All Forum Posts by: Adrian Lammersdorf-Scioll

I've helped somebody do this recently, so it's definitely do able.  You are going to want to find some good wholesalers in your area that can help you find distressed properties, or network/cold call some home/duplex owners in your area to see if you can find a discounted distressed properties, use the heloc to get hard money loan.  

Other good strategies, are targeting tired landlords (absentee, owned 10+ years) or drive around and find distressed properties, and call the owner from the records you find on TruePeopleSearch.com

Another method if you want to stay on market would be to send offers that are well under asking price for properties listed 60 days or more.  Make sure you are running your numbers really well, or if you're using an agent that they are helping you run those numbers well, and know what you need to make the deal work.  Best of luck!

 Networking/Wholesale relationships has worked best for me so far, or just talking to my sphere of influence.  I've had direct mail, or cold calling get me closer to deals, but nothing converted yet.  I just invested in batch leads (wasn't happy with prop stream) and am using a virtual assistant to help cold call some absentee leads from there.  

I have a terrible fear of cold calling that I need to get over, and get really down on myself when I get a few ********, or hang ups haha.  That's why I finally decided to use a va for it.  I know I will get better with time.

How about you?  Which of those strategies are working best for you, and how are you getting your texting campaigns out?  Do you use google ads, or something similar, or do you just text motivated leads?

I think a great strategy would be to find someone who would like to house hack with you, and maybe even someone with a bit of experience local to the area that you trust and know very well to go in on the deal with you.  

After that I would read every single book on fixing up properties that you can find, and how to find off market properties and then start implementing those strategies.  Find a mentor that can help you through the purchase of your first house hack, and get something you can fix up off market directly from the owner.

Use the help of the mentor to find out if it's a good deal and to help you understand if it could work.  A good realtor that has done house hacking, renovations, off market deal finding, and owns these types of properties as well would be the perfect mentor.  Especially right now while realtors are hungry for business, it could be a good opportunity.

Could you elaborate what a resident benefit is or 2nd nature?

I would highly recommend getting your license for property management, and/or realtor.   As a MTR property manager myself I wouldn't feel comfortable handing off my properties that I manage for my clients to someone else who is going to do the same thing.  Even as a landlord I would feel uncomfortable with it.  

If you're dead set on that path then I would recommend getting a google meet with the person and give them as many advantages they have to using you as opposed to a property manager ex: guaranteed rent, more exposure, and less fees (use chat GPT to get a good list).

I would emphasize the fact that it is much easier to get rent, and there is less risk to them in the sense of cash flow.

Send him your lease with the options of payment from the lease on it.  Most standard leases have check, or cash as options as a default so tell him that's his only options if he doesn't want to pay that way then he has to move on with a loss of his deposit.  Sounds like a scammer I would get him out of there asap.

Here is my method I got that has done me wonders, I used the method from Brandon Turners book on managing properties:

1.) Full credit/background check:  Look for missed payments, and any theft is always a no go.

2.) Call 3 references:  Verify that they work there, or that it is an actual person by asking where they work first, and don't mention who you are until after.  You're looking for hesitation on how they speak of them as a person they did work/business with depending on a job or rental reference.

3.) Always meet in person:  This will give you a good idea of the person, if they're smoking a cigarette while talking to you, or being very negative about their previous landlord make sure you make note of that.

4.) Verify income: Always make sure they make 3 times the money required monthly for rent.  I made the mistake of letting someone get in one of my first units that was a bit off the 3 times, they were great tenants very kind and enjoyed their stay and experience with me, but could not afford it when I increased the rent on them, which is something you will have to do because of rising insurance/tax costs.

5.) Let everyone apply, always:  Make sure you follow state regulations, and let everyone apply.  You risk the chance of being sued for not letting someone apply that asked.

Hope this helps, feel free to reach out if you have any other questions

These are good tips!  I actually am working with a buyer right now that wants me to manage his house hack.  He is busy working at the hospital and doesn't want to deal with tenants, toilets, taxes, trash, and all that haha

If you are looking to do real estate sales as well you may want to find a brokerage that hires for both at the same time, and check their credibility.  If you want to only do PM I'd recommend just looking on LinkedIn, or Indeed and applying for local apartment communities.  Just make sure you reach out after applying because they don't reach out to you very easily.  When I was pursuing that at one point I only had 1 out of 50 applications reach back out.  I ended up taking a different path.

Also keep in mind some brokerages will require you to pick one or the other.  Very few will let you do both.  I did not know that until pursuing it further a while back.

As a courtesy it might be a good idea to let that agent know regardless.   It's not good to burn bridges in this business, and we agents do a lot of free work that we never get paid for.