All Forum Posts by: Hersh Shah

@Paul Cho The single most important thing would be to connect with an investor friendly agent and one that also invests themselves. They can guide you better than agents that dont work with investors or dont invest themselves because they are simply not creative enough to make investor math work.

Most would recommend you stay in an area where you know the market for obvious reasons. If you want your money to go farther and you want to invest long distance, the first thing you I recommend is pick up yet another book by David Greene about long distance investing. He outlines the entire blueprint to be successful in the book.

Good luck and happy investing!

@michael 

@Michael Elefante This is an awesome story! Happy for your success. My wife has been begging me to look into STRs and I have stayed away mainly because I know and understand true long term rentals best.

Our plan this year is to double our income and continue living on the previous budget so we can make a massive splash with acquisitions this year. You guys are onto something! Would love to connect and learn more :)

Hi @Adah N.

If you have come to an agreement with the seller to acquire an off-market property, you can go to a real estate attorney to put the terms of your agreement on a contract that each side can sign.

If you want to hire an agent to represent your interests in the transaction, know that you will likely have to pay their commission out of your pocket as buyer's agents' commission comes from the seller paying all the realtor fees. Typical commission is 3% on the buy side and sell side for a total of 6%.

Hope that helps! Good luck on the transaction!

@Matthew Horstmyer congratulations on the upcoming closing!

Everyone will have their number depending on how risk averse they are and how much of a safety net they need.

I know from doing my own research from an acquisition standpoint, lenders like to see 6 months to feel comfortable for each property.

For me that is the baseline. That said, I only use the cashflow to get to that amount. I try to keep our funds separate from the property funds. I take nothing out until I have at least the 6 months.

My properties are 2019+ built so I dotn foresee needing any money other than turning over with paint etc.

@Manda Gouvion

I started listening to BP OG podcast in 2017. I even almost purchased a property for me to live in as I had learned renting is wasting money. I got cold feet at the thought of buying and being tied down.

That was when I was single in Jacksonville, FL in early 2017. As you can imagine, that property appreciated a ton since then.

I moved to Atlanta in late 2018 with my wife and thankfully she knew the value of renting wasnt going to get us far.

With a really really small budget we managed to buy a “starter” home to live in. With new construction and some state grants as first time homebuyers we managed to have to come $1,000 out of pocket and a mortgage about 75% of median rent!

That allowed us to save enough to repeat with another new construction while the first became a rental with $500+ in monthly cashflow!!!

Thats over 600% cash on cash return!

The timing isnt as big of an issue if you plan to make it a rental and have a large enough margin for worst case scenarios.

Depending on how old your kids are, it will be a fully funded tuition by the time to go to college with cash flow, principal pay down and appreciation.

@Greg Stravous

You are welcome! If your offer gets accepted, you have leverage. If you go in low you may not even have the option to negotiate 😂

Good luck! Let us know how it turns out!

@Greg Stravous

Get the offer in for asking price provided the numbers make sense on your end. Once you have an opportunity to check the property from inside, you will know if those numbers still work for and if you need to send an amendment to address concerns.

Have your agent call the other agent to secure some intel in terms of what they need. That will help you make a great offer.

Hope that helps

Hey @Destiny Rich !! Welcome to the world of an agent specifically in Atlanta!

I went through this process couple years ago as I met with both of the bigger KW offices in town (Intown & Metro Atlanta). I had also planned to speak with BHHS and couple other smaller firms.

The team leaders at each office are phenomenal and couple that with the support and structure you get as a new agent at KW is incredible.

Ultimately my personality matched the intown office the best and the location was more convenient (before covid when that actually mattered!).

The other thing you will want to decide is do you want to join an office as a solo agent or do you want to join a team. If solo agent, you will just need to meet with the team leader at the office of your choosing and make a decision from there.

If you are aren’t the self starter and self motivator like many of us are, you may opt to join a team. There is more structure on a team so some agents start there and go on their own.

If you do go solo agent, you will still have plenty of support from the productivity coaching as well the plethora of classes KW provides locally and globally.

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Absolutely! Whats the worst that can happen? You connect with investors and learn from them which isnt so bad! Its no different than going to a local REI meetup and talking to an investor...people can watch and listen in on your conversation the same as the 'audience' would be doing on a podcast.

Hey Isacc! Its a great way to get started investing as I am sure you already know the benefits. 

Questions I would ask are how old are your children and would you need to make special accommodations to make special accommodations based on that?

How long do you plan to be there?

What is your plan after and how long will you need to be there for that to happen?

Get a property manager. If you have a young family, probably not worth your time and energy to be dealing with issues or rent collection. Hard to deny anything tenants want if you live there and have to see them daily.

Continue paying yourself what you currently pay in rent to snowball that toward the next deal