All Forum Posts by: Jared Hottle

I suppose it depends on how much of a discount. If we are talking 5%or less I think that is a problem. If you are looking for big discounts I would say, always remember agents are paid a commission on the purchase price at closing and are not paid for any other activity. So those that refuse to pull the trigger or are low-ball offer types will be the first they will drop as their business grows or they get busy. This is not saying you cannot continue using your strategy but I would have an open conversation with them on what you are going to be doing for the foreseeable future and ask them if they think they are a good fit. As an investor using this strategy I would be ready to only have inexperienced or new agents take my calls so you will need to educate yourself on the process and work a bit harder than you would if you had a rockstar agent. Again to each their own. There are many benefits to working with a top-producer but significant discounted offers is not one of them.

Partnering up on a rental property can be a good idea, but also comes with added risks and responsibilities. Here are some factors to consider:

1. Shared decision making: both parties must be on the same page regarding the property search, financing, management and exit strategy.
2. Increased risk: two inexperienced investors may make mistakes that can impact their finances and the success of the investment.
3. Increased responsibilities: both parties are responsible for the success of the investment and must divide tasks such as property management and maintenance.
4. Possible differences in long-term goals: it's important to ensure that both parties have similar goals and expectations for the investment.

In conclusion, buying a simple and affordable property may be a safer option for a first-time investor, but partnering with another newbie to purchase a more expensive and attractive property can also be worth the risk if both parties are well-prepared and have aligned expectations.

Cody welcome to Iowa. Des Moines is great going to be an exciting time for you and love you are getting into real estate. Would love to connect.

Josh, Message me would love to be able to connect. 

Midwest markets will get you .86 on some great properties. I can help if you are willing to go to Iowa but other markets seem to have similar returns in the Midwest.

I have had good luck with Facebook marketplace lots of weak leads come with the good so have a system in place that you can batch respond by copy and pasting the same message to get them to apply. Also if anything like my area people do not like moving in the winter months so that may be why you are getting less leads.

 Great!

It sounds like you have a great opportunity with your newly approved in-law apartment as an ADU, and it's great that you're considering different rental options. Short-term rentals, such as those for healthcare workers, can be a great way to generate higher revenue and occupancy rates than long-term rentals. Here are some tips and considerations to keep in mind:

Pros: -Higher revenue potential: Short-term rentals can generate higher revenue than long-term rentals, as you can charge a premium for the convenience and flexibility they offer. -Flexibility: You can adjust your rental rates and occupancy levels based on demand and seasonality. -Lower vacancy rates: Short-term rentals can help fill vacancies during slow periods.

Cons: -More work and expenses: Furnishing and maintaining the property for short-term rentals can be more expensive and time-consuming than for long-term rentals. -Increased turnover: With more guests coming and going, you may need to invest more time in cleaning and maintenance. -Less tenant stability: With shorter rental terms, you may experience more turnover, which can lead to increased marketing costs and potential vacancy periods.

Tips:

• Market your property effectively: Make sure to market your property effectively to healthcare workers and other short-term renters. -Be aware of regulations: Make sure to familiarize yourself with local laws and regulations regarding short-term rentals, as they can vary widely by location.
• Keep it clean: Keep the property clean, well-maintained, and in good working order to ensure a positive guest experience. -Be prepared for unexpected expenses: Be prepared for unexpected expenses, such as repairs or replacements of appliances or furniture,

Considering the recent news about Yale new haven hospital buying out Manchester and Rockville hospital, it sounds like you are in a good location and your idea of short-term rentals for healthcare workers could be a good opportunity. However, it's important to weigh the pros and cons, and consider all the factors involved, such as the cost of furniture, and maintenance, and market demand.

It's great that you have taken an interest in buying rental property, and even better that you have the opportunity to potentially purchase your parents' rental property. It can be overwhelming to make a quick decision, especially when it comes to an out-of-state sale, but it's important to take the time to weigh your options and consider all the factors involved.

First, it's important to thoroughly evaluate the rental property and consider its potential for income and long-term growth. Make sure you have a clear understanding of the local real estate market and rental demand in the area. Additionally, you should research and compare different financing options, such as traditional mortgages, portfolio loans, or hard money loans, to find the best fit for your situation.

You should also consult with professionals, like a real estate attorney or a property manager, to ensure that all the legal and management aspects of the purchase are handled properly. And you should also consider the tax implications of owning an out-of-state rental property, and consult with a tax professional.

BiggerPockets is a great resource for learning about rental property investing and connecting with experienced investors. You can also use the forum to ask questions and get advice from experienced investors, property managers, and other professionals.

In summary, it's important to take your time to evaluate the rental property, research financing options, and consult with professionals to make sure you are making the best decision. Reach out to the community of BiggerPockets, that can help you with your concerns and questions.

I am bias but this sounds like a great property to BRRR. Imagine if at the end of the year you had 4 properties using the BRRR method instead of 3 properties flipped and one owned outright. Your net worth would be on an exponential track and if you did that every year you would be free!