All Forum Posts by: Mark Updegraff

@David J. But what if that killer deal hits the MLS in the middle of your work day? In my farm (which is a hot area) you won't get the deal unless you're first in line, and even then it ins't certain. Maybe it is a function of my market, but I would be out some good deals if I had hours that I was not available to be an investor.

I'm considering going from First & SD to First, Last & SD after speaking with a fellow buy hold investor. He said he has had no trouble and people generally do what it takes to get the rental. In my market it is pretty uncommon, and I just tried out the strategy and it did not pan out. The tenant could not afford the rate, and they went with someone else's unit. I had ours priced agressively, and the tenant wasn't my top pick, so I'm not upset at all.

Just curious what yall' do in your markets? I know First, Last and SD will reduce risk pretty drastically.

What do you think?

It will be hard to raise money with no track record... I suggest saving the cash needed to do a deal and prove that you know what you're doing. If it is your first purchase there are plenty of good programs to get you in with little money. As soon as you add expensive money, it makes a deal much more difficult. Also, it is up to you, not your Realtor, to find a good deal. He/she wants to sell a house, and while there are varying levels of Realtors and some (like me) actually care about their clients decisions. You need to understand what you're doing, because you've got to live with the results. The Realtor cannot change the current market. You need to know the market well so you know what is good and if the current market has anything worth considering. If it doesn't, it won't matter how many properties he has to show you. They will all perform poorly. Ask to see historical sales not just current listings. Look at where people are buying for cash. Lots of tricks to the trade, don't rely on someone else, rely on yourself!

Best of Luck

I represented a buyer who was outbid. I kinda new they would be outbid, and they even went over the asking by 5K. It was a hot market and the price was right...

It will depend on who the property is titled to. If you title it in your personal name it counts against you. If you title it to the LLC it counts against all members of the LLC regardless of who has the mortgage.
Example: Your partner gets the mortgage and it is purchased and titled to him, no problem for you.... UNITL you soon there after transfer to your joint LLC. Now that note affects you and when you go to get another loan it will show up.

Yes, your primary home counts.

The bank I use will use the rental income right away with no seasoning requirement. Simply show the lease, and you're good to keep buying (your Debt to income should still be fine due to the rent, given your not cash flow negative).

Hope it helps!

Mark in ROC

Not the ideal place to start investing in Rochester IMO. Of course if they're giving the property away it could be worth it I guess. I wouldn't personally buy it, or manage it for someone but I have my own strategy.

Give us some details on the deal and we can help you analyze it. Did you walk through it? Always verify the rental rate with the actual tenant, and ask them questions "Does everything work? How long have you lived here? Do you like the area? Are you planning to stay? How long do you plan to stay? How much is your rent"

You'll be surprised what you can learn asking tenants questions! The rental rate and stability of the tenant are going to determine your ROI. Especially in a bad neighborhood...

Wow! Simply incredible!!! It get's all of us on that are "too busy for direct mail" to seriously think about what we're doing!!

How long did it take you to get comfortable with "scripts"?

Did you find your self improvising right from the start or were your first contacts with perspectives pretty canned?

Would love to hear more about lessons learned as you implemented this new technique.

Not sure how you're doing all this while holding a full time job either!! I got my salesperson license a year ago now, and dealing with people can eat up precious time. Do you take all clients or do you cherry pick? How much volume did you do outside your own deals as an agent in 2013?

When you're at your full time job are you able to work own your investing / sales. I can't imagine being a good agent or investor and not being available for 8 hours everyday...

Thanks so much for sharing!

Mark

And if you want to invest in Rochester, I'm your guy :D

Pretty short trip for some great returns!

Good question! It definitely won't hurt your case. Best thing to do is consult your attorney. Have him review the lease, maybe you'll get lucky. If not, maybe your next lease will have a new clause addressing threats. :D

Congrats A.C.!!

I hope you have copious amounts of success in 2014 :D
Would you care to elaborate on your foray into Wholesaling? I've been tempted to try it out, but am not sure what strategy would be the simplest to implement.

Thanks in advance &
Happy New Year!!!

Mark