All Forum Posts by: Cole Bossert

To get recent sales comps without being a realtor, you've got a few options. Tax records and county appraisal districts are a good starting point, but for more detailed sales comps, try services like Zillow, Redfin, or Realtor.com. These sites allow you to search sold properties in the area, and while they might not have all the details of an MLS listing, they can give you a solid idea of what similar properties are selling for.

If you’re looking for more precise comps, some services like PropStream or CoreLogic provide access to real estate data, including sales comps, without being a realtor. These platforms often come at a cost, but they give you a lot more detail than the free tools available online.

As for MLS access, if you're not a realtor, one option is to network with local agents and ask if they'd be willing to run comps for you. A lot of agents will do this for potential buyers or investors as a way to build relationships. Alternatively, you could consider working with a realtor on a transaction basis—when you have a specific property in mind—since they can provide MLS access to recent comps.

While it's tempting to sell without an agent, make sure you fully understand the process to avoid any legal or contractual issues. Consider hiring a real estate attorney to assist with paperwork and ensure the transaction goes smoothly. Offering a competitive seller incentive, like covering closing costs, might also attract more buyers. Lastly, don't forget about marketing outside of just digital listings—direct mail campaigns to military bases or VA-approved buyer lists could give you additional leads.

First, check public property records on county websites—they often list the owner’s name and address. Once you have that, skip tracing services like PropStream or BatchSkipTracing can help you find phone numbers and emails. You could also try sending postcards or letters offering to buy their property, which is a less intrusive approach than knocking on doors. Keep your message clear and professional, and make sure they know you’re interested in buying. Just keep following up, and you’ll eventually get responses.

Having a real estate license can definitely offer some advantages, but it’s not necessarily a must for everyone. Here’s a breakdown:

Advantages of having a license:

1. Access to the MLS: You'll have direct access to MLS listings, which can give you an edge in finding deals before they hit the market.

2. Commissions: You’ll save on commissions when you buy your own properties, which can add up over time, especially if you’re house hacking or buying more properties down the road.

3. Networking and Credibility: Being licensed can help build credibility when negotiating or dealing with sellers, other agents, and investors.

4. Deal Flow: You can work with other investors and potentially find more opportunities since you’ll be plugged into the real estate community.

Disadvantages or considerations:

1. Time and Costs: Getting and maintaining your license takes time, money, and effort. If you’re not using it consistently, it might not be worth it.

2. Increased Responsibility: Once you’re licensed, you might feel more pressure to operate within certain legal and ethical guidelines, and there’s more paperwork involved when you’re buying or selling properties.

3. Distractions from Investing: Sometimes, the focus on making commissions and working with clients can take your attention away from your own investments.

Overall, if your main goal is to house hack and find great deals for yourself, getting your license could help in a number of ways. But if you’re only casually investing, or you don’t want to commit to all the responsibilities that come with being licensed, it might be worth weighing the pros and cons before jumping in.

Have you thought about the time commitment or how often you plan on buying/selling?

A 1031 exchange is typically used for the sale of real estate, not ownership interests. So, if you're selling your 22% stake in the warehouse, that doesn't usually qualify for a 1031 exchange since you're selling an interest in the partnership or LLC, not the actual property itself.

For a 1031 to apply, the exchange must involve “like-kind” property, which in this case would be a direct sale of real estate, not a sale of ownership shares. You might want to consult with a tax professional to explore any alternative options, but as far as 1031 exchanges go, you’d be looking at a no-go for this kind of transaction.

Technically, since you waived contingencies, it can be challenging to back out without risking losing your deposit. However, this sounds like a potential misrepresentation of the property, and if there was a material misstatement in the listing that led you to make an offer (like including non-livable space as part of the square footage), you might have grounds to cancel.

Here’s what I’d recommend:

1. Document everything: Take clear pictures of the space, including the unfinished areas and any issues with HVAC, electrical, or plumbing. This will be important if you have to present your case.

2. Review the contract: Sometimes there’s a clause about “misrepresentation” or “failure to disclose material facts,” which might give you a way out.

3. Communicate with the seller or agent: Reach out to discuss this discrepancy and see if they’re willing to renegotiate the deal or offer a solution (sometimes they’ll adjust the price, or in rare cases, they’ll let you out of the deal).

4. Talk to your attorney: Since you’re in a tricky situation, having legal advice can give you clarity on your best course of action.

Worst-case scenario, you may have to eat the deposit if there’s no clause in your favor, but definitely push back and see if you can get a solution that works for you.

Hi everyone,

I’m Cole, and I’m exploring the world of short-term rental management. I live in a popular vacation town in the mountains of Western North Carolina. It’s an area filled with short-term rental properties owned by a mix of out-of-town hosts and locals, but I know the advice here can apply to hosts and managers across the country!

I’m looking to manage a few short-term rentals in the area and would love to hear from experienced hosts or managers about what it takes to excel in this space.

Here are a few questions I’d love to get your thoughts on:

1. What skills or qualities make a great property manager?
2. What challenges do you face with your short-term rentals, and how can a manager help?
3. If you’re not local to your property, what are the most important things you need from a local manager?
4. How can I best connect with hosts who might need my help?

Thank you for your time and insights!

Best,
Cole

Hey Y'all!

This is my first post here in the BiggerPockets forums. I have been listening to the podcasts and reading some of the books and am excited to finally feel comfortable enough in my vision to post here. 

For a quick backstory, I'm a senior in college, graduating in December. I will be graduating with a degree in Digital Marketing and have been applying to jobs for a while with not much luck. I had a friend suggest the Real Estate Rookie podcast to me and I really found interest in the opportunities investing in real estate could have for me. I began to share ideas with 2 of my closest friends about we could become partners and start together. They have degrees and interests in different segments of what I think are important facets of the real estate game, one will be graduating with a degree in construction management and the other in accounting. All 3 of us are very passionate now about getting started when we make it out of college. I will be the first to graduate with them following in May. We also have an alumni friend who is a few years older than us who is actively investing in real estate in our market. He is really open to giving advice and would even help with inspecting properties we find. 

We are currently thinking about and researching student housing opportunities. As we first hand see the demand for student housing with a low supply of affordable options in the area. We have some savings put together, around $15k, and are really looking to get started as soon as we can. 

A few questions:

Have any of you been in a similar situation where multiple partners were involved? What are some common issues you faced, and how did you resolve them?

For those of you who’ve invested in student housing, what are some things you wish you had known before diving in? Any tips on managing properties rented by students?

We’re primarily focused on long-term buy-and-hold properties, but we don’t want to miss opportunities to flip for a quick profit. How do you balance these strategies, and what signals do you look for in deciding to hold or flip a property?

If you were in my shoes, what would you prioritize at this stage of the journey?

Thanks in advance for any insights! We’re eager to learn from those who’ve been down this road already.