All Forum Posts by: Bob Willis

@Juan David Maldonado I think starting with the Chamber is a good start. The key is building a network, the connections in your network do not need to pay off immediately. The point is getting yourself in front of people who know you are a real estate investor so they will perhaps come to you in the future. Is there a local Economic Development Corporation, perhaps you can introduce yourself there, and see if they have any real estate focused efforts underway. If so, reach out to the individuals involved with that.

I live in a SMALL town (950 people) but my real estate portfolio includes properties here in town, in a town 45 miles away, and down in Phoenix. The point is people here know I invest in real estate.

Last Thursday, 6 days ago I had someone here locally reach out to me about potentially partnering on a deal. A Dollar General is coming to town, and the site for the new location is right on the highway entering town. Currently there are three rental houses sitting there. Those houses are just going to be bull dozed to make way for the new retail outlet. My new partner and I met with the current owner of those three rentals and struck a deal to buy two of them (the third is not worth it) for $4k each (yes I typed that correctly). We are going to have the houses moved to lots available to us here in town (there is no cost for the lots). The quote to move them is $12k each. We plan on putting a basement under each and then renting them out. We do have a STRONG rental market here, there is a small ag-college with a lot of students so renting will be no problem.

Just keep putting the word out that you are an investor, have business cards made, hand them out. Tell everyone you meet what you do, and ask if they know of anyone interested in selling (or buying).

Best of luck.

@Brock Dowis hit it on the head. What is the thing slowing you down? Identify that and solve that problem. I suspect it is tied to having the resources (people) needed to expand. The hardest part of owning/running ANY business are the employees. Keep that in mind and realize it ahead of time, understanding this won't solve the problem but it will help you deal with it.

You have made a great start. BEST OF LUCK MOVING FORWARD!

Do you really think gas prices are going to stay like this forever, or even for the long-term? If that is your only concern then stay. Also, what Nathan says above is spot on. One last thing, what are the prospects for long term appreciation beyond cash-flow, that should be part of your calculus?

Let me know when and I'll be there. I've been in STR since 2016. Currently have two, a small one I manage myself and a larger one I have a property mgr run down in Phoenix (I'm based in Nebraska). Looking forward to this.

Hey Guys,

I am looking for some creative ideas to see if we can make a deal work here...

Here are the vitals:
4-plex, built 1980, in very good condition for age and area.

Asking price $325k

all units, 2BR, 1 BA, ~1000sf. with an additional 1000 sf of unfinished basement in each unit which could be converted to additional 2BR, 1 BA. All units are month to month, with two of the units being rented by same tenants for 20 years...

Also, comes with four detached garages, no extra charge for these.

Tenants cover utilities, EXCEPT water, which runs ~$250/month.

Taxes - $5000/year

Insurance - $3,000/year (estimate)

Current rents are well below market.

Unit 1 $500/month

Unit 2 $550/month

Unit 3 $600/month

Unit 4 $600/month

There is a VERY strong rental market in this community. 

I believe all four units could bring $800/month, with a potential for another $75/month for the detached garages.

Unit has been on the market since last summer. Needs a new roof, which current owners are replacing this spring.

I have the ability on making a full cash offer, but don't want to do that. Any thoughts or suggestions on the best approach here (some owner financing, etc)...

Thanks,
Bob

@Deanna O., @Dave Poeppelmeier, @Ashley Herring, @Karl B., you've given me my marching orders. Thanks very much.

My wife and I are in the process of closing on a house that will be lived in by our son while attending college. It is a 4 BR, 2BA. We plan on trying to find some other students to live with him while there. He will act as our eyes and ears of course. We currently own five rentals and have a solid tenant screening process, but this specific situation is new to me. I'm just wondering do we set aside the credit score and income requirements since these are students? We are only listing the property through the university, so there will be no non-students applying. Do we run the credit score and income through the parents and make them sign the lease? Curious about if anyone has any history with a situation similar to this.

Thanks

@Johnathan Boyle listen to this podcast - it will guide you https://podcasts.apple.com/us/podcast/biggerpockets-real-estate-podcast/id594419649?i=1000466828441

Listen to this podcast where they talk about mentoring (and a lot of other good stuff) - https://www.biggerpockets.com/... Specifically - 

• How she learned the development game by apprenticing under an experienced investor

I believe Brandon Turner would say - do not rent to them.