All Forum Posts by: Timothy Harstead

Communication is the biggest issue, and clients leave one company to come to ours; the next one is a team. If you are hiring a one-man shop, the odds of that one-man being able to put the effort needed into all the areas needed across 50 or 100 units is very rare, much better service with a team that can take 2am calls and deal with villages etc.

congrats! Sometimes, what you learn from your mistakes can be the most significant success of a project.

Pick up the phone, get out, and talk to people.  Find a focus, whether short sales, first-time buyers, or investors, and get to where they are and start chatting. If you talk to 500  people who are in a position to buy or sell real estate each month, it is unreasonable not to have a sale.  Create content about your niche and talk to everyone who watches it.  decide to go pro if that is what you want and make sure you are doing daily tasks that a pro agent does, this is a sales position and talking to people is how you get the sale.

Depending on how often you are there or if you are out of town 90 percent of the time, you may be able to do a short-term rental with your unit and rent the rest long-term so you are still getting income from your apartment while not being there.  but yes a house hack allows you to put down as low as 5% just make sure you have some reserves incase something goes haywire the first year 

always consult your CPA but mine is writing my trip off

The best advice I could give to not have this happen in the future is always to let the government say no to accepting your property vs. telling a tenant no vouchers are allowed.

Congrats on saving up that's an amazing start.

I would suggest holding off on flipping if you don't want to do it near you, although with $250k, you probably could find something even in California that you could flip, we hear horror stories from our clients all the time of how they hired a contractor but were not able to watch progress and fly in 2 months later to see almost no work done and most of the money spent.  

If you do a BRRR strategy, you probably could get away with investing only a part of your savings and having the rest as reserves, which will get you out of trouble for any rookie mistakes you make and let you grow faster. the biggest indication of a investor failing in real estate is not having enough reserves to get through the rainy seasons of the investment where as people who can get through over a long period of time do extremely well.