All Forum Posts by: Neal Collins

Eduardo Bravo ortiz Lots of information to unpack to make that decision. First being condition, price/terms, timeline and relocation fees. In my opinion turning a property around like that without property management is taking on a large bite. Combine the fact that you don’t have local boots on the ground and it is too big of bite to chew. We’ve got a lot of experience in this area. Happy to chat if you want to PM me. We’ve turned around a 9-unit, 8-unit, and 15-unit like that in Portland this year.

@Xavier Napala What kind of work are you looking for? Something geared towards an analyst role considering your degree, sales, management, etc

@Jay Hinrichs We don’t do very much wholesaling because we will either close or represent a client to close. RE license has been a huge asset to us. The bar to get a contractor’s license is also quite low with an open book test and 15 hours or so of education. Getting bonded is dirt cheap, and if it weren’t for insurance costs I’d bet there’d be more contractors out there.

Get online software to run the management and accept payments. Barebones is Cozy and it goes up from there.

You should go to a David Tilney event. He is a known expert on master leases.

What to do when a seller calls from your marketing: Talk to them! It’s unbelievable how many people send out direct mail only to have the call go to voicemail and then never follow up. It’s a complete waste a time, money, and energy if you don’t talk with them. Don’t over think this. Your job isn’t to negotiate price over the phone, especially when you are working with a very limited amount of leads. Build rapport, ask questions, and then setup a time to go talk with them in person if it looks like the property is what you are looking for. Meet in person. Ask questions. Understand where they are coming from, why they are looking to sell, and what their situation is. See the property to get an idea of value if possible. Don’t be afraid to talk matter of fact about what price they see the place is worth to gauge their temperature. After that research property values, run your numbers, put together an offer or two, and then go meet them again to talk about the offers. When an offer is accepted take the paperwork to a title company to open escrow, put down earnest money, inspect the trio and title reports, get the professional inspections you’d like to have done, negotiate the deal if necessary from your due diligence, make sure your financing is in place, and then close on the deal at the scheduled closing time. Take the keys and then get to work. It feels like a gargantuan feat when you haven’t done it before but it does get easier when you know values and how to structure a deal that you can then shepherd through escrow. You may want to rope in someone more experienced or dare I say an agent to help walk you through this process on the first couple deals.

@Grant Schroeder You can BRRR with any type of financing, not just conventional. If funds are tight you may also want to look into a 203(k) loan that will act similar to an FHA but will also loan out construction funds and then roll them into the long-term amortized principal loan.

Diego Romero Shop around and see which company you identify the best with that will help you achieve your real estate investing goals. A good property management company will maintain what you’ve got, a great company will optimize what you had and build wealth with future acquisitions. Well worth the price of a management fee.

Welcome Patrick James . We’ve got a similar setup as agents/investors here in Portland. What kind of rentals do you invest in?

Troy Williams What are you looking to get out of the course? The certificate won’t be worth much, but you will gain a theoretical and academic perspective to the industry. Those kinds of courses are actually great in person simply due to the networking with local movers and shakers in your local area. Check to see if there is a masters certificate course. If you really want to do something online that is valuable that you can easily monetize then you may want to take a real estate agent course to get your license. It’s valuable content and isn’t a bad credential to have. You can legally get referral fees and broker deals. There are lots of continuing education opportunities after you get licensed as well. It is not a requirement that you become an agent either.