All Forum Posts by: Randy Glenn
Randy Glenn has started 1 posts and replied 7 times.
Post: Travel RN new to the world of investing/Real Estate
- Posts 7
- Votes 8
Always good to have another fellow RN here! Welcome
I really appreciate everyone that threw questions at me and had great input and advice. So many of you tossed ideas that I haven't thought about. I can't thank you all enough
no offense taken. We plan on starting out turn-key, it seems to be a better way for me to get into this. That doesn't mean we will always do it. The more I read and the more I talk with people, I'm discovering other ways to go about this.
Quote from @Tyler Fontaine:
One last thing, since you're going into a partnership. Have your attorney draft an operating agreement that everyone is on. It should outline everyones specific roles and set expectations up front.
I'd also consider on how executive decisions get made... will it be majority vote out of 3? Can one individual be granted the final say on all issues (maybe they have more experience, dedicate more time, etc)
When it comes to these situations you need effective decision making with SPEED. That is what will save you tine and in turn money. A system to make decisions is crucial so that no one feels slighted or screwed over.
However this happens, it should be outlined from the beginning if possible.
Quote from @Caleb Brown:
Happy to chat on KC! Biggest thing is building a team then having a criteria. It's easy to go after every strategy or niche. Once you narrow down a strategy then you can pick certain areas to look in. From there offer on deals and do your due diligence
Thanks! I'll definetly take you up on that KC chat, if we buy here.
Quote from @Tyler Fontaine:
Im assuming you are investing remotely with these locations?
So some of our clients invest remotely with us. We have established relationships with them and they trust us when we bring a deal to them or when we advise them on the next course of action with their current investments.
Couple things I would say to you on this strategy.
1. Have explicit metrics to go off of. Clearly define what the minimum and maximums are for your downpayment, purchase price, cashflow, NOI, CapRate, asset class, total number of units per building, etc
This will give you clarity as you scrub deals. Stick to your criteria and don't make emotional decisions.
2. I HIGHLY recommend you get boots on the ground that you trust. I would be going to the city and meeting with the PM you're considering. They should be well versed on how they manage the asset, deal with tenant turnovers, and have a robust plan for maintenance. They should have good reviews and good recommendations.
3. Join the local REIAs in the areas that you are considering investing. Ask the locals their favorite geographic locations to invest, who the players in the area are, recommendations for PM's/Contractors/Realtors/Lenders/etc
What is drawing you to these markets? Why not do it in your own backyard?
Hello,
Been lurking around for a couple days, trying to not ask duplicate questions. But honestly I have so many...
A couple partners and I are all going in together. We've narrowed down our markets to KC, Detroit, and certain parts of TX. We have a decent down payment (60-80K). We are all working professionals so we are going to hire a property management companies mainly focusing on turn key properties at first. We are still in the very first stages of our decisions so we are several months away from acting on things. I think we are looking at properties that are around the 200K range or less. My question is this. Is this how some of you all started? I know there will be pitfalls along the way, lessons learned, but I'm trying to mitigate some of that as we go along. Is there anything else we should be looking at? I feel like this is one of those you don't know what you don't know things, so any extra information is wonderful.
Thanks for your input