All Forum Posts by: Autumn Kaiser

@Jordan Wharton Yes, team house-hack! I'm right with you, same timeline! Personally, I am putting together a team now (in my desired area, where I have no experience investing yet!) Books, podcasts, forums and all that stuff is great, and super essential in gathering as much data as possible, and it's a great base for overview knowledge. I would encourage you to continue with all of that stuff (I try to make it a daily habit to at least read one blog, listen to one podcast, etc.). In my case, I use this as an opportunity to keep myself motivated. This site makes my daily goal a one stop shop.

Along with all the online resources, I really enjoy getting people on the phone and picking their brains. I consider this site, and the phone conversations I have as two different tools to help me build my future. You can't build a quality house with just one hammer, you're gonna want to add some tools to your toolbox. ;)

There are so many great people on this site, but there are also a ton that are not, I like to add both to my pool of interviews. When you get people on the phone, you also have a chance to get really in-depth answers to your questions. For instance, I am looking at the Portland area, one question that I've been asking agents is "how do you think the political climate (ie. crazy riots and some very unfortunate damage to local businesses) in Portland will affect the housing market going into next year?" It is location specific, but the answers I am getting help me to understand a lot about the people I'm talking to. I want people on my team who not only have the property/market knowledge...but ones that invest in knowing what is going on in the area, and care deeply about it (read local papers, support local businesses, do additional research on what is going on in the local government, etc.) Ask the questions that are important to you, it will help you to quickly weed out those you could possibly work with vs. those who just don't take the same business approach as you.

Best of luck to you, buddy! You're in a great place to start!

What a great topic! I am still very new to RE investing as well. But I can say that there are two things that I've figured out thus far:

1. Half the battle is facing your fear of jumping in
2. Your team is key to your success

These are not new concepts, and are all over this site. Unfortunately, I did not know about BP when I bought my first home, or when I sold it. When I bought, it was very scary, as I was pretty much using money I had saved up for 10+ years and hoping nothing bad happened during or after closing. It definitely felt like a gamble. In addition, I have a very 'traditional' parent who kept telling me I had to have a husband to help me, otherwise I would never be able to afford to buy a home (I was very happy to prove him wrong.) I would compare it to skydiving....if you've never done it before, there will be people telling you how stupid it is and that they themselves would never do that, it will be scary because you don't actually know how you will feel the second you jump out of the plane. There are absolutely risks involved....but the chances you will actually die are pretty slim. And when you reach the ground in one piece, the pride and accomplishment you feel are pretty amazing.

As for building a team, sadly, since I had nothing to go off of my first time, I learned the hard way how important it is to thoroughly vet your agent (if you're working with one). When I bought my first property I had a woman who was taking me to showing that did not fit my criteria, and in the end, I ended up finding my own properties (I lost out on the first offer), she fought my lender half the way through my sale. Without going into more detail than that, it was a horrible experience, and I would never work with her or anyone from her agency again, nor would I recommend them. Now, when I went to sell, I spent an entire day interviewing agents and eventually narrowed it down to 2 amazing options (again, this was before I know of this amazing RE resource!) My experience as a seller was great, my agent understood my needs, helped me through the process, and was very honest and was quick to point out areas of concern when they surfaced (not after the fact.) I am moving out of the California market for the time being, but when it becomes more reasonable and affordable, I would 100% return to the same team. I also made sure to post several reviews online so that my positive experience could be shared with others. TALK to your potential team members, and make sure you guys are all in the same boat and that everyone in that boat knows the destination you are traveling to.

All personal opinions and experiences of course, but if I had the chance to do it over, I would have 'jumped' sooner, and I would have invested time into interviewing my real estate agent (as a buyer) BEFORE I signed on to work with them.

Looking forward to hearing what other say on this topic!

Thanks for the info Reggie! I've seen gkhouses website, it's really nice. But it's always better to get a good review from someone who already uses them. Great insider tip! I'll check out your agent as well. Really appreciate the shared info :)

Investment Info:

Condo buy & hold investment in Long Beach.

Purchase price: $280,000
Cash invested: $60,000
Sale price: $460,000

First Property, 8-plex condo in Long Beach, CA. Purchased with the intention of renting, but the market was so great, I decided to sell in 2020 and use the capital to take my investment game to the next level.

What made you interested in investing in this type of deal?

I really enjoyed the vibe of the Long Beach area (still do!) And since it was my first property, I wanted to use it as a learning experience, but also wanted to ensure that I would be living in a place of my choice, somewhere I could be happy the entire time I was living there. It was Long Beach!

How did you find this deal and how did you negotiate it?

I was searching RedFin, and came across a beautiful condo that I wanted, made an offer, it ended up not closing, then this one fell through on a previous offer, so I was able to come in and make a bid. I was the second offer in line for the property.

How did you finance this deal?

ARM 30-year loan

How did you add value to the deal?

Fixed up the property, only simple cosmetic changes, and hired a REA with a great team of the best stagers and photographers to really showcase my property in the best light.

What was the outcome?

I received 30k over my asking price in a bidding war

Lessons learned? Challenges?

My selling process was flawless, I wouldn't have changed a thing. However, my agent for the original purchase was horrible, it was a stressful process the entire way through, she was showing me properties that did not match what I was looking for, and in the end, I had to point her to the deal that I ultimately chose. What I learned from that first time buying experience is that WHO you work with matters, A LOT! Take your time and choose wisely.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Becky Layton-Harmon (my selling agent) was simply amazing, the honesty and transparency was exactly what I wanted/needed. And everyone that she worked with did an amazing job, I couldn't have asked for better. I would happily refer her and her team to anyone interested in the Long Beach, CA area.

My first post in here, what a great resource for investors! 
I am on the West Coast, but looking to invest in the Birmingham, AL area. After narrowing down my target area, I'm looking for references on amazing agents, and property managers in the Birmingham, AL area. Does anyone have any words of advice for starting out in that area? Or has anyone worked with agents that they would recommend there? Preferably ones who are knowledgeable in rental investment properties and have worked with out of state investors. I am just starting to branch out and research more out of state opportunities.

I'm more familiar with MFH, but it would seem that this is an area with more SFH's. But hey, if there is any year that is ideal for branching out, taking chances, meeting new people online and learning new things, it is certainly 2020! Thank you!