All Forum Posts by: Richard Sherman

@Tim Polk yuck, yeah that does not sound fun.  I would ask on the easement , we do it on ag property all the time..though I know it is a different situation.  

@Adam Craig yes you can do listings from Cozy..though I do not think we have actually listed a rental in over 2 years..we tell existing tenants and have a wait list just from that (but I am in a super tight rental market commuting distance from Portland, OR)   I know for sure they publish to or allow a link to publish on many listing sites.  Yes, you collect ACH rental payments as well and background checks etc if you want.  Less features than the big guys but FREE (at least a free version anyways.)

@Marcus Talcott   I think it was just inetia...we had been on excel for a while, added cozy for electronic payments but never really pushed into it too much as we knew we were just waiting to be large enough to get a more robust platform (Appfoliom or rent manager.)  I think it can do quite a bit more than we used it for.

@Brian Ploszay Good points...and here is the BUT, and it is for a lot of posts.  There are still deals.  Very market dependent and investor dependant.  People on the site have been predicting rain since 2010...and they missed ALL of the run-up waiting for it to take the "next leg down." Know your market, do not get greedy, assume higher vacancy and analyze deals with NO rent growth, not deals that only work with 5% annual appreciation and 5% rent growth.

We are still buying multi family..but...we are underwriting with stagnant rent growth and higher vacancy.  There are still deals out there, even in areas like mine (south of Portland.) We are looking for those 20-25% under market rent mom and pop properties who have not been managed well, we self manage (have a manager and handyman) and we buy properties near our others so I know I can get rents up, get expenses down and be fine.  If you think you can not time the stock market you sure as hell can not time the real estate market.  

I have said this before, people who think they will get financing if we see a huge drop clearly did not try in the last downturn.  Our loans are 10 year with 1 rate reset, 30 year amm on both terms (so second reset the term resets to 30 years, it doesn't stay at 25 years left from initial 5 year), do I know what prices will be in 2 years, no clue, do I think the greater Portland market will be worth more (rent values and value) in 10 years...yeah, that is a bet I will take as I know I can operate cheaply and have quality workforce and B properties.

Be cautious but not paralyzed and raise cash!!!  If you do not need it for reserves it is fresh gun powder to bring down deals if the prices look good!

@Mora Clark get on the board is about all you can do. I hate HOA associations..haha, but I have owned in them and honestly, its a thankless job on the board but it is the only way to have a say in the property.

@Tim Polk Maybe talk to the neighbors about an easement?  Offer $500 plus whatever the costs are to draw it up and be clear it is only for getting in and out of the garage?  Can not really think of a better option unless you can somehow improve access to the garage?

@Adam Craig we are in the process of moving from Cozy.co and Google sheets to Rent Manager.  We have a little over 100 units so it makes sense for us, but you could probably be fine using Cozy and a spreadsheet until you are a bit larger.  We also looked at Appfolio just FYI

@Mariela Rodriguez Welcome!  Go kick some butt!

@Kiara Harewood I love videos, properties tend to blend together so it is a good way to do it and make comments while you are making it.  Make sure you spend some time driving the area, you want to know what is around you for a couple of blocks.  

@Kyle H. that is a tough one...are we talking about going back in time or just starting from here, day 1 what would I pick?

@Tim Polk take it slow, do NOT combine finances with your fiance until you are married.  You can operate in parallel with the intention of combining, but no combining until you are combined legally..haha

The market is getting long in the tooth.  Buy quality and be patient...lots of wholesalers and flippers are going to get CREAMED...again...just like last time because of time risk...buy and hold has far less time risk, but you still need a deal.