All Forum Posts by: Cole Bossert

Hey William, that’s an awesome plan! Your background in metal building construction definitely gives you a unique advantage when it comes to building barndominiums. I’m sure your hands-on experience will help you navigate the process of building and designing them in a cost-effective way. As for investment strategies, you could start by finding undervalued land where you can build multiple barndominiums and then lease them out. In terms of financing, you might want to look into construction loans or even seek out private lenders who can offer flexibility. I’d also suggest connecting with local real estate investors or even property managers who specialize in rental properties to help scale your business. Best of luck with your venture!

Hey, I really admire your decision to dive full-time into real estate! I've done the same recently. It sounds like you’ve got the knowledge and the drive to make things happen. I’m also looking to grow my real estate portfolio and would love to connect with others who are on a similar journey.

A struggling investor might still use a wholesaler, even knowing they’re paying an assignment fee, because finding great off-market deals takes serious time and effort. Cold calling, direct mail, negotiating with sellers, and handling all the legwork isn’t easy, and many investors would rather focus on rehabbing, renting, or flipping instead of spending hours hunting for deals. Experience also plays a role—newer investors might not feel confident negotiating directly with sellers or analyzing deals properly, so they see value in having a wholesaler do the groundwork and present them with a deal that still leaves room for profit.

You’re absolutely right in thinking that if you’re the agent on either the buying or selling side of the deals, you’d save on the commissions for that side. Typically, real estate commissions are around 5-6%, split between the buyer’s and seller’s agents. So, if you’re handling either the buyer’s side or the seller’s side, you’d save around 2-3% on each deal, depending on which side you represent.

However, there are a few things to keep in mind:

1. Legal & Disclosure Requirements: Even when you’re only handling one side of the deal, you’ll still need to make sure you’re properly licensed and comply with all local real estate laws. This includes disclosure requirements and acting in a fiduciary manner, which is still necessary when you’re representing just one side.

2. Time & Effort: While you save on commissions, you’ll still be responsible for handling all the paperwork, negotiations, and other tasks associated with the transaction. It might not be as much work as doing both sides, but it still requires your time and attention.

3. Negotiation Power: Whether you’re buying or selling, you need to ensure you’re making smart decisions and not overpricing or underpricing the property. Even if you’re saving commission, you still want to get the best deal possible.

So, in short, yes—you’re not missing anything major. You’ve identified a solid way to save money on commissions by handling one side of the deal at a time. Just keep in mind the extra responsibility that comes with being the agent and ensuring you’re making the best decisions throughout the process.

First, the added “bedroom” in the attic, with HVAC, electrical, and two points of egress, shows that it was likely done to code (at least on the surface). However, the fact that no permits were pulled is a bit of a red flag. It’s a risk because if it’s ever discovered, you could run into trouble with the local municipality, especially if you ever want to sell or refinance the property down the line.

That said, since the attic has been functioning as a bedroom for a while without issue, it seems like the risk of immediate fallout is relatively low. You could take a few steps to mitigate future issues:

1. Consult a contractor or inspector who could confirm whether it’s up to code (closet or not).

2. Make the closet a legal, small fix to have it fully compliant—shouldn’t cost much to do this.

3. Double-check with local zoning or the building department about the possibility of retroactive permitting or what kind of inspections would be needed for it to be officially recognized as a 3-bedroom.

From a cash flow perspective, adding a legal third bedroom could boost your rental value and ultimately your property’s appraisal value. If you’re confident in getting that closet added and the risk of the attic conversion being compliant is manageable (perhaps even in the eyes of your lender or insurance), it could definitely be worth the extra rent and value boost.

Is the juice worth the squeeze? If you’re prepared for the small upfront cost of getting the attic up to snuff (and assuming the house has been stable with tenants), the reward could outweigh the risk—especially at a price based on a 2-bedroom valuation. But make sure you’re clear on the local regulations and potential for future headaches.

Good luck! It sounds like a solid potential deal with just a little due diligence needed.

There are a few big factors at play here, but if I had to pinpoint the most important one, it’s pricing. It’s crazy how much a listing can sit just because it’s priced too high for the market, even if the property looks great. Buyers often have access to comps, so if the price doesn’t line up with what’s selling in the area, they won’t bite, no matter how nice the property is.

Another huge factor is marketing. Even if the price is right, if the listing isn’t getting the exposure it needs—whether that’s through high-quality photos, solid descriptions, or good online ads—it could easily get overlooked.

Lastly, condition and staging matter a lot, too. Properties that are clean, updated, and staged tend to sell quicker because they appeal to buyers’ emotions.

So, to sum it up: Pricing, exposure, and condition. Get those three right, and you’ll see faster sales.

Hey, starting with the property tax assessment is a decent place to get a rough idea of value, but it’s not the end-all, be-all. The tax assessment can be outdated, and it may not reflect the current market conditions or the actual value of the property. For instance, in some areas, property taxes are assessed at a lower value than what properties are selling for.

Getting an appraisal would definitely give you a more accurate picture, especially if you’re planning to make this a long-term rental. An appraiser will consider comparable properties in the area (comps) and provide you with a fair market value, which can help ensure you’re not overpaying.

That said, if you want to save on the appraisal cost, you could also look into recent sales of similar properties in the area. A local real estate agent can help pull those comps for you and give you a pretty solid idea of what the property is worth.

Best move? Start with the tax assessment as a base, then get comps from a realtor or the appraiser to confirm you’re getting a good deal.

Hey Blake! Sounds like you’re really setting up a solid foundation for your real estate journey. I’ll break down a few thoughts and tips for your questions:

1. LLC Stuff:

Honestly, setting up an LLC is a solid move, especially for protection. The biggest thing I'd say is to just make sure you get your paperwork right from the start. It's easy to get lost in the details, but make sure you're thinking about things like taxes and fees in your state. It's also good to have separate bank accounts and keep everything tied to the business—keeps things clean for when it's tax time.

2. Pitching in Person:

Face-to-face is all about connection. It’s the same as when you were in car sales: People want to feel like you’re listening to them. For sellers, it’s not about making the hardest sell—it’s about understanding their problem. Just be straight-up: “Hey, I help people in tough situations by getting cash offers quickly, so you don’t have to wait on the market.” For buyers, it’s showing them potential—“If you’re looking to invest in something that’ll give you solid returns, I’ve got deals that could work.” Keep it simple but relatable.

3. Morality in Wholesaling:

I get that one, for sure. Wholesaling can get a bad rap, but it doesn’t have to be shady. People just want to feel like they’re being treated fairly. Be open and honest, and if you’re transparent about what you’re offering and why, you’ll stand out. Don’t be afraid to walk away from a deal if it doesn’t feel right—your integrity’s worth more than a quick buck.

4. Resources for First Deals:

Man, the first deal is always the toughest. Honestly, just be ready to learn as you go and keep asking questions. Lean on the BiggerPockets community (you’re already here, so you’re in a good spot) and reach out to local investors if you can. Some mentorship could really help you avoid rookie mistakes, too. Honestly, just don’t try to rush it—take your time and make sure you understand every part of the process before jumping in.

5. Software for Deals:

So, for docs and contracts, DocuSign is a no-brainer. But you’re also gonna want a CRM to keep things organized. Podio’s a good one, and REIPro’s solid if you want something specific to real estate. For managing tasks, I like Motion—keeps everything in one place without feeling too complicated. There’s a ton of tools out there, but just use what helps you stay organized and focused.

On the cheaper end, it could also be worth exploring low-maintenance, nature-focused uses like leasing it out for hunting or outdoor activities. If the price is low enough, it could be worth getting creative and taking a long-term approach to land use while checking local restrictions. If you’re looking for something more stable and long-term, you might also want to explore the possibility of selling or leasing it to someone who is interested in farming, hunting, or conservation.

Since you’re new to real estate and house hacking, my biggest piece of advice would be to get super clear on the numbers before making any decisions. Run the numbers on potential rental income and make sure you’re comfortable with the property’s cash flow after covering your mortgage, taxes, insurance, and any maintenance. A great tool for this is the BiggerPockets Rental Property Calculator. 

As far as VA loan specifics, remember that you can use it for a multi-family property (up to four units) as long as you live in one of the units. If you find a duplex, triplex, or four-plex, you could rent out the other units to significantly offset your mortgage.