All Forum Posts by: Matt McCurdy

Has anyone been using a chat bot to assist them or their property manager(s) in their day-to-day operations?  If so, what chat bot and what are you using it for?

Some work that comes to my mind is:

1) Managing tenants to get rent paid

2) Diagnosing a repair issue and getting the right team to make the fix

3) Fielding messages from prospective tenants on advertised rentals

4) This list goes on...

I've found a company that automates rent collection and income/expense tracking for free, but I'd like to replace my property management portal altogether and feel I'm only half way there (certainly a tenant facing chat bot would close the gap).

 I agree that AI will transform this industry.  However, I fear the tech companies are the one's who will stand to benefit from this transformation.  They price much of the competition out of the market and begin to spike commissions back up (similar to what Uber/Lyft did to the cab industry).  Ultimately, I feel the worst for the uneducated Buyers out there just trying to buy a property/investment.  They either don't have the time or skillset to represent themselves. This will thin out the realtor herd, which isn't a bad thing, but it certainly won't help the Buyers, when they are already facing steep interest rates.

What subject of mentoring/coaching are you looking for?

@Anson Fauchier let's talk/meet-up.  I play in this space all day, every day in Cedar Rapids, Iowa.  I own rentals and have recently taken a break from buying to help other investors (like you) take the leap. There are a ton of options for your primary residence to ensure you can pay down your mortgage (while living there) and make it a viable rental when you move into a future place.

You're on the right path!  Knowledge is power, but actionable knowledge is game changing. I love long term buy and holds, as I believe real estate is a powerful investment vehicle to build long term wealth.

@Scott Garrels are you talking about a foreclosed property listed or paying cash for a house at the sheriff sale?

@Logan M. another stream of income, if you don't want to have clients finance through banks is financing them yourself and collecting the 12-15% on contract sales.

Do you offer any mini storage in any of your communities for an additional income stream?

@Ricky Nunez I'd recommend soaking up information from Jamil Damji and Pace Morby.  They have social media.  Jamil is on BP quite a bit. If you're left wanting more.  I believe they sell courses if you like their stuff.

 Questions I'd be asking myself are:

1) What value can you bring to the table as an agent (with examples)?

2) What is the best cashflowing asset class in the market you are in?  Can you show me some of these properties in said asset class to buy right now?

3) What undervalued neighborhood(s)/street(s) do you forsee as having the biggest appreciation opportunities?

4) How many investors have you helped buy/sell INVESTMENT property?

5) Can I get names/phone numbers of those investors to hear their thoughts?

Here's the reasons I'd ask these above questions:

#1 I like because you will get an open answer that can lead you in many different directions.  I want real life examples of how they are so good in whatever they claim.

#2 You may have your blinders on a certain asset class when a different one is performing better?  They also better be able to back it up with property available now or showing past sales (in the past 6-12 months) and how those would have cashflowed.  I have several examples in several neighborhoods that I can show.  If your realtor says they need a few days to get back to you.  They don't know the market well enough.

#3 Every realtor should know their market so well that there's some diamonds in the rough.  I invest and help others invest in Cedar Rapids, Iowa and know a couple neighborhoods where the tax assessed value is lower than other neighborhoods (same house), but just have a poor stigma/border thriving neighborhoods, so the spill over is and will continue to push into these neighborhoods.

#4 You can take this questions 2 ways.  Some will puff their chest shelling out a high number of investors.  I won't, because I like helping a small handful and don't want to over commit myself. Similar to @Daniel McDonald's statement. I do brokerage activities as a PT job, because my FT job is investing in RE.

#5 The realtor will need to go back to their past clients and ask for permission, so don't be alarmed if you only get 3 contacts of 10.  However, I think this can give you a non-BS answer on some of your questions.  Not to mention, you just grew your investor network!

Good luck!