All Forum Posts by: Brett Deas

 It's probably all of those. In a market like Orlando where it is super saturated your amenities and location are what set you apart. There are thousands of options to choose from so they always choose the best place. Even a few blocks father than another condo and its occupancy decreases drastically so you have to drop the price to deal with that. You should also consider how long each place has been on the listing services as longer lasting-more reviewed properties typically get more bookings/traction. 

I started because I wanted to build some sort of lasting empire, I chose Denver because I live here (that was my first big mistake), and I started with Mid-term Rentals but I really enjoy short term.

I think it is the best way to start with small multifamily in mind. If you are willing to live in the same-ish place as 3 tenants then I see no problem with doing it. As for financing it heavily depends on your situation and I typically shy away from FHA loans due to the area that I am in. However if you have explored your options and there isn't a better one then there is no issue to why you shouldn't use an FHA loan.

 For the first few months or so, until you can get to at least 10K in reserves add extra. but for reference I am very conservative with my reserves. 

I don't know about programs, but I would recommend the book "Never Split The Difference". It was written by a former FBI negotiator who includes real life business examples in the book. It has transformed my real estate sales career and actually works with what it suggests. 

Budget for expenses, there are always unknown things that pop up.

First consider where you are at. Here in CO to manage properties you are supposed to have a RE license, I know other states have the same rules. Then find a great lawyer as they are knew in setting up the company in a way where liability is limited. Also find someone who has done this sort of thing before. If you do not want to hire an experienced property manager to work at your new company find a mentor who has built a PM company and can teach you what you don't know yet. 

What is your timeframe? For running comps many people only use within the 2-3 month time frame because the market on a micro level can shift widely very quickly. Also connect with someone who is very active locally as they can probably offer up reasons why that someone on the outside can't. 

I would definitely find a LOCAL designer, but think about why people come to your property? I go to Austin almost every year for the F1 race and if you find a lot of people are coming for races maybe throw in some cool pictures of the track or racing pics. Are you close to downtown? maybe add a decorative map or skyline photo. Basically what I am saying is find out why people are coming to your area and leverage that. 

What exactly do you want to do in real estate? That is the first question you need to answer to guide your journey. 

I was in your shoes a year ago and it can really be information overload. People always say start young but not many people are really telling you how to do it. That's why you should just drill down to a few things that interest you whether that is just long-term rentals, flipping, or even syndications, and do that specific thing. 

I ended up becoming an agent because my goals are too own rental properties. I decided to do this because it would give me the experience on buying places, hopefully keep providing the capital to do so, and give me connections with other likeminded investors. Hopefully this all helped, feel free to reach out to me as I was in your situation.