All Forum Posts by: Account Closed

@Christopher Hall, so do you have any multifamily rentals? I've always thought the idea of having a bunch of units in one place was more appealing than being scattered. Property management is the part I would be most worried with.

The economy crashing is obviously something people will have to worry about in this business. How does the economy in a time like 2007 impact multifamily rentals, though? It's obvious how it would be negative for people trying to do flips, but do rental rates drop drastically at a time like this, or are they usually pretty consistent? If you're in a place where rentals are usually relatively stable, does a time like '07 make any drastic changes to that?

@Caleb Mock, I'm from Statesboro as well. If you're looking for more of a younger professional crowd, I would just make certain things that wouldn't necessarily attract a college aged tenant. Mention no partying and whatnot when showing the home. As far as upgrades, I personally think a deck would be more appealing than a carport and would be around the same relative cost if you can do some of the work yourself. Georgia Southern is a good place for some young professionals, especially with the hospital, and nurses make good tenants. They're usually clean and can always pick up a shift if they're lacking money. Just make sure to do it all legally and not get into trouble with fair housing laws. I think the most important thing is location. If you're surrounded by a bunch of college student homes, that's what you'll attract here. If the neighboring houses are less like that, it'll draw more professional, possibly long-term tenants. I can say that with confidence!

@David Friedman, congrats! Amazing job, I checked out your other post as well. Great return on both flips, you must be pumped. Keep these kinds of posts coming, definitely a motivation as I'm trying to get into flips myself. Did you hire contractors for the work or do the upgrading yourself?

@Daniel Rick, if it makes you feel any better, I feel like in class would be the better option anyways. Well... I guess it depends on the person really. I'm doing mine online and it has it's moments where I'd rather have someone in person explaining it. Also, I know I would have finished sooner doing an actual class than online. My aunt is an agent and recommended the class in person, so did a few other agents I know. I just didn't get the memo until I started online. It's not horrible or anything, I just feel like in person would be a plus. @Lisa Kohl is saying it's only 40 hours for your state. In class time, that would fly by. I have to do 75 online. Not a bad situation for you! Way to stay positive. Knock it out and maybe get some connections along the way. Good luck!

@Ashley LeBoeuf, although I feel like it's been answered enough, I'll throw in my two cents as well. 10% is a lot unless it's just a really good deal. And I mean, really good. Even if they're each $50k, that's a $15k EMD. If you have the capital and plan on double closing, that's when it wouldn't matter. But since you're just wholesaling, $1k each should be fine. But again, it really comes down to how confident you are in the numbers. I'd put up 10% each with a large enough profit gap. But I'd have to have more experience and some very trusty buyers on my list. Putting up $15k in escrow and having a clause that would let you get that back after not finding a buyer after X amount of days wouldn't help your credibility much, unless the seller is just so completely aware of the situation that he/she doesn't mind. But having $15k in escrow given back to a wholesaler just seems like it'd leave a bitter taste in any seller's mouth.

Wow, I'm overwhelmed with all the responses. Thank you to everyone! I have only shown one house thus far. I'm not an agent, it was one of my parent's homes in the country. I showed it to a random guy I had met off Craigslist. At the time, didn't seem too crazy. But looking back, I was with some random guy who was 100 pounds heavier than me, alone in a house, down a dirt road in the middle of the woods. I just can't imagine doing the same situation again without any type of protection. I will have it concealed at all times, though. Thanks for all the responses!

@Joseph Chiavatti, although guns are pretty common, I don't really think the norm is carrying on the hip here. I was also wondering about the broker having limitations, which is the main reason to make me wonder about carrying myself.

@Kadeem Wells, I've heard plenty as well! I was just thinking having it on the hip may make the buyer uncomfortable. I think I still will for safety, but have it out of sight.

@Chris Jurgens, I agree. I actually don't have much experience with guns, so I would definitely take the right training. I just didn't know about how well guns and being an agent would correspond. I could see it causing issues, but as long as it's concealed, I think it would be appropriate.