All Forum Posts by: Bobby Shell

@Jason D. Facts.

You should create a google voice line that has a 2-3 VM answering description of the property and only ask SERIOUS people to leave a vm. State your qualifications and requirements. This will eliminate 80% of those people and you will only spend your time on the most qualified people!

This has been super helpful for my mentors and people in my team. Like Jason said many are kickers, but this will do the auditing for you :)

Investment Info:

Single-family residence buy & hold investment in Fort Collins.

Purchase price: $260,000

Cash invested: $60,000

SFH in Fort Collins. Our families first rental!

What made you interested in investing in this type of deal?

This was a primary residence for us before marriage.

How did you find this deal and how did you negotiate it?

MLS with an agent, first time home buyer experience

How did you finance this deal?

25% down, conventional loan

How did you add value to the deal?

replacing carpet, fully updating the master bath and guest bath, rebuilding the deck, replacing the fence. (not all things were value add, but we sure updated them!)

What was the outcome?

Current value of about 320k (may 2019)

Lessons learned? Challenges?

Get a more detailed home inspection!!!!!!!!!!!!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

n/a

 You bet brother. I would look at selling your least profitable, or out of the 8 whichever has the most upkeep or issues. 1031 those funds into a complex. Work to find a value add department complex that has rates under current average rents and has the value add components.

I think this will be great for you because you can add equity and value upon acquisition.

Being a developer has he most risk. Buying land and holding can also be risky, it’s up there on the totum pole as well. 

Try 1031 into a commercial deal, a 10-20plex and grow and leverage this into a 100unit! Once you get to 90+ units you can hire a full time property manager and handy man most likely.

Ultimately I would try to find a good mentor who can advise in your market :)

 These guys nailed it. Robinhood charges no fees at all, but you will have access from your phone, so kinda hard to set it and forget it. If you are going to dollar cost average monthly or bi weekly and have strong hands to hold and not buy and sell a ton use Robinhood. Otherwise I would use vanguard of fidelity like the guys said

@Gaston Chavarin talk to a property manager. I never find sources online that are truly accurate. Zillow and rentomoter and rent cafe are not 100% reliable in any of my research

@Michael Wilson great tips from Michael and Scott.

Consider putting 30% into an index fund and the rest in your 2% savings account.

@Carlo C. I do marketing for some apartments in Akron. It’s a good area. We do student housing. Happy to answer any specifics

@Lance Bean what makes you want to be a developer? I ask out of curiosity because a mentor told me a story I want to share :)

You should get into a single apartment complex deal first, or commercial. Land and development is very risky. During the next downturn you could make some massive moves!

@Mark Sam

Personally I would sell it, and get the place in Texas you spoke of. Assuming that is $300k you have 400k remaining assuming you pay cash for the home, you will obviously have more if not.

Throw 100k into a syndication deal with someone who will educate and teach you. The other 300k put in an investment like index funds, etf, or a financial advisor who is a FIDUCIARY! Make sure they are a fiduciary.

You have so much freedom and can have fun. I wish you the best and hope you find a trustworthy team

@Fernando Garcia a mentor told me don’t sub or GC. You will pay premium. Find a team like:

- drywall guy

- plumber

- hvac guy

- electric guy

And a handyman!!

You will save $$$$. This was the instruction a guy who has done flips for 20 Years told me. I hope this helps