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All Forum Posts by: Bill Le

Bill Le has started 0 posts and replied 7 times.

Post: Rental Analysis Data?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1
Quote from @Zach Matson:
Quote from @Bill Le:

Hey Zach, 

I tried to look into this as well before and it's kind of all over the place. There's no true data source that aggregate all the data that you look for (at least to my knowledge). That being said, I'm a big fan of Zillow Housing Data. It will provide you with zip code level of market rents, rental demands per metro markets. I see that you're a developer so if you were to build apartments instead, you might want to look at data specifically for apartments instead of lumping in houses/townhomes. Zillow has all of that and it's free! 

https://www.zillow.com/research/data/

Wish I could say I'm sponsored by Zillow but sadly, I'm not. I am very impressed with the data that they provide though. 


 Great, thank you! I'll check it out! 

I did find some good data on city-data.com that I had forgotten about. And a PM friend of mine pointed me towards NARPM. But your info is helpful, I'll check that out! Thank you! 


 I'll check out City-Data. Best of luck. 

Post: Remote property access and cameras for self-guided tours?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1
Quote from @JD Martin:
Quote from @Madelyn Felix:

Thank you, JD. 

In-person showings just aren't efficient. And you can't accommodate everyone's schedule.  It takes longer to lease in-person-and it's expensive.  

I think the evictions are a tenant screening issue more than an issue with self-guided tours vs in-person.  

The way we screen tenants tells us all we need to know 99% of the time.  Our default rate is very low-even with self-guided tours.  


 In that case, I guess I don't understand why you would even want to spend money on any such system. If you've already got 99% of what you need to know under current conditions, what good could some cameras add to that equation? 

Respectfully, I disagree about the screening process. For us, screening takes place from the time we (someone from the office) speaks to the potential tenant, through the showing, and the application process. We don't really incur any significant extra costs by having someone physically show the property because someone's already working, and we batch showings. I would never want to just screen someone on paper. 

Maybe the difference is in turnovers. We only do single family homes, so it's not an apples to apples comparison, but the average national turnover rate is about 40%. 4 of the last 5 years our turnover rate was under 6%, and in the last 10 years we've never had an eviction. If you have a significant turnover rate, then I guess I could see the appeal of remote showings, but I also suspect the lack of personal touch contributes to turnover. 

Anyway, as far as camera systems, I would think a simple Blink system and wifi would work for what you want to do, with something like the Schlage encode for a locking system. I'm not aware of any systems that work without wifi as you'd have to have some kind of cellular reporting system like a SimpliSafe or similar. 

 I'm with you here. We manage over 4,000 units and we only have 10 lockboxes throughout the company. It's pretty much only used for properties that are so far out there that it doesn't make sense to have someone drive out to show it. 

Madelyn, we're all about scaling as well! Would love to learn how you guys are automating some of your tasks. For us, we do batch showings instead of individualized showings; it cuts down on labor cost of having constant showings and it actually incentivizes competitions among the "applicants". 

The other thing to keep in mind with self-showing lockboxes is that it's incredibly easy for someone use it as rent scam. Most lockboxes out there are not validating IDs when there are showing requests so it only takes one or two bad apples to land you in hot water with the owners. 

Post: Rental Analysis Data?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1

Hey Zach, 

I tried to look into this as well before and it's kind of all over the place. There's no true data source that aggregate all the data that you look for (at least to my knowledge). That being said, I'm a big fan of Zillow Housing Data. It will provide you with zip code level of market rents, rental demands per metro markets. I see that you're a developer so if you were to build apartments instead, you might want to look at data specifically for apartments instead of lumping in houses/townhomes. Zillow has all of that and it's free! 

https://www.zillow.com/research/data/

Wish I could say I'm sponsored by Zillow but sadly, I'm not. I am very impressed with the data that they provide though. 

Post: Under contract on a Home in Flood Zone A - should I bail on the contract?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1

Not a flood zone specialist but I don't believe it would impact your resale. It's not like people won't know that the property isn't in a flood zone; if they finance it through traditional financing then the lender would most likely require that they carry flood insurance. 

Post: Has anyone moved their 401K to a self directed real estate one?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1
Quote from @Brett Synicky:
Quote from @Rochelle Gerber:

I may leave a current employer and therefore I believe I will be eligible to turn my 401k into a real estate investment product. Pros and cons? ability to use the whole amount and how so ?

You’re most likely going to consider SDIRA or Solo 401k.  Both will allow your retirement dollars to invest in real estate and much more.  The IRA will have UDFI tax on leveraged real estate where the 401k will not.   IRA annual max 7k vs 401k $69k.  Solo 401k requires self employment with no full time employees other than you and a spouse.  Hope this helps. 

Interesting tidbit here. I didn't know that difference between IRA and solo 401k. If your max contribution for SDIRA is $7K a year, do most people just opt to keep mostly with stocks/bonds until they reach a certain point where they can invest? Seems like it would take a really long time before you can buy real estate if you're only allowed to contribution $7k a year.

Post: How long does it take to find a qualified tenant?

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1

It's been slow here in Virginia as well. Houses tend to go a lot quicker than apartments in our experience BUT you have to price it right. There's a lot of people right now that don't qualify as you have pointed out so we will cut deals for longer lease terms for those individuals that do qualify. 

Post: Closed on my first property last week!

Bill Le
Property Manager
Posted
  • Rental Property Investor
  • Richmond, VA
  • Posts 7
  • Votes 1

Wow, awesome work! How much do you anticipate would be your renovation cost?