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All Forum Posts by: Garrett Crosby

Garrett Crosby has started 4 posts and replied 102 times.

Post: Do you always use a Real Estate agent for purchases?

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

@April C. This is a great question.

I actually got my license for purely selfish reasons. I wanted to negotiate deals myself, save a bit on commissions and be able to throw those funds into my property rehabs. I wasn’t happy with my experience with agents from across the country in a number of markets. Turns out I wasn’t alone in feeling that way either…

Fast forward, one year later, I’m running a CA branch out from a National team considered top 1% in the nation serving investors across the state. Turns out, a lot of people don’t like using agents - and not just for the expenses of selling. Understanding numbers, finding real deals and critical negotiation skills are pinnacle to investors - especially investors who are new and don’t know where to start.

I’ve gone on to create great relationships with investors because of the discounts and funds I can save on the commission side when they flip homes we initially find together.

In the end, what stated as a selfish decision turned into a life changing career that continues to fund my investments.

So the answer to this question is (in my opinion): No, you don’t need an agent. You need an experienced investor who has a license, knows their numbers and their market. I would also add the caveat that they need to be a marketing expert as well to represent you when it comes time to list.

Hope this helps!

Post: Buying a Second Property. . .Is it Possible?

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

This is awesome. Here's my questions. Did you use an agent to acquire the first property? Do you have a direct relationship with the seller? The short answer is yes, there are creative ways. For instance, if you already lived in the current residence for a year, you should be able to use an FHA loan to acquire this property next to you and make that your primary residence for a year. Of course, other options may be available too like seller financing. If you worked with an agent before, it might be a good idea to get them in contact with the seller's agent to see if you can get ahead of other options as quickly as possible. Since the seller was able to close with you before, there is going to be a good amount of reassurance you would be able to do so again -- which gives you a huge advantage. :)

Best of luck!

Post: Inspection report review

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

Thanks for sharing this and for the vulnerability of putting this up with questions. These are the types of posts that teach so much to new investors and even general home buyers. :)

Personally, if this were me, I would be concerned about the sagging floors and HVAC status, but that's really it. If I can confirm the foundation of the property is solid and find the cause to the sagging floors, I would already feel 100 times better.

As for the HVAC - as long as it's working and not showing any signs of dying, I'm going to be alright - especially if my cash flow looks really good! ;) 

Best of luck!

Post: Difficulty with Realtor

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

I hate to say it, but it sounds like an inexperienced agent. Or at least an agent who doesn't have investor experience. Creative financing can seem daunting to a lot of agents. I completely understand. You need to have the right team in place to make these deals happen.

Nothing wrong with you talking to the seller themselves. Just make sure you don't sign an exclusive buyer's agreement. This will free you up to use another agent down the road. :) 

Post: What Was the Biggest Lesson You Learned As a First Time Landlord?

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77
Quote from @James Carr:

Title says it all. Curious to hear what the lessons you all learned after your first year of landlording.


 This has been said a couple times, but I can’t say it enough. If you are using a property management company (or if you are managing yourself) - make sure to establish annual (or even monthly) walkthroughs to check in on your properties. I recently had one of my properties report a HOLE in their floor. Turned out that there was a water leak under the toile that the tenants neglected to report and instead of cleaning it up, they left the water there until it sealed through the new floor to the foundation. Something that could have been caught early ended up costing me over 1K to fix. 

I will also add that an home inspection is always a good idea. I don’t care if you know you are rehabbing the unit (or if it looks visually appealing and you have an agent pressuring you to accept the unit “as is”) - get the home inspection. Worth the money to know ahead of time what type of capital expenses will be coming your way. If you’re an experienced investor, home inspections won’t scare you off - but they can be used as a negotiating tactic to secure your investment for a better deal.  

Post: Expensive market - how much downpayment is too much?

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

Hi @April Laspinas - thanks for the post! 

Out of curiosity - are you opposed to investing out of state? When I was first starting out in Los Angeles, I was running into similar issues with cash-flowing properties. At the time, I was just trying to do buy and holds, so I ended up investing in North Carolina. Once I built up my portfolio a bit, I started investing in my state (CA) once I had a bit more capital and experience. 

The answer to your question is a bit complex overall though. It does come down to cash flow and your investment strategy. If the numbers make sense, down payments don’t really matter. 

Happy to help any other way if you ever want to talk through things. :) 

Post: Ventura Real Estate Investors Network | Meetup #2

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

Oh nice! Will absolutely be there. I'm good friends with Don and Janelle. Fantastic sources of information for any new investors! :) See you guys there.

Post: Los Angeles County, Woodland Hills - Airbnb

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

@David Herzog sounds like you have a good problem. Hardest part is always acquiring a property out here in the first place. I live about 15 minutes from Woodland Hills. Would be happy to jump on a call anytime if you want to talk through some different investment options. I have been an investor out here for a couple years prior to running a real estate team. Would be happy to help any way I can.

There are absolutely options for STR and LTR here. You could also leverage this asset in the market to potentially cash flow in a lower risk markets out of state (I do this too). :)

Let me know! Best of luck!

Post: Advice for starting in San Diego Market

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

Hey @Luke Andersen, love that you are getting started on the REI game. I started out as an investor in CA myself before becoming an investor-friendly agent. Fell in love with it!

Lot's of great advice already here in terms of house hacking - which is great if you're looking to get a home for yourself for a discount on the monthly payments. You're right - the interest rates right now probably won't help you with cash flow - but if you're looking to check out other parts of CA, there are STR opportunities that can cash flow right out of the gate.

Ultimately, you will want to figure out if you’re trying to cash flow immediately, and if so - how important is it in your overall strategy. Then you will need to figure out how much capital you have to start with. Then it’s just a matter of weighing your options to see which strategy works best. :) 

Happy to help anyway you can. I’ll shoot you a message as well to give you some examples. 

Post: Newbie to Real Estate investing

Garrett Crosby
Posted
  • Real Estate Agent
  • Los Angeles, United States
  • Posts 106
  • Votes 77

Yep. @John T. is on the money here. Typically, loan fees fall under your recurring and non recurring closing costs that happeN at the end of a transaction. :) You will be paying these fees. I recommend getting a very clear idea of what your closing costs and estimate of what your final closing statement will look like before you pass your days allotted for your loan contingency in your offer. That way in the event you can’t afford the costs or they turn out to be much more expensive than you think you have a window to get out of the deal without losing your earnest money. Caution though: in some states, due diligence is put down in lieu of earnest money (or in addition to). Due diligence is not usually refundable, so it’s important to get a clear picture of what your closing costs will be before you submit your offer. 

Best of luck!