All Forum Posts by: Mark Updegraff

@Carini Rochester yes!  A lucky investor  snagged it up.  What are you looking for? 

This is the best deal I've seen in YEARS and the buyers are playing games with my seller (I'm only repping the seller right now).  If anyone is looking for a SCREAMING industrial deal in Rochester NY, Upstate NY - give me a shout today!  

Hey BiggerPockets Community,

I’ve got 2 extra tickets for Hunter Thompson's RaiseFest happening at the Arizona Grand Resort & Spa — starting this Wednesday, February 19. More details at raisefest.com.

These are VIP tickets that I snagged at a super early bird price, so if you’re looking to attend a killer event for capital raisers at a huge discount, just LMK!

This is a premier event for anyone serious about capital raising, networking, and scaling their investing business.

I’m open to any reasonable offer — just want to make sure these tickets go to someone who can use them!

DM me if you’re interested.

Cheers,
Mark C. Updegraff

Hey BiggerPockets Community,

I’ve got 2 extra tickets for Hunter Thompson's RaiseFest happening at the Arizona Grand Resort & Spa — starting this Wednesday, February 19. More details at raisefest.com.

These are VIP tickets that I snagged at a super early bird price, so if you’re looking to attend a killer event for capital raisers at a huge discount, just LMK!

This is a premier event for anyone serious about capital raising, networking, and scaling their investing business.

I’m open to any reasonable offer — just want to make sure these tickets go to someone who can use them!

DM me if you’re interested. 

Cheers,
Mark C. Updegraff

Hey BiggerPockets Community,

I’ve got 2 extra tickets for Hunter Thompson's RaiseFest happening at the Arizona Grand Resort & Spa — starting this Wednesday, February 19.

These are VIP tickets that I snagged at a super early bird price, so if you’re looking to attend a killer event for capital raisers at a huge discount, just LMK!

This is a premier event for anyone serious about capital raising, networking, and scaling their investing business.

I’m open to any reasonable offer — just want to make sure these tickets go to someone who can use them!

DM me if you’re interested. 

Cheers,
Mark C. Updegraff

 Sent you a PM! 

Darnicia, I read just fine, and I've been in this business long enough to know exactly what you're running into. You're right—there are plenty of agents out there who don't want to work with investors, don't know how to, or simply aren't responsive. But that's not a new problem, and it's not unique to Central VA.

You’re also right that the new buyer’s agreement laws have changed the game. Agents now have to lock in an agreement just to show a house, and a lot of them won’t waste their time with someone who’s just “looking.” That’s the reality of today’s market, and whether we like it or not, agents aren’t in the business of being unpaid tour guides.

That said, I’ve worked with plenty of serious investors, and here’s the thing—the best agents will make time for qualified buyers who actually close deals. If you’re getting ghosted or only getting agents who demand six-month agreements upfront, there are two possibilities:

1. You’re talking to the wrong agents—ones who don’t understand or care about working with investors.

2. The agents who do work with investors don’t see enough commitment or action from you yet to prioritize you over their other clients.

If you were in my market, I’d tell you this—prove you’re worth their time. Show them a deal you’re ready to pull the trigger on. Give them a reason to prioritize you over the hundreds of tire-kickers they deal with daily. Because the truth is, investor-friendly agents are busy working with actual closers.

If you’ve had amazing agents in the past, great—what made them amazing? What did they do that others aren’t? And what did you do as a buyer to keep them engaged? Because if you really are a fully funded, serious buyer, the right agent will want to work with you. You just might have to adjust how you’re approaching them.

If you’re hiring a PM long-distance, you’ve gotta vet them hard upfront or you’ll regret it later. Few things to lock down:

• They need to be full service with a legit staff—techs on payroll, leasing agents, someone handling PR when tenants get weird. A one-person show isn’t gonna cut it.

• Make sure they’ve got general liability and workers’ comp. When you move forward, they should provide proof and name you additional insured. If they push back on that, walk.

• Get references. Call them. Owners and tenants. Meet with the PM and their staff, even if it’s virtual. You need to see how they run things.

• Find out who actually makes decisions—tenant approvals, renewals, evictions. Are they just rubber-stamping or do they have real criteria?

• Read the management agreement. Then compare it to a few others. Fees can be sneaky—markups on maintenance, random charges for inspections, lease renewals, etc.

• Check their rep everywhere—Google, Facebook, BBB. Years in business? Number of units? If they’ve been around forever but only manage 50 doors, that’s a sign they aren’t growing for a reason.

Good PMs are worth their weight in gold, but a bad one will wreck your investment. You looking at anyone specific yet, or still in the research phase?

Akku, solid move getting into real estate early. You’re definitely on the right track thinking through tenant demand upfront, especially with a lot of similar inventory sitting.

For marketing, Zillow is really it. The other platforms can sometimes help, but they’re not as reliable. If similar homes are sitting for 30-70 days, it’s probably a pricing issue. The right rate rents it—no need to overthink gimmicks or incentives.

Virtual staging is the way to go. It’s way cheaper than full staging and makes a big difference in listing photos. Empty rooms don’t sell well, and you want your listing to stand out. At minimum, stage the living room and primary bedroom to give it some warmth.

That said, have you thought about cutting bait and putting your money into a market where the numbers actually work? If places like yours are sitting at $2200 with no traction, you’re taking on unnecessary risk, especially as a first deal. New construction in a saturated market isn’t always the best play if you’re looking for steady returns.

A place like Rochester has way better fundamentals—lower buy-in, strong rent-to-price ratios, and stable demand from universities, hospitals, and major employers. You could get into a solid multi-unit or a single-family rental with real cash flow instead of hoping your Katy rental eventually fills.

Not saying you should walk just yet, but if leasing drags out longer than expected, would you consider selling and reinvesting somewhere with better returns? Have you run the numbers on what your exit could look like?

David, this deal could work, but I’d want to dig into a few things first. 80% occupancy with long-term tenants is solid, but what happens if a major tenant leaves? Are they at market rent, or locked into below-market rates? With 30% vacancy in the area, filling space could be a challenge.

NNN leases are great for minimizing expenses, but how much control do you actually have? Are there any caps on pass-through expenses? And with an HOA handling maintenance, have you checked their reserves? If they're underfunded, you could get hit with special assessments.

Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space? They tend to be more stable than retail right now. Mixed-use with some residential could also add diversification while keeping it simple.

What’s the tenant mix like, and how are you structuring financing? Happy to take a deeper look.