All Forum Posts by: Account Closed

I have a question for you @J. Martin

How do you identify/pick the best cities to buy in and market furnished rentals via airbnb? For example, in Sacramento there are parts that would do really well with this strategy and parts that wouldn't... How do you decipher this and what are the things to look out for?

Do you work as an agent now? Maybe you can target investors as clients and learn the ropes that way. 

I'm an agent and I work with a lot of investors. I invest myself but it's always good to work for like-minded individuals. Everyday I learn something new whether it's about flipping or buy and hold. My clients teach me stuff all the time. 

And as their agent you have direct contact with them. When you are out showing them a property you can pick their brains about how they got started. 

If you're not an agent I would recommend working in the field to get some money saved with still being as close to real estate as possible. This way you can build a network too. Networking is free :)

Realistically you need money to get started. Even with wholesaling you need a decent budget to do anything meaningful. 

Is this site nationwide? How do they compile their data? I'm curious how they would know if a property is vacant or not.. Sounds interesting.

LOL what! That sounds absurd. 

What if the contract price is like 1000x over what the property is worth? 

I can offer advice from an agent's perspective. I am in a competitive market too here in Sacramento California. 

1) Keep your eye on the MLS throughout the day. When a property is listed that has potential call the agent immediately and find out when he will be presenting offers to the seller. Sometimes they have a set date/time scheduled to view offers and sometimes they review offers and submit them as they come in.

2) Offer with zero contingencies if time allows. This means go to the property with your GC and complete your due diligence before submitting an offer. Sometimes you don't have time to do this but if they are reviewing offers in a few days you have plenty of time. Waive your inspection, loan, and appraisal contingency. 

3) Often times you need to offer above list price. Where I am located properties sell above list price. There was a property listed last Wed, had 24 offers on it by Friday morning. There wasn't even that big of a spread on it but it was $199k which is a price point that is super hot in this area because most cash investors can afford this price point, but the retail buyer pool under $350k is  competitive with little inventory. 

4) And yes, as @Amit Patel mentioned  if you can submit an offer and have the seller's agent represent you then you could potentially get in that way if your offer makes sense in all other areas. Sometimes this works. But keep in mind you won't have fair representation as their loyalty will be with the seller.. Just being honest. They can easily move on to the next buyer in line and won't have much patience with you.

Being an agent I work with a lot of lenders and brokerages but I haven't heard of either. That doesn't mean they can't perform/aren't good they are just smaller names. 

If you need help or guidance in the Sacramento area feel free to reach out to me. I would love to help you find something here. I don't go out to Woodland though... 

I sent this one to a few clients but they all felt it was overpriced for the ARV potential.

Nice! @Olivier Mader

What are you going to invest in next? 

Hey @Valerie Davis Nice to see another member from the Sacramento area.

I would think the first step would be to go check out the property in person and then schedule a day that contractors come to bid on the rehab. I would call 5-10 of them and ensure you have at least 5 scheduled to come and bid. Often times they never show up, and if they do they may not actually submit a bid.

If you completed a home inspection you can have the major items requiring repair included in the rehab bid.

Once you have 3 solid bids to compare you can decide which contractor to hire, and keep the others in your back pocket in the event the first contractor doesn't work out. 

Are you looking to flip the property or hold onto it for a rental ... or live in it? Your rehab may differ depending upon your exit strategy. 

Hey @Ying Lan ~ I'm a local agent and I work with all types of investors. I can find you something. I'll email you shortly.