All Forum Posts by: Susan Elliott

@Don Konipol Thanks for sharing this transaction, especially since it involves commercial and COVID impacted borrowers.

For those of us in the residential note space looking to move into commercial, do you have any tips for evaluating that you've gained over the years? (Obviously no substitute for experience, strategic partnerships, and education.) I'd love to hear what comes to mind for you.

Thanks!

Yes! Love that - You ARE allowed to learn and grow. It is often the funnest part of this business, that we can evolve so quickly.

STR takes a few different systems and honestly, more time, so long-term is a great way to get in. There are solutoins for automation though that really make STR great at a bigger scale. In fact, you may want to connect with Peter Plourde out of North Conway. He's got an awesome STR business there.

@Alecia Bolton Thanks for listing these out. A few new ones on the list for me. Great to see quality conference offerings in the Note world too. Looking forward to meeting you all live when we are in person!

@David Putz We are buying them. We target non-performing currently and then sell the performers. I see you have been in the Note space for a long time! We've been doing it on our own for about a year and have come together (Flow State Investing) to scale and grow. I'll give you a follow and check out some of your education!

Hi @Richard J. Kalnitz. Sounds like you are on a great path forward with leveraging partnerships. There is so much value to increasing velocity with partnerships.

We focus on non-performing notes but also end up with foreclosures. If you like, I can add you to the list we use to sell those. You'll see more from us later in the year due to our position in our internal Note cycle right now (in a purchasing phase, which leads to loan modifications or foreclosures). Let me know!

Glad you are jumping in @Jeremy C.. There is never a perfect time to start - except right now. I echo @Scot Masingill with having crystal clear criteria. Really niche down to begin with and get good at evaluating that niche. Like duplexes in a specific market. Find ways to contact everyone there.

I dove in with house hacking and then transitioned to short term rentals while continuing to educate myself in other asset classes. Now I'm fully scaling my Note Investing business and am so grateful that I did the landlord route first (you appreciate not having tenants more if you've dealt with them already).

If you are lacking inventory, pick another market. There are a lot of great reasons to invest out of state. Agents Invest has an incredible deal list you can subscribe to for very cheap. Their mastermind group also seems to be one of the best for getting into long-distance landlording too.

And always go back to that criteria and what it is you really want out of your investing. Cashflow? More time? Value-add for bigger upside potential? And be sure you are always going after that.

And have fun!

@Nate Bell, this is awesome! We did something similar with our house in The Dalles as well. I'd love to hear more about this deal. Wish we could get together...but, well, Covid. And nice to learn about the rehab loan as well. I will be looking towards those types of opportunities with our next duplex conversion. Did you go through any permitting?

@Carl Fischer Great summary and resources. Thanks. I'm also following along here to set up my own checkbook IRA and help others at my local meet-up know more about it as well.

Hi @Lyle Quillin, I haven't gotten my hands on the Vivid Vision book yet. I am, actually, reading through the E-Myth Revisited right now. Did you start there, or just pick up "Mastery" right away? I'll see if I can get an audio book from the library (my first step to testing new book recommendations). 

I have not yet written a vision statement specifically, but I've done a lot of work writing out my Why and where I see myself and my business going in 3-5 yrs and long-term. It does feel a little scattered and difficult to work backwards to tasks for this month, this week from that.

Thanks for the insight!

Great thing to keep in mind @Justin Russell. I had heard about not charging more than I'm paying (which seems obvious, but can easily happen in practice without even realizing it). I like your system for mitigating that.

Do you know if I use a defined formula (based on square footage and/or number of people in the unit) does that regulation still apply? In other words, if I charge more than I am paying but I am using a defined formula, is there still cause for a tenant to retaliate? I wasn't getting a clear answer on that in the regulations.

Thanks!