All Forum Posts by: StacyA McBain

Do it Right . . . or Die Trying! Revealing bright legal insights while demystifying investment fundamentals. Attorney Erik Bolinder, of Exceed- Strategic Legal Counsel, will touch on the things it's OK to DIY and those to put in front of the pros. Attendees may even witness the complete obsolescence of two default mainstream legal approaches: "learn as you go" and "cross your fingers."

Please contact StacyA McBain of Swope Investment Properties for your invitation to this Boise - based Idaho Real Estate Investor's Club. Meetings are held in Meridian, Idaho. Members are largely comprised of buy and hold investors for cash flow. See profile for contact info.

Please contact StacyA McBain of Swope Investment Properties for your invitation to this member-based Idaho Real Estate Investor's Club.

Hi Logan, 

I really appreciate the approach taken by Attorney Erik Bolinder of Exceed Legal, who also is our guest speaker at AVID tomorrow night.

You're officially invited to attend the meeting and check him out in the process, or hit me up for his contact info. He has been practicing law and real estate-focused law at well-recognized local firms for decades, but recently has branched out and founded Exceed - Strategic Legal Counsel. 

This month's AVID Investors meeting is tomorrow - Wednesday, 10/21 - send me a message to my email address if you'd like an invitation. 

Happy Investing! 

StacyA McBain

Hi @Sam Newell, 

It's common to find cap rates in the 5% range here - on the higher end of the range for older properties and lower for the newer ones. 

Yes- there are many newer props available and coming online. 

Vacancy is very low - less than 4%. 

What cap rates are you seeing in your area?

Hi @Account Closed

I host one of the investor groups mentioned by @Michael Key

and you're very welcome to check it out when you head this way. 

One positive point about the competitive market here is that you can still find cash flow in purchases that apply the minimum amount of down payment required by a lender. Our multifamily cap rates often are falling in the 5% range - and on the higher end for older properties, lower end for newer properties. 

Warmest regards,

StacyA
@Michael Key

Hi Jonna, 

I'll be there -thanks so much for bringing us all together! 

I look forward to seeing you again, 

Stacy

Septembers AVID Investor's Club meeting, Boost Profits; Destroy Waste, has the power to put rental cash right back into your pocket, where it belongs. You'll walk away knowing whether you're doing everything you can to thwart avoidable expenses. You'll also receive tried and true tactics to capture available revenue from your rentals. Whether you own investments, or plan to; and whether you manage your own or hire it out - this meeting will help you make sure you're not letting your potential profits quietly pass you by.

Come on out this Wednesday to network, share, sip and learn!

AVID Investor's is Boise's member-based REI club, free of charge. Please request your invitation from [email protected]. Meetings are held in Meridian, Idaho.

Hi @Kapu Mamiya

Your Zillow use is a great way to verify actual, local rents (referencing active listings only for comps). So is Craig's List. 

Zestimates for home values are VERY hit or miss automated models and shouldn't be trusted.

Use actual sold comps. I think Realtor.com is a legit source for that (I use the MLS).

I like to see and provide those comps in a couple formats - one in a spreadsheet format for data comparison and also in a more detailed format with photos so I may compare condition and curb appeal. Once the market data speaks, you should be familiar with the definition of a good deal, a really good deal and even an unrealistic deal (not all buyers are cut out for this market, as returns are lower than they were in 2010). 

Use a spreadsheet template to track results, so you're comparing apples to apples (don't forget to include actual utility costs, taxes HOA fees and maintenance reserves (including annual sprinkler servicing, which we have here). Recognizing average returns is the best way to spot above-average returns. BP has a decent web version.

Repair costs are locally specific, so I would recommend making contact with the vendors you'll use so you can budget accurately if rehab is in your plan. Repair numbers can be run in many ways and if a wholesaler is at all used to doing his/her own labor, it would be easy to estimate low, since you'll likely be hiring labor out. I've seen those estimated low (labor isn't cheap here - I hear it's more affordable in California).

It's important to make sure you structure your purchase so there's room for values, rents and vacancies to ebb and flow (even though they've only gone up for a while now).

Finally - make sure you trust your team whether it's a wholesaler, agent or whatever. As an agent, this is how I earn trust - I consider my job to help my client (not sell them any particular property or chase commission - on the contrary ... I remind many clients not to be afraid to walk away from a deal and help them verify expenses). I share my vendor resources, and my opinion of market value/gut on whether it's a good deal, but I also back that opinion up with active sold comps from the MLS because there are individual interpretations to all data, and in the end, you need to personally interpret it as a good deal for your unique scenario.

Happy Investing!

StacyA McBain

Swope Investment Properties

Jeff Beard:

I'm not an attorney, but might suggest checking the exact verbiage of that lease clause - if the lease is null and void while they're still in the house, instead of voidable by Landlord, you could be exposing yourself to risk by giving up rights the lease affords you.

As for the lien - that's absurd! Please update the thread when you clear it, hopefully without challenge.

My accountant had her note called on a SFR after quit claiming it to an LLC. It was found out and called out after an escrow error. To correct, she deeded it back to herself and the note stayed in place. Her own experience is the only one she's heard of being called and many of her clients use that practice.

Washington Federal for Commercial Loans. Bryan Churchhill keeps pretty busy, due to some compelling packages. (Although they all seem pretty busy at the moment). 

Happy investing!

Stacy