All Forum Posts by: Aaron Norris

My issue right now is I haven't found one system I like that tracks everything back to one place (SMS, emails, chats, etc.).  I know there are some Wordpress pluggins that do this. The interview with Automobots was fun and it was tied to Facebook. The bot was a shopping cart functionality that allowed the user to put together what they wanted to see and then the agent basically showed them what was in the cart. I just can't say how useful this is to the process. 

From a customer service perspective, you know who has good chatbot customer service? PropertyRadar. However, it was clear I was working with someone that knew what they were talking about. 

Chatbot experience will vary greatly depending on what you're looking for. For property buying, I think a chatbot might work to allow an investor to grab the information they need. I just don't have personal experience with this and potential sellers. I'm thinking demographics or if they want to talk to someone. 

Hi Mike, I would just be very cautious of negative cash flow in California. We are expecting a recession. In some areas, that can mean several things including lower rents, banks pulling HELOCs, and lower selling prices. I'm sure you could find lenders that will do a loan at this point. I'm shocked at some of the programs I see around town but I don't know anyone doing these non-QM loans with stated income. Most hard money lenders are staying clear of owner-occupant stuff but may do it if you have a business purpose for the money. If so, check out the California Mortgage Association. Do a search in the member directory by location. Chances of finding someone local means easier funding typically. You may have to qualify like you would a regular loan because of local regs. You can always also chat with your local credit union. they are typically far more flexible. You got equity and cash, that's a great start. 

Hi Forest, I'm a hard money lender and because of regulation in California and Florida, we don't do private loans on anything owner-occupied. There are a handful that will but I don't know if they do it regularly. PLEASE make sure to touch base with your local city and county to see if they have any first-time buyer loans. So states, counties and cities can get pretty creative. You may be able to find the money you need to assist with the downpayment. 

Florida. 

Hi Jeff, I can't tell what Socal city you're from. There's a very tight network of real estate investment clubs down here. Warning: avoid the use of the word "wholesaling." You'll get a lot of eye-rolling. It's really important to understand how much time you have to dedicate to the business. In California, it's very competitive. Most deals are coming from equity sellers, investors creating value (new construction, ADUs, adding square footage, etc.), and very last is MLS. Figure how you plan to find the deals, do it, and the rest will fall in place.

@Daniel F. Harb I only know because I was late in starting. I got shiny object syndrome and was researching every buying strategy possible. I kick myself but I started.

Just start. Pick a place, a category, and one or two buying strategies max. On the finance side, start saving and get that credit score up as high as possible. Don't get stuck in education land. Pull the trigger.

American Title has been our go-to for years and are very investor friendly. Brett Rainey is my guy. 

Hi @Dong Yan , I do a combo of self-managing and outsourcing. It's getting a little difficult to manage these days. In Riverside, there are a number of experienced management companies. O'Neill Property Management is one of the larger management properties. 

@Dong Yan , I do have some investors still buying in MoVal but cash flow is getting harder. Again, every investor has their forumula of what they are looking for as far as cash flow. For instance, the 1% rule is very popular. So if you're buying something for $100,000 it rents for $1,000. That is getting far harder to achieve in the Inland Empire but if you're buying all cash with no finance costs, maybe that will work. I encourage you to seriously do some homework. Come to Moreno Valley AT NIGHT and drive the areas you are looking at. Being outside the area puts you at a disadvantage. For me personally, I go into a property for the cash flow. Equity gains are strictly a plus and I don't assume they will happen. I assume the market might go up but just as likely go down. I'll strategically try to get in the way of markets I think there's more opportunity but, again, I'm there for the cash flow. I believe in Inland Empire. There are several bright spots and specific cities like Riverside have laid some serious groundwork for future growth. Moreno Valley is so close, they will directly benefit as well. Anyway, probably way more than you wanted. :)