All Forum Posts by: Syed H.

How many units do you own? Who do you use for leasing? What’s your criteria? 

I’ve had almost no issue with tenants. I averaged about a 4% vacancy in 2019. Granted my numbers might be better than some people because I self manage. 

Cash is always best, but it depends on the buyer and location. For example, in NY, you won't be able to close in 2 days. Doesn't matter who you are and how much cash you have. But since my hard money can close in the same 2 weeks that I can with cash, cash really is nothing special if you have a good HML.

In other states, sure cash can/will get you a better deal with some sellers. But not all. Many people can wait the 30-60 days needed for a higher price. 

If it their fault, you fix it they pay. If it's your fault (which it is a lot of times in these old buildings), you fix it and pay for it. Upgrade your buildings guys. Many buildings cheaped out on plumbing or never upgraded anything and thats why you have so many clogs. 

Currently spending a lot of money to redo sewer lines. 

Not by that much. Most rentals don't have the largest countertops either. It'll cost a few hundred dollars more but will be way more durable and last a much longer time. 

I pay only about $10/SF more for 1.25" granite but it includes installation. Well worth it.

Granite also helps with appraisals and getting higher rent. 

Anyone still using cheap countertops is pretty shortsighted and/or doesn't have access to good pricing. 

Also @Rick Oaks, unfortunately, most agents are just salesmen. They don't understand the numbers of the business. He's not your accountant or your debt broker. Don't listen to what he's saying. He just wants to get another closing. 

In this business, many of the people on your team will try to give advice on things that are out of their purview. Your agent isn't your lawyer, your lawyer isn't your agent, your contractor isn't your accountant; etc etc. 

Huh? Since when? In my past corporate life, I was a debt & equity broker. Plenty of RE professional shopped rates. Now they would pay me to shop the rates, but to say they never shopped rates is definitely not accurate. I knew plenty of borrowers who shopped rates between their own banks. 

It's not like shopping rates is difficult. It's a pretty simple thing. Now I agree you shouldn't spend so much time on it because there are more productive uses of your time.

 Why should you have to? Unless it's a funeral or a wedding, you wont see me in a suit. From what I've experienced (10 years in the business, 3 years working in the institutional space), only people who care about image are the people who work for someone else. I've met plenty of people in this business who are worth $50-$100m+ that look like bums. 

I myself have raised millions in various businesses relatively easily. I wear jeans and a hoodie or sweats and a hoodie every day. My bankers give a crap less about what I look like. All they care about is my PFS and bank balance. My investors only care about my reputation and track record. But my employees and contractors would notice if i show up in a fancy car when I'm haggling over every dollar.  

You know what wins business? Track record, confidence, and intellect. Can you converse with someone who know the numbers down to a T. Sorry but most HNW individuals get pitched by con men in a shiny suit every other day. What they appreciate is authenticity.

It depends. 

If you are an agent, Image matters 100%. Once you start competing with the top 5% of brokers, you need to look the part. Initially, it's not important. No one buys a $100,000 car and then becomes successful. 

If you are an investor/operator, track record matters not your image. I show up in a hoodie half the time now. I've never had an issue raising money or winning a deal. 

Remember, image goes both ways. It might be "impressive" to show up in a fancy car, but all your vendors, contractors, employees, and most importantly tenants; etc, also think you have all the money in the world.

When I first started building my rental portfolio, I looked for a solid year before closing on my first property. After that, I have closed something every 1-2 months. 

That’s horrible advice. Maybe when you are small, sure that works.

I Invest in 3 states, with over 5-7 job sites at any given time. It would be impossible to be there just to let someone in. 

OP’s mistake was letting in an unlicensed contractor with no one else there, but honesty this **** happens. Once you do it long enough and do enough volume, **** happens.