allowed to negotiate commissions without broker approval.

A "fair" commission is dependent on the level of service you provide.  Can you stay in business on a 2% commission?  So many agents are scared to ask for the full commission because they would rather get something than nothing.  The problem is that when you get a client, you incur a bunch of charges and end up losing money.  There's a reason why real estate agents have such a high attrition rate....

It sounds to me like they are just conducting normal business and describing it in a different way.  All agents look for "off-market" deals.  They are just looking to list them or they have a buyer looking for a specific type of property.

The 6-month commitment isn't concerning.  If I was putting in work to find you an off-market deal, I would want you committed to following through since I don't get paid unless we close.  This is also why there is a 3% fee on all purchases.

You need to have a good reason for your offer conditions.  Agents will quickly ignore someone who just throws out lowball numbers just to "see what happens".

Analyze a bunch of properties so that you can almost recognize a good deal when you see it.

Connect with a realtor and develop a relationship so you can call and get a viewing and offer submitted right away.  

Use your DD period to get a GC quote and terminate if the numbers don't pan out.  Anything posted on BP should be checked with what your local/state requirements are so that you are protected.  For instance, here a buyer has 10 days to complete a property inspection and terminate without penalty.  It may be different where you are, hence the realtor.

Your contract should outline how those fees are split up between you and PM.  I think they are all a little different.  We split any fees (late fees, returned checks, etc...) 50/50 with the PM.  I like it this way because those circumstances are an inconvenience to both parties.

Start with your education through the books and podcasts readily available from BP. Stay involved in the forums and ask questions. Find and attend a local REI meetup and talk with experienced investors. They are usually more than happy to provide advice!

Find a realtor and lender and begin the search for your first house hack.  Live there for two years while saving for your next property.  It's slow at first, but consistent action will breed success!   Good luck!

It's not a requirement to be pre-approved to make an offer.  It just strengthens your negotiating position.  That being said, you shouldn't be making offers unless you are confident you can get pre-approved quickly.

Also, go with what others have said about talking to lender before any money moves around!