All Forum Posts by: Kenneth Garrett

@Vashist Dhanani

Getting your real estate license is not difficult. A few classes and take the test. Depending on the state there are a number of continuing education hours needed each year.

Finding an agent who understands investing is difficult. It’s a completely different way at looking at property. Most investors look beyond what the property is and envision what it could be. Most agents want the fixed up house for an easy sale or listing.

If I was going to start over and wanted to go to college I would get a financial degree. It will assist you with large commercial projects and a better understanding of finance. I’ve seen finance majors work for large commercial lenders and understand what and how investors think and can see first hand the creativity of putting a deal together. They then go on there own. Those types of people are the wealthy. It’s hard work either way.

If you talk to investors we all come from different walks of life. There is no one path. Being able to know a deal is intuitive, some have it some don’t.

Pick your own path. You can look at how other people became successful and follow that path, but you will never follow their path 100%. You’ll take the things you like and the things you don’t and create your own path.

@Archimedes Jao

I agree with others about being careful regarding refinancing with interest rates continuing to rise. I tend to use the profit to pay myself back. Hopefully your cash flow is doing well. On STR's my goal would be to hit 20% cash on cash return. In theory, at 20% COC it will take 5 years to recoup your money and reinvest it. Otherwise private money might be an option to get into another property. With interest rates hovering around high 6's and probably will be at 7% soon, private money doesn't seem that expensive anymore at 10%-12%.

You can try Goosehead Insurance.  They are a Florida Insurance Company.  I tried to use Proper, but they stopped issuing policies in my area. 

@Allen Tracy

I mainly deal with LTR’s in C+/B areas.  My multi unit buildings, I agree with you.  If you get 2-3 years with one tenant, that’s pretty good.  My single family tenant’s tend to stay way longer.  This is a reason why people keep rents under market because the cost of repairs, paint and vacancy.  By keeping rent $50 or $100 under market rent can keep tenants from leaving and it’s way cheaper.  Replacing tenants is costly.

I've not been using any dynamic pricing tools for my STR. I used the enemy method to develop my pricing. For those of you who switched to a dynamic pricing software like pricelabs or beyond, did you see a significant change in bookings or was it something else you benefitted from?

@Account Closed

I googled REIA groups and found Boston Real Estate Investors Group in Dedham.

@Cole Allen

A crack in a foundation wall is very common.  You need to access whether it’s causing a water problem.  I am assuming the rest of the wall is exposed and not covered by drywall.  A leak can be fixed by a water proofing company.  The cost can very depending on the extent of the leak and putting in a drain tile system.  It could be as simple as cleaning the crack and applying epoxy to the crack.  That is probably under $1000.  If you hire a company to put in a full system it could cost around $5000.  It really depends.  It’s not a very big crack.  I would be more concerned if it were offset where it’s a structural issue.  Sounds minor provided there aren’t multiple spots.

@Cameron Biggs

Hi Cameron, when you borrow money from a private lender it’s the same as borrowing from the bank. Prepare a mortgage or deed of trust (depends on your state), promissory note ( this details the loan conditions, the amount, interest rate, default rate, etc. Have an attorney prepare the documents. Money should always be wired to the title company.

I have done these numerous times. It is state specific. Most importantly you want to protect your private lenders funds, especially if it’s family.