All Forum Posts by: Clayton Plummer

@Alicia Durden

Awesome work on getting your license.

I'm not too far from you in Manhattan, KS.  I follow a lady investor/agent in KC named Mindy Templeton (she's @investingyourwealth on instagram)

She's definitely a mover and shaker, both for herself and helping others.  You should check her out.

Good luck in your REI journey!

It looks like Eric, Dan, and Nicole answered your questions well.

For collecting rent, I would suggest starting a separate account, maybe even at a different bank, than your personal accounts.

That way the rent is separate from your personal money for accounting needs.  You could then also transfer money into this account and pay the P.I.T.I (Primary Interest Taxes Insurance) from this account.  As well, any repairs and such come from this fund.

For collecting rent, I would make it super easy to pay by electronic transfer.  I'm pretty sure for rent specifically you want to stay away from PayPal or Venmo though.  Check out this article: https://youngandtheinvested.co...

Good luck with the House Hack!!

@Spencer Grooms - 

I live a little west of you in Manhattan.

I'm doing the house-hack thing on a duplex I own in town here. I'm trying to increase my income (some how!) in 2023.  I've been putting in offers, but it has been a fat goose egg on acceptance so far.

Definitely struggling with understanding the market right now.

What book(s) are you currently reading?  I'm reading Give and Take by Adam Grant.  I like it so far.  

I just finished reading Millionaire Fastlane by MJ DeMarco.  I would HIGHLY recommend that one.  Fastlane actually has actionable steps to take and different tools to use that have already helped me make decisions after reading it.

@Ethan Hilferty

My first thought - Why are there boarded up houses next to nice houses?

I would start by looking a census data on the population for the markets your looking at properties in.  Going up is good.  Going down isn't necessarily bad, but it should be noted.

I would also look at what jobs are in the area?  Are there companies moving into the area in the next year?  Two years?  How are people paying for the houses that are lived in?  Who is going to want to and have the money to buy any of the boarded up houses if you flip them?

Is there any kind of military base/government facility in the area?  Are they doing anything to expand?  (Think things like Space Force in this case.  That's a new thing that is kind of specific to Colorado right now and look for companies like Lockheed Martin/General Dynamics that support Space Force).  Then your clients are families and they need both rooms and bathrooms.

Is there a national park near by? If so, does the county/city allow Short Term Rentals (STR)?

That's my two-cents on where to start.  Do some research on the area.

@Daniel Murphy 

I went to college in SLO.  It's mostly a college town.  There is California Polytechnic State University and Cuesta (the junior college) in the area.  There's also a state penitentiary in the area, the California Men's Colony. 

Most of the inventory in SLO from the 101 north is going to be college kids.

You start heading south on Johnson past the French Hospital and it starts to get residential.  South of downtown is mostly residential heading out on Broad as well.  

Morrow Bay is more of a retirement community.  It's a short drive north from SLO on the PCH.  It is more of a typical sea front town with a lot of seafood restaurants and surf shops.

I don't know if SLO allows STR's (or mid-terms) There are two hospitals: French and Sierra Vista. So, maybe there are nurses rotating through?

SLO is definitely a rad little town.  I know I loved it there.  Lots of stuff going on in town, not just college things.  Tons of outdoor activities because of all the surrounding mountains.  The Pacific Ocean is super close and Avila beach is the best beach to visit in the area.  Hot springs, wineries, farmer's market, the downtown is a fun collection of shops, etc.

Have fun exploring with your clients.

@Bryce Callihan - if the lady's name is Fay Fattaey then skip all of them.  I've toured several of her multifamily properties that are for sale and they need just about every conceivable update.  She does NOT want to budge what-so-ever on her price and she expects top dollar (I think she thinks she's on the east or west coast, not in Kansas any more. . .).  

Like someone stated above, it's a great deal for her and a crappy deal for you.

@Faun K. - Yes on the REI group. It's the same one for LA County. VCREIA - https://www.meetup.com/Ventura...

@Som Jafari - I think Max means that rents will stay in the low $3000/mo range.

@Jeff Thompson - 
I don't live in the Milwaukee area, but I think there is more than one REI club there. I belong to the Brew City REI Club on Facebook.

From what I've learned (again, total beginner here, so take it for what it's worth) the Milwaukee area is good for cash flow, but not so much on the appreciation front.  In the city limits specifically.  If you're looking out in the 'burbs, that's a different story and I cannot speak to it.

I would use Bigger Pockets to find a good Real Estate Agent (I would recommend @Kevin Gregg) in the Milwaukee area that understands the investment side of real estate.

To give you at least one answer to your questions:

1. Yes, you should be looking for off-market deals, especially if you want to do the BRRRR strategy or Flip. Or if you want to do the BRRRR/Hack strategy and your family is OK with living in a construction zone. For off-market stuff, there is another Facebook group literally called Milwaukee Off Market Deals.

2. Since you're already on Bigger Pockets, they have an "Analyze a Property" tool on the far right hand side of the drop down menu under Tools.  Also, there's Rentometer.com.  You get five uses free before you have to sign up for an account and pay to analyze rentals.

Good Luck!

@Erik Tsou - This is my two cents for free!

What I know of the Ventura County area is that multifamily type homes are far and few between (at least on the MLS - maybe off-market is different).

The other thing that's true for me and my current money/strategy is that the deals in Ventura County are outside of the "residential" investment property realm.  The median home price in Oxnard is $820,000!!  Tough to make that kind of a deal cashflow.  Not impossible, but tough.

As far as the house hacking I've seen in Ventura County, the best way I've seen it done (I speak from witnessing this thing, not personal experience) is to have roommates.  If you are comfortable with roommates, you can definitely buy down your personal out of pocket expenses.

Good luck and Welcome to Ventura County!

Clayton