All Forum Posts by: Jennifer Preddy Egbert

@Chris C. 

1. Staging 

2. Professional photography

3. Social Media / Instagram, FB ads at the very least

4. Walk Through video on Zillow

---- those are the basics in terms of markting. Never give Buyers the benefit of the doubt that they are creative. They're not. 

5. Find out the absorption rate for the neighborhood. If average days on market are 75 and you're at day 68, you're near an offer in theory. Math is a wonderful thing. Zillow isn't the end all be all for comps. Have real comps done. If you're at $290k and actual comps are saying $300k, raise the price to $300k. At $300k, you're priced on the bridge and open up your search results by thousands of people. 

In our experience in the 1000 year flood in Boulder in 2013, prices of homes skyrocketed afterward. Simple supply and demand. There may be deals on scrapers initially (I know a guy who wrote on a home the day after that was fully distressed. Two months later the home went up by 22% in value) but that won't last with so many displaced people. 

@Philip Bashaw Use your expertise to share with him your best results; do you have a business model in mind? For instance, I have high net-worth clients who look for a certain cap rate and value add properties only. I have another who looks for uptick in residential luxury spec homes and so forth. Let him know your concerns with the path you've created. What obstacles did you over come along the way, creatively? Do you have a current plan in place for yourself? Do you have an exit agreement (I love those)? Can you get him in on deals like being an equity partner in Big Boy Commercial? Ask him a LOT of questions. Find out what are his hopes and dreams and biggest fears. Since you are a great listener, you will build repoire quickly and that is most important.
 

That's the place to begin. Where can you step in as his trusted advocate/business partner. 

hope that helps.

@Ricardo Lunk investment properties have higher rates. Do you have a lender that you know, like and trust? If so, create a repeat-business relationship with her/him and as your portfolio grows, you will receive better rates (confidence).

The math is if you buy 1 $150k SFR/yr for 10 yrs, in a normal equity-gaining city (3-4%), your net worth at the end of those 10 years is $4m. you have to buy them as primary residences to get LTV so get used to moving pretty regularly. Alter your math to fit your market to get the numbers. After that, use that equity and find one or two big hitters to get into some much bigger deals.

I'm a huge fan of Airbnb over VRBO. The website is cooler looking and works 1000 times better than VRBO. I never handle money and I get a 1099 from them. They're 100% pro-host and insure damages up to $1m. They provide (or did the last time I listed a property) free, professional photography and don't charge a sign-up fee. 

The only reason to get your license if you're an investor is so that you can get paid on your own deals. Practicing real estate is an entire career unto itself so that's something you'll have to decide for yourself. I would say even if you never take on a new client, you can use your license to A) leverage your deals, B) get paid. 

We survived a 1000 yr flood in Boulder, CO in 2013. Then the average sales price was $640,000. Now the average sales price is $1.3m. Supply and Demand plays a role. You'll see areas that didn't flood jump in value and new desirable neighborhoods emerge.