All Forum Posts by: Bobby Nilsen

@Katelyn Mesa

Awesome that you are learning about real estate so soon. RE school is good if you are talking about a degree in some type real estate major, planning, real estate or even entrepreneurship.

In college I started out by reading a lot of real estate and business books, went to a lot of the real estate expos, that’s where I knew real estate is what I wanted to do, and got my real estate license. I dropped out of school a few times to have my hand at it but to this date have never bought or sold a house for someone as an agent. I have actually sold and bought more than most agents for myself.

In college I would have said an education doesn’t dictate whether you are successful or not, as you can tell by me having dropped out 3 times with no success in real estate. I ended up getting my B.S. and then an MBA. After the MBA I worked for a few years and then left the 9-5 and have been in real estate for the last 4 yrs. Knock on wood I’ll never go back to the 9-5. Being successful in real estate is harder than getting your degree.

Get a mentor, get an education, read a ton of books, and you will be on an adventure for the rest of your life. Reach out if you would like to chat.

@Caitlyn Richardson

That is awesome that you have paid your debt off, congrats. We are currently marketing heavily in the Bay Area and would love to chat with you to see how we could potentially work together. Shoot me a PM if you want to chat.

@Pamela Gondeck

I never expect an agent to give us input or advocate for us. When they do we will listen to them but asking an agent how to spend and protect our money would not make me comfortable. We always expect to have to do the agents job and when we don’t, we are stoked. More often than not agents are pushing deals for a commission and unless there is some type of gross negligence there’s not much that we can do. Any issues always falls on us as we are not first time homebuyers and not new to the game. At the end of the day there are a select few great agents, when you find one you’ll know it.

Take charge and bring the deal home or maybe you’ve found a negotiation point to get a better price.

A great way to reduce expenses that often gets overlooked is RUBS (ratio utility billing.) 

@Tyler Hallman

Since the debt service has already been mentioned. Here’s some extra info on cap rates. 

Typically the cap rate is used to determine value compared to other properties. The cap rate is given for an area and asset class and then price is determined from that. You shouldn’t be buying an asset at a 6 cap when the cap rate for the area is 7. You’re technically overpaying. People have transformed how the cap rate is currently used to their own liking. 

Another good comparison tool is the Gross Rent Multiplier, GRM.

Do some research on both of these numbers and how to use them, and you’ll be ahead of the game. 

@Russell Gronsky

We would typically pull it and let it reset. We have also had great success with paying the buyers agent extra. Real estate agents love pushing their clients towards a house that they’ll make more money on. Have done this once and the property sold, St. Joseph.

@John Plonty

If you have a savvy escrow officer ask them as many questions as possible. Do not rely solely on the real estate agent or the escrow officer. An escrow officer who knows what they are doing can be very helpful.

@Leon Lee

Whenever we get new tenants we give a letter in person about us and then set up an appt to sign new leases as we don’t have a lease with them yet, the old landlord does. If they don’t want to sign new leases then you start having options right away if you are in a rent controlled area. We get on them no matter how we have to to let them know how we operate.

Set a precedent for how you will act as their new landlord, this is the beginning of a new relationship that has yet to have the boundaries set. If they know they can control the situation/ignore you and get away with it you will be in for a ride.

@Tony Lueken

Mailing and door knocking your farm can be very helpful to grow your business. Mail once every few months and door knock the other months. Constantly being in the home owners minds and having met them will get them to call you first when the time comes. Mind you we are in a pandemic so door knocking may be frowned upon in your area.

@Jack Holmes

I would/am looking for a 4-plex to put a VA loan on and maximize the loan amount with how low the interest rates are right now. Of course maximize the loan amount with the right property and cash flow. If you buy it right you can hopefully refi and have to put no money into it. As @Joseph A Gonzales mentioned it needs to be a primary residence, the quicker you can refi and get a conventional loan locked in at a low rate and repeat the better off you will be.