All Forum Posts by: David Schmiediche

Howdy Investors! Every serious investor is looking for a good deal to purchase and with the seller's market that we're in right now, deals are getting harder and harder to find. I am looking for a fourplex in Bryan/College Station to purchase within the next few months and have clients looking for small multifamily units to purchase as well. The MLS is a great place to find deals and in the current market we're in there are very few multifamily units on the MLS and even fewer worth pursuing. Because of this I am looking at pursuing more off market properties to increase the number of possible deals to pursue. For the past few months I've been doing direct mail marketing and have had a decent amount of success with this. This is how my business partner and I found our last deal and now I am looking into different ways to find deals worth purchasing. Not necessarily only off market deals, although that is the best place I can see to start looking. What ways are you or other investors looking for deals worth purchasing?

Hey @Account Closed! These are great questions and for calculators I really enjoy the Bigger Pockets Calculator and also have an Excel spreadsheet that I used before using Bigger Pockets. I would be more than happy to send you the calculator. Specifically for Insurance I can tell you that Goosehead Insurance will go through the trouble of comparing insurance companies and bring you the company that provides the best rate for what you need. I would be more than happy to share my contact with you as well and as for the rest of your questions there is an investor meet up happening in College Station later today which would be a great place to get answers to these questions and any others you have. Let me know if you want more information and I would be more than happy to be a resource for you while you look at your investments!

@Jim Cummings Breaking the numbers down to how long it would take to get your investment back does put into perspective how long down the road a vacancy can hurt. Thank you for that insight as well!

@Joe Aiola That is a really good idea! There is a cost to everything either in money or time. If you are "losing" money with lower rents having them offset some of the cost or time needed to run the business is a win-win solution for both you and the tenants.

@Kameron Yellin

04/08/21 07:00PM - 09:00PM America/Chicago

1900 Woodsman Dr Apt B College Station, Texas 77840

I just confirmed with @Gregory Schwartz, it is happening in the evening not the morning. The time will be 7:00PM - 9:00PM. Looking forward to seeing you again Kameron!

@Rob Lee $50 a month is what most investors in College Station have said they are willing to raise below market rents. It is enough to significantly increase the cashflow and is small enough that the tenants don't have a huge financial difference. One investor that is numbers driven told me that he would raise rents to market value and if the tenant didn't renew he would then update the units to get top dollar for the rents and maximize his ROI. This personally isn't how I want to run my business because I believe it can put more stress on the tenants than I personally would want to do. Specifically by raising rents $100 or more. I'm curious what others think of this strategy?

@Gregory Schwartz Looking forward to it! I'll see you there!

Howdy Bigger Pockets Members!

It's coming time to renew leases for some of our units and my business partner and I closed on eight more doors in January on two quadplexes in College Station that had way below market rents. 50% of the units are $125-$175 below market rents. Market rents are $800 and some of the tenants are renting for $625 or $675. Most of these tenants are good tenants that we have good relationships with and are fine with them staying at the properties if they choose to. We will be raising the rents slightly when it comes time to renew their leases.

This made me curious as to how much a good quality tenant is worth to other landlords. By keeping tenants in the property you are avoiding the headaches and expenses of filling a vacant unit. So, how much is a quality tenant worth to you? 7-10% below market rents?

It's finally here! I'm looking forward to seeing y'all at the investor meet up today at 7:00!

2401 Bandera Dr College Station, TX 77845

Gotcha! $200/mo per door in College Station is getting harder and harder to find. With that being said you'r investment still looks like a great deal! Congratulations!