All Forum Posts by: Phil C.

So I just came back from previewing 8 properties for potential buy and hold/fix and flip.  I found that I was constantly trying to take good pictures, videos, jot down notes, and ask questions.  At the time everything is in my head, but I found that after a long day of previewing and trying to gather and collect my thoughts, that everything is a mess filled with bad photos angle, even worse videos of me running from room to room with the camera pointed to the ground or the realtor's butt, and illegible notes that seem meaningless afterwards, or even no notes bc it was all in my head at the time.. 

Does anyone have an efficient and effective system they use when previewing a property? 

I hope I look back at this question years from now when I have dozens of properties and laugh my *** off at how noobie this question sounds, but for now, I am a bit flustered at how things went today and want to do it better next time.

p.s. there was one podcast guest who said if you up the rent, do something nice like new upgrade or appliance, so they feel good about it. It's about making everyone happy and in turn the owner Wil be happy

in my eyes running a real estate buy and hold is like running a company. High turnover means something is wrong and low turnover generally means things are going right. When I get tenants my first objective is to keep then as long as possible. I would purposely under price my units for the right ppl by $100-$150.  My logic is They will tend to take care of the place better, complain less, and be overall better tenants because they know they won't find a better deal.  My benefit would be less turnover, less agent fees, less gaps in rent, less reconditioning costs for new tenants, that would easily add up to $2000-3000 vs $1200-$1600, but most importantly less stress and risk of getting a bad tenant.  

This is what i would do.

can't someone send to Brandon to post in the learning center?

so she's not living in your complex but in a trailor next to it and basically just mooching off electricity? Did she she take her stuff to? If so, Doesn't that count as she vacated already?

 Fantastic spreadsheet jay! Great detailed breakdown

you'll pay about $700-$1000 annually on NAR and broker fees/membership fees which includes mls, desk fees, franchise fees, etc. Plus.the 22.5 ce courses every 2 yrs which can vary in the $200-500 depending on course. And finding a broker to sponsor, some have performance quotas and can release u if you dont produce.

But most cons are the costs. I got mine in June and haven't made a dime yet  but I hope too soon otherwise im wasting my time and money

as a part agent myself, I would say, it doesn't matter of you call your self a part time full time of whatever time, the amount you earn reflects the quality of agent you are. You can put 50 hrs a week calling and door knocking but if you're not a self motivated go getter people person who can talk you could realistically make nothing. 

I would suggest finding a brokerage who is willing to sponsor you and train you and let you do it as a "second" job. You must realize that you will be working nights and weekends and pushing 75-90hrs easily.

Why not keep your day job and stick to re investing? In regards to insurance, if your spouse works and has good benefits, jump onto hers. Otherwise, stick with your day job. Insurance is a big expense, my friend pays 30k/yr for his. Good luck

This is a great topic.  Thanks for contributing!

this is a great thread for the Philly contingency. @amorette are you part of a prop mgr or are you an individual who manages properties? 

I'm looking to get a pm lined up before I jump in. I plan to have at least 5-10 properties in the next 3 yrs. Thanks