All Forum Posts by: Jordan B.

Originally posted by @David Taylor:

@Corey Robert Leet @Jordan B.

Hi! Corey what was the verdict? Did you purchase in Winona?

Jordan let’s connect and chat we are looking at a few properties in Winona. Did you happen to go to the schools (k-12) here? What was your experience? What was that website for the block to block rental? Any other unique qualities about Winona you have found? 

Sorry for the delay.  Hopefully I still have some answers for you.  
I'll send you a message.

Originally posted by @Matt J.:

Hey Jordan, 

Do you self-manage your properties down there, or do you have a property management company you work with? So the 30% rule, if there are 3 out of 10 houses on a block that are rentals, you can't turn a non-rental home into a rental home, correct? 

Originally posted by @Jordan B.:

I’ve lived in Winona my whole life, and it’s an awesome little town with lots of opportunities.

A few things to keep track of:
As you’ve probably seen, we have a “30% Rule”. This makes it impossible to certify a home on a block that is 30% rented. Certified homes over the limit are grandfathered in. It’s not every block. You’ve probably found the rental map on the city website.
There have been large multifamily units constructed recently. It’s beginning to push up vacancies a little, but you should still be very safe within the college area.
There are large units (up to 9 bedroom apartments) on the market. The word is that they’ve been having a really tough time keeping them filled.

I’ll PM you my agent’s contact information. We have a relatively new relationship, but he’s the most experienced investor/agent I could find! Good luck!

 That’s correct, certifying the fourth house won’t happen without an act of Congress.

My first property in under contract, but I’ll be owner occupying (and managing).  There are a couple property management companies out there, but every local I know of manages themselves until they can hire employees.  Finding managers that care about your property might be tough right now, and some are trying to get out of it. Vet them carefully!

Message me anytime!

I’ve lived in Winona my whole life, and it’s an awesome little town with lots of opportunities. A few things to keep track of: As you’ve probably seen, we have a “30% Rule”. This makes it impossible to certify a home on a block that is 30% rented. Certified homes over the limit are grandfathered in. It’s not every block. You’ve probably found the rental map on the city website. There have been large multifamily units constructed recently. It’s beginning to push up vacancies a little, but you should still be very safe within the college area. There are large units (up to 9 bedroom apartments) on the market. The word is that they’ve been having a really tough time keeping them filled. I’ll PM you my agent’s contact information. We have a relatively new relationship, but he’s the most experienced investor/agent I could find! Good luck!

I'm glad my high expectations are on par with the high level agents. That's where I want to play ball.  I accept full responsibility for the communication issues.  I didn't set any expectations at the beginning of the relationship.  Lesson learned!  

Update: I got a call within 15 minutes of posting the question and I'll be seeing the property in the next couple days.

Thank you for the input, everyone!

I'm analyzing long term hold properties for my first deal.  I found an agent with decades of rental experience and many local properties, and I promptly left a message. 

It was five days before I received a call back.  It was over Thanksgiving week, but I was surprised that it took so long.  When they did call in the evening, I was pleasantly surprised by our conversation.  This agent seemed to be a great resource with tons of experience as an investor, and we agreed to let each other know if a good property within my criteria popped up.
It's now been two weeks since our conversation, and I just found the elusive 1-in-100 property with awesome numbers.  I left a message early this morning and haven't heard back yet [as of 8 PM].

My question is this: What service should I expect from arguably the most important member of my team?  Should I start calling for a backup agent immediately?  I suspect there's a balance between wanting a hungry/caffeinated agent and a wealthy agent who would rather spend his time on his own deals.  It's a close knit market with big players, so burning bridges is a last resort.  

Your help is appreciated.

I like to take a “Wikipedia approach”. After the initial impressions (Pro membership, post to vote ratio, profile, tone, etc.), I’ll take the information and cross reference it with other pages and posts. In these early stages of my investing career, I’m not trying to innovative. I’ll seek the proven wisdom and leave the unique strategies to those with capital to throw around.

Originally posted by @Jay Hinrichs:

what do you mean sponsor?  are you talking about guest or are their adverts that folks pay for to be on the pod cast.. I have never listened to one  not even my own.. so unclear

if your looking for another person to interview I have a few recommendations if you like

 I believe they're looking for financial sponsors.  They drop a few short advertisements throughout the show.

https://www.biggerpockets.com/renewsblog/replace-c...
https://www.biggerpockets.com/renewsblog/2015/10/1...

Originally posted by @Jon Mccarthy:

@stiven

@Account Closed what do you think about this one? it is a brand new construction.

Take another look at your expenses. Every situation is different, but I'm hard pressed to believe the CapCx, Repairs, Vacancy, and Management are 3%. For my SFR & Duplex hunt, I'm using 10% for management, 10% for CapEx, 5% for repairs, and 5-10% for vacancy depending on the property. Find some local pros and find out what they're paying.

What do you consider to be a good deal?  Some investors won't touch a property with less than several hundred in cashflow and 15% cash-on-cash return.  Others are content with a cashflow negative property due to appreciation.