All Forum Posts by: Tyler Cauble

Anton,

Welcome to real estate investing! It can be a very exciting business to be in.

As a new investor, I would set google alerts for different neighborhoods, real estate agencies, sales prices, businesses, etc. so I could get immediate updates on what is going on around me. Never know when a developer is going to announce a project that could increase the surrounding property values, right?

Definitely start talking to local real estate agents that work with investors. They can get you acclimated to the market since they do that for a living - and they'll be happy to do so since they may get some business out of you in the future. 

Local trade and NAR (national association of realtors) magazines are wonderful as well to help keep you up on your city.

You could also join a local real estate investors network (ours here in Nashville is called REIN) to meet like-minded individuals that could mentor you.

Rusty,

Talk to a contractor and get a quote to see how extensive the repairs are going to be in renovating it. That will at least give you a starting point in valuation...After that, it's pretty much up to you. Keep in mind that the current owner is going to get an insurance settlement (typically) to cover the costs, so they'll be willing to negotiate on the condo if they don't have to completely renovate it. 

My grandfather does this, since he is in fire/water damage restoration, and has been very successful working with only fire damaged properties. 

Good luck!

Kalene,

A good option for you may be to partner with a local investor/developer who has some experience doing exactly what you're looking to do so that you can learn directly from them. 

Commercial real estate can be very tricky (and get you in trouble) if you don't know the ropes, and I've found learning from others firsthand serves me best. 

Good luck!

Have any commercial brokers/investors had any luck sending mailers to commercial property owners or tenants? Haven't been able to find anything on the subject and would be interested in trying it!

Thanks

Hello all! 

I've been working in CRE brokerage in Nashville for almost 3 years now and I'm looking to grow my pipeline even more by utilizing a prospecting software.

Is CoStar worth the crazy amount they charge? (Having a demo done tomorrow to find out the current pricing, I did this last year and turned it down because it was too much) And are they accurate enough when it comes to prospecting for it to be worth it?

I tried using ProspectNow but during the demo I asked him to show me a couple of my own listings to see how accurate his tenant data was but it was very unimpressive. 

Any advice would be much appreciated!