All Forum Posts by: Brad Hammond

Hi @Carl Mathis, I believe as the owner of the property, you are entitled to have access to all previous bills or usage amounts.  I would reach out to the utility companies and ask.  When I've done due diligence on properties I didn't own, they were able to tell me amounts owed from the previous months.  

Hey @Rebecca Silva, congrats on making the first step and deciding to invest in real estate.  I know it might not seem like it but becoming committed is the hardest part.  I really Investor Lab with @Mike Nuss.  They have tons of great relevant content and have networking opportunities (virtually right now).  Is there anything/anyone you are looking for right now to get started?  

Also, I'd be remiss not to mention the Investor Master Class I'm putting on via Zoom on Tuesday evening.  It isn't as much of a networking event as it is learning about the Portland market.  I would be honored if you could make it.  Here is the link to the BP event page. 

https://www.biggerpockets.com/...

Hey @Colin Page, I think that the decision to getting a degree should be separate from investing in real estate.  What I would do is research what niche of investing interests you the most (don't worry about what makes the most money at this point).  If you want to rehab, get a job in construction, if inexpensive (more cash flow) properties interest you get a job with a property management company.  If you are interested in being an agent, talk to a local broker and see if you can work for them.

Working around the industry will give you lots of experience and knowledge you can use to start your investing career.  

Hey @Quadir Jusse, congrats on committing to becoming an agent at such a young age!  The first thing you will want to do is start the coursework for your license.  Each state has its own requirements but for me, I used Online Ed for the course, and once I finished that I was able to sit for my exam.  There are a few youtube channels that are great for studying (sorry, I can't remember them).  However, I would start talking with some brokerages in your area.  They might have some info for you.  I love working with Keller Williams because they provide a lot of education but do what's best for you. 

Also, know that what you learn when you are taking your test will not help you be a better agent.  You will most likely want to join a team when you start to get as much experience as you can.  I like to listen to Tom Ferry's podcast for ideas on how to market and improve.  

Hi @Jamie Bergstrom, I can't speak to Chicago directly but I do have a few thoughts for you.  I know from growing up in Cleveland and my dad owning rental properties that the winter is the worst time to find a renter because people don't want to move in the snow/cold.  

If you are not getting interested in your property, it's the price.  You can always offer 2-4 weeks of free rent to entice people instead of lowering as another option.  The key is to try and get as many people to click on your listing as possible so make sure you have awesome photos and a great description.  

Also, I have been getting most of my renters from Facebook Marketplace the last couple of years.  

Hey @Brian Zingler, congrats on getting back into the game and closing on a property!  Here is what could happen.  If you jack up the rents to current market rates you will most likely lose those tenants and have a vacancy.  If you need to do any repairs/refresh, this would be a good time to do it.  You could also raise the rents by 5% per year and hope they don't decide to move out.  

I would do the math to figure out if losing 4-6 weeks of rent is more or less than 12 months of a 5% increase in rents.  Also, make sure you stagger the rent increases just in case everyone decides to move out.  

Hey @Saman Jafari, those rates sound about right for perfect credit (congrats on that by the way).  When comparing lenders, take a look at the interest rate they are charging you as well as how much the loan will cost.  You will also want to work with someone who responds quickly and has great customer service.  

One last note, if you are purchasing a property on the MLS and you are one of many offers, using a big bank or virtual lender can hurt your chances of winning the bid because the seller's agent will want to work with a lender they can get a hold of outside of business hours.

Hi @Arta Montero, I thought @Theresa Harris summed it up nicely.  Try hard to find something else to get them on.  Also, when the state extended the eviction moratorium, they earmarked some money for property owners with tenants who haven't paid.  From what I heard, the state will pay you 80% of what is owed if you forgive the other 20%.

Hi @Audrey O'Connor, I would do some thinking about what type of investing you want to do and what the market needs most.  Portland always needs more affordable housing however it is hard to supply that if you are not well funded or receiving grants from the city.  On the other side of the spectrum, you could invest in sustainable/green housing as well.  

Join me on Tuesday, January 12th at 6:00 via Zoom to talk about buy & holds and house hacking in the Portland market.  We will be discussing different strategies and the intricacies of investing in Portland.  If you are wanting to do your first (or another) deal in 2021, this event is not to be missed.