All Forum Posts by: Chris Clothier

O.K. Guys -

Deal is closed and I am super appreciative that there are so many people that want to go. I have sent an email to the 4 people that I will send tickets to. I was able to get 2 more to make sure the 4 who said they want to come can come. So I will shoot emails now and I expect to see each of you in Denver. I will be there and would really like to shake hands with those that are coming.

All the best - Chris

So we purchased 2 tickets to the event back when Josh made the original announcement of the event for myself and one staff member to attend. Since that time we have decided to sponsor the event as well as that came with passes, so we have two tickets.

I know there are a lot of investors and business owners on the site who would like to go, but may not have finalized plans due to the different costs of attending. I would love to give these tickets to someone who really wants to attend and hasn't pulled the trigger yet. Ideally, I would like to give 1 ticket to two different people to help as many people as possible, but will consider both for a special circumstance.

Please respond right here on the forums if you can use these tickets and why you want to attend. No essay and you certainly do not need to share any personal anecdotes, just let me know that you need them and why it matters that you are in Denver and I would love to help make it happen. I only have two and I will pick who gets them asap and will forward your info. to Josh. Looking forward to seeing everyone in Denver!

The 3-day seminar is free and there is a lot of good information shared on those three days, but ultimately it is an opportunity to buy a home study course, buy a coaching package or get direction on how to buy real estate passively.

Like every other seminar, but with one big difference - these guys are actually still doing hundreds of deal each year and still make a ton of money flipping and holding. I'm biased because I do a lot of projects with them and have been managing portfolios of properties for them here in Memphis for the last three years. IF you were looking for the right people to follow and learn from, I personally do not think there is any group of people better than fortune builders.

Good luck with whatever you decide.

Andy -

The fact of the matter is that for qualified buyers, the rates are extremely low and there are relatively few barriers to stop you from purchasing an investment property and then renting it to your daughter. There are plenty of pitfalls that others addressed about renting to family and their friends, but there are ways to structure a deal that works for you and allows you to provide a good investment for you and a good property for your daughter. We manage 3 properties where parents purchased properties for their kids to live in while they were in college and one of those has already converted to another tenant for the owner. So it is very doable, you just have to go about it the right way on the purchase side. Good luck with it -

Michael -

I would be the wrong guy to ask on maintenance allocation for a 10-unit apartment because we only own single families and manage over 1,000 more for other investors. I can tell you on my portfolio, I am averaging about 8% of gross rents over the last 24 months when we really started tightening up the renovation work on the front end. I am not sure if 10% of gross rents is a proper allocation on a 10-unit building though. I'm sure there will be some other responses on here from some other multi-unit guys that give you a clearer answer.

Michael -

Just be very careful and diligent about your inspections before purchase. Have licensed experts give you opinions on expected life of all systems, plumbing, roof, windows, etc... And then, IMO, address all of the major issues on the front end or in your negotiation period for purchase. A dollar spent today can save you two when it comes to addressing deferred maintenance. Best of luck -

Justin -

Plenty of other people have already addressed the "unique" deal you have where a seller is willing to discount $110k to you. That sounds odd enough, but has already been covered.

My thought on this is that there is no reason not to pay a realtor who is under contract at the time you were introduced to the deal. Regardless of what they have earned or what they are owed, it is under contract with a listing agent and they are entitled to be paid - IMO.

Chris

There were 15 properties in this one cove area and we purchased 12 of them and another individual owned the other three. His lack of work really had nothing to do with the failure of the project. Something else I would suggest would be to use as many hyper-local contractors as possible. I.E. - put your possible tenants and neighbors to work.

Claudio -

Be consistent! Whatever you do from a marketing stand point, stay active and be consistent. Remember that social media is not about you - it is about connecting with potential clients. When I give talks on using social media, I tell people two great tips that Than Merrill have me.

1. Social media is like a big cocktail party. Get in and get involved with the conversation and talk about not only what interests you, but what interests others as well. When people like what you are saying, that is when you can pull aside into a more private conversation and talk about business. Be Social on social media!

2. Concentrate on one aspect of social media for an extended period of time while you learn it, then move to the next. I.E. - learn how to micro-blog, learn how to use Facebook, learn how to use video, learn how to create a true blog. Just don't try to learn it all at the same time or you will go crazy.

I am huge advocate of Hubspot. As Bryan pointed out, they have a plethora of information on inbound marketing topics including using different pieces of social media. That is a great resource to take advantage of.

All the best -

Jeremy -

You have read some great advice on this post already, but i will echo one sentiment that i learned first hand here in Memphis by buying all of the properties in one particular cove. We controlled 90% of the cove made up entirely of duplexes and the area was low income. We renovated the properties and the cove completely redoing the properties themselves and adding fences to cut off walkways and cut-throughs from other neighborhoods and apartments, planting trees, shrubs and flowers, painting the brick to bring vibrant colors and generally raised the "look" of this area from urban decay to urban renewal.

What we did not do was reach out to neighborhood organizations and churches whose support and membership would have been very helpful in making the project work. Unfortunately, we were not changing the attitudes or providing for better income and opportunity in the area. The tenants still faced their own harsh realities and took it out on the properties. There was also resentment from residents of surrounding areas and it was not long before the fences were knocked down, trees were stolen, graphite covered the painted brick and the properties continued to be revolving with tenants every few months.

You really need to enlist the help of neighborhood centric organizations and businesses if you want o be successful long-term, in my opinion.

best of luck