All Forum Posts by: William Patsalis

If you're just starting out in REI I would recommend finding a niche and learning everything about it. Whether that be SFH, short-term rentals, flipping or wholesaling. It is best to build a stable foundation and then expand from there. With you traveling/driving a lot for work, I'd recommend investing long term rental like a duplex. Flipping can be a serious time commitment especially when first starting out.

I am currently looking into purchasing a 3-unit property on a lake that is in need of a cosmetic update. I know a lot of the common sayings to increase rental/occupancy rates involve taking professional photos, creating a unique experience, ETC. but I was wondering if anyone else has any tips for me? The property is located in a quiet town but sits right on a lake and has a great view. What are some cosmetic tips you could give me to make this a desirable place to stay?

Boise is currently a tough market to crack into. I believe it is one of the top cities as far as growing population and rising housing pricing. It may benefit you to look in surrounding areas that may have lower sale prices but maintain relatively decent market rent. 

Another issue may be with interest rates constantly changing it is making it harder to find deals that generate monthly cash flow.  

Hi Brandon!

Out-of-state investing can be tricky but also a savvy way to enter the real estate investment world at a much cheaper price than your local market. Metro-Detroit is also a very good cash-flowing area that is seeing great cash flow and COC returns. That is my area of expertise and would advise you to look into this area as well. If you would like to talk more about it I'd be more than willing to!

As far as building a great team this can all start with finding the right real estate agent. Finding the right agent who has experience in dealing with investors and can help lead you to meet the rest of your team. The agent should know contractors, PM, lenders, etc. 

A lender and I are hosting a real estate investor Q&A forum next Wednesday (10/26) at 7 PM EST via zoom. We will talk about current market conditions, current rental rates, and much more market-related topics. We will focus on the Metro Detroit area but this may be a great opportunity if this is something you are interested in!

Hi Megan,

You should look into talking to a local lender that either specializes in investment lending or has done a lot of transactions in the past related to investment lending. Most lenders are eager to talk to clients about what they're options are as far as getting approved for their next loans. You may have several different options as far as financing is concerned so it is best to talk to a professional. Have you tried joining any local REI groups? Facebook is a great tool to help find local groups. Best of luck to you!

Hi Justin!

The most important thing to remember is to let all the negativity go. Cold calling is not easy and sometimes you will be berated by those you are calling. Remember the goal you are striving towards and the key reasons why you are cold calling. It is important to keep perspective and not let anyone discourage you from reaching your goals

I would also suggest keeping in mind it is a numbers game and not to be discouraged if your first 200 calls don't result in any deals. Keep making progress and keep calling and eventually, your efforts will be rewarded!

Hello all!

I am currently putting together a Q&A forum about real estate investing in SE Michigan! My hope for this is to give knowledge to those just starting out on their real estate investing journey and help guide them to make informed decisions. I have partnered up with Kris Natschke who is a mortgage lender and specializes in investment lending. Together we will answer any question you may have about real estate investing. This is an open conversation in which we will focus on your direct questions and concerns. The participants will guide the forum and our topics of conversation. We hope to cover short-term rentals, long-term rentals, the current state of the market, what the future might look like, what to look for when analyzing a deal, and much more. This forum will take place virtually over zoom next Wednesday (10/26) at 7PM. If this is something that interests you and you want to be a part of it please feel free to message me and I can give you more information!

Hey Pablo,

A lake house is a great investment! While the price will be at a premium, if you run your numbers right the return will also be at a premium. There are a lot of decisions that can go into making this dream become a reality but I would say focus on price and location. While finding a lake house that is close in proximity is convenient as far as maintaining it is concerned, the price may be too high or the return may not be as much as you'd like. I'd recommend taking these next few months to learn about cities that enjoy visiting that are anywhere from right down the road to a 4-5 hour drive away. Then research what others are getting for lake properties in those areas on short-term rental sites. Airdna is a great tool to see what revenues you should expect to get in return. 

As far as maintenance, I would highly recommend making sure the house isn't in a flood zone. Some lakes can vary water levels drastically depending on the time of the year so it is very important to make sure you're home is safe. Next, you should look into insurance costs for adding toys that your guests can enjoy such as kayaks, paddle boats, ETC. You also need to make sure the dock is in good condition as this could be pricey to replace. Everything else usually follows the same upkeep any other house would require.

Hello All!

I'm a real estate agent in Metro Detroit and I am trying to get a better feel for long-distance real estate investors. I personally believe Metro Detroit is one of the best areas for long-distance investors because you typically get B-class tenants at affordable housing prices. I am looking to connect with more out-of-state investors to learn more about what they are looking for. Metro Detroit combines city living with aspects of the country lifestyle. If you are looking for a rental in a city that is young, growing, and trendy we have that in cities like Royal Oak, Ferndale, and Birmingham. If you are looking for business districts we have that as well in cities like Troy. Or, if you are looking for more quiet cities that provide cashflow we have those as well in cities like Clawson, Madison Heights, and Oak Park.

In general, what are some rules of thumb that you look for when investing out of state? Examples: CoC returns? Monthly revenue? Purchase Price? Etc. I would like to learn more about what investors are currently looking for as the market is constantly changing.

Hello, I’m looking to sell a property on seller financing terms and I’m wondering what the going rate is for seller financing? Currently I was thinking 5% but I’m starting to think that is to low. It is commercial waterfront. Any help is appreciated!