All Forum Posts by: Amber Gonion

@Eric Sanford @Tim Swierczek makes good points.  You agent should be asking you questions to find you niche.  We have all types of clients and we could not possibly use a one size fits all for investments.  Every buyer has different attributes that are advantages and disadvantages.  As is relates to real estate find what your life experiences, geography, family, income, savings, free time, etc can give you an advantage over the next guy and use that.

@Craig Fitzsimmons I have heard the same, that we are only responsible for what is on our side of the property.

@Eromosele Agbator welcome to Minnesota. Great to see you looking to network and learn.

Good luck and welcome to Minnesota.  There are lots a great areas of the cities to live and invest.

@Jeremy Koffi Hi Jeremy did you know Matt Makovec before he left for the Lakers? I used to manage a building he lived in. Anytime you would like to get coffee let me know.

I would recommend getting into the property management business for a short time.  You can get a paid education.  Working in the business with give you the knowledge of renting and the laws with fair housing.  You will also see how maintenance and management problems are professionally resolved. Buying and selling heavily depends on the management aspects knowing the market rents and maintenance costs.

If you have a good manager they will save you money.  You will get better rents, less small issues that turn in to large ones.   With this said, I would recommend to manage yourself so you understand what you are paying your manager for.

We have investors that self manage and have us manage, but the self-managed ones use us when they get into problems with things over their head.  I would recommend you find a manager to mentor to help you through the process of self management.

@Bobby Esposito before removing and replacing the ceiling I would figure out where the mice are coming in and seal them off from the outside and set boxes outside to trap any looking to get in. You don’t want them to start chewing things up after you put in a new ceiling.

@Adam Kerr Put in industry averages for the expenses if he is doing them himself.  Don't let him convince you that it is worth more than it is by picking and choosing to use cap rate, but not include all expenses.

@Andy Diaz we find most investors on the first deal over analyze. There is a difference between a good deal, a bad deal and a home run. If you are waiting on a home run, it can take quite a long time.

A good deal is pretty common and it depends on your idea of what a good deal is. Think about buying car, if you find a great deal you might wonder what is wrong with it. A good deal is one that 3-5 years down the road you are happy with and has worked out. That deal that a ton of cash flow initially may end up with much higher repair costs.

It’s not just appreciation that makes a property a good buy 3-5 years down the road it is a strong rental area, mechanicals, and rental friendly flooring, yard, etc.

I have a client that has bought 14 units in 6 months he was not waiting for a home run, just good fundamentals and good rental attributes.