All Forum Posts by: Jon Huber

@Tim Lindstrom You took the question right from me...

@Nicholas Varner  I'm a Big Data geek myself. My 9-5 is essentially that. I've used some of the data to create my own systems, and they have worked thus far. I am always improving though. A lot of what I get comes from city-data.com. Great info for data geeks, and it's free. 

We can toss ideas back and forth in this forum.

One great idea, that I haven't set up yet but am intrigued to... is using RSS feeds from MLS sites to import data into SQL, thus creating ones own db that can be queried.

@Heath Thomas Jr Here is a post I started over a year ago that has a ton of websites that others have contributed to. This should give you the site, however, the criteria you should be looking for is up to you, depending on what your goals are. Some people what section 8 housing, some people want pure appreciate and zero cash flow, some people want all cash flow. You can use these sites to help determine what strategy you'd like.

Online Resources

@Steve Babiak You are correct... hence why I said "depending on the reno"

@Virginia H.  Another thing is assessments. A property I own decided to make an $1,800 assessment to dig up the boards on the walkway of the common area. Personally, I thought the area was fine, but one person got a splinter and made a big deal. The board voted, and passed the assessment. I would have much rather seen that money go towards anything that would increase the value of the community (e.g. workout room, new windows, etc). 

Parts of the reno (depending on the reno) will need to be approved by the HOA. Moving electrical outlets, changing the plumbing to have a double sink instead of a single, moving walls, etc etc etc... You will have a group of individuals making decisions that will affect your bottom line, sometimes drastically.

That's not a gamble I would be willing to take. But others have had success doing this

@Amy L. As a realtor myself, I think it is fine. If you do not have an exclusive agreement, then your loyalty is to who brings you the deal. If two agents bring you the same deal, you go with the first one. I don't think this needs to be explicitly disclosed, as it should be assumed. If you did have loyalty to only one agent, and someone else brings you a deal, would you not take the deal? Of course not.

@Joshua Dorkin  As a tech guy, I can congratulate you on your flawless transition. Your team didn't miss a beat. Excellent work.

@Jenifer Ashby The overall consensus is that "Rich Dad, Poor Dad" by Robert Kiyosaki will be the one to start it all off. It did for me... and for most others. From there you can expand to the "Cash Flow Quadrant". Also, be sure to listen to the podcasts. They ask every guest their favorite RE book, and their favorite business book. The links to those books are in the show notes as well. You should go there immediately if you have not already.

I left college in my senior year to get my RE license. Then again this was 2004 and EVERYONE was making money. I worked part time in RE and part time in school and I eventually graduated in 2007. When I did, I had a few years of RE experience AND a business degree. You can bet how happy I was to have my degree when the market tanked in 2007. Looking back, I wouldn't have changed a thing.

Do not underestimate the value of your college education and your degree. There will always be real estate. Trust me. There are enough to go around...

@Jarod B. You need to do the research. Find your "farm land", and master the comps. You should know the properties being listed, and sold. Go back 6 months, maybe even a year... and you should be trying to find trends. Are properties increasing at a steady rate? Are they staying consistent? Be sure to be comparing "apples to apples" with similar properties. 

We all wonder if the deal we are getting is the best deal. We all wonder if we could get a little more from the seller. You just have to run your numbers. The BP Calcs are great for figuring cash flow. Know your purchase price, taxes, rents, and additional expenses, and you are well on your way. You can begin by calculating cash flow on properties that are not in your wheel house, just to get in the practice. 

Good luck!