All Forum Posts by: Brian Bohrer

I will keep my eyes open here in Colorado! Please DM me the particulars that you are looking for and I can see what comes my way!  

Hey @Matthew Chalfant,

I was on a National Association of Realtors Summit Zoom call today where they highlighted Charleston, SC as market that they expect to see substantial growth in over the next year!!  You never know if these predictions will come to fruition, but it is good to know your local market is being singled out as a potential top ten market in the coming months!

Just wanted to pass this along!  Take Care,

Hello Margaret,

Congrats on your first post of hundreds to come in the forums!  

I think the best place to find investors that know your market is to go to local real estate meetup groups. Search for REI or Real Estate groups on Meetup.com or in Facebook groups and then go to events! As long as you sure that you have a sound deal and have the ability to convey how great this deal is, then I am certain someone in one of those groups will themselves or know someone who will gladly partner with you!

I have joined several local real estate investing groups in my area and they have provided a valuable resource for information about my market and a way to expand my investor network!

I wish you the best in your journey!  Keep us posted! 

 Hey Alex,

My pleasure to assist a fellow real estate fanatic!  

I am not sure on the cost in SC, but I probably spent $700 or so on the classes and the fees to become eligible for my license. Then, additionally I pay annual and monthly dues to access the local MLS and maintain my Realtor status through NAR. I also must pay monthly fees to be apart of my brokerage and must maintain E&O insurance as well. All-in-all I would say it costs me about $2,000 per year to maintain my license in addition to the costs of education.

Realistically one sold home should more than pay for your license and brokerage costs, but it really depends on your market and the average cost of homes.  There are quite a few successful agents out there who have a large database of clients from their W2 that make a nice side income in real estate!

As you mentioned "Cash for Keys", maybe the best strategy is to show interest in their lives to discover a plan where you can help them achieve a goal. Maybe they really want to move into a SFH and they need a larger deposit to do so, you could trade some cash for those keys in that manner....

You also mentioned that the rent was below market, if they are on a month to month lease, then you should be able to start systematically raising rent to bring them up to market.  This alone may cause them to move on to the next property.  If you need to do some renovations in order to raise rent, you should be within your legal bounds to work on the property while they are living there.  

You may not be able to get them out tomorrow, but you should have plenty of options to start the process and hopefully have them out or up to market rent over the next few months! 

I wish you the best on your real estate journey!  Take Care,

I love the idea of purchase an STR in an area where you regularly visit! Beyond having a place to stay when you need it, you can also write off the travel expenses to that area because you will be "inspecting your investment" while you are there! Great strategy! Unfortunately, I do not know the area, but it sounds like you should have some boots on the ground to help you find the perfect property!

I wish you the best on your investment journey!  Take Care,

Hello @Kiril Ivanov,

I would guess that the Note Income is referring to your appreciation?  With those numbers that are given I would assume that 12% is the yearly appreciation estimate which 12% of 100,000 would be $12,000 or $1,000 per month.

This appreciation number is a guess and I would not count on it every year, specially as we are seeing interest rates increase and home values decrease over the last 3-6 months in most markets.

Generally a safe appreciation number would be inflation plus a 1% in most markets, but 2022 and 2023 will be a different bear I am sure!  If you want to be conservative, I would drop that Note number in half for 2023 and adjust accordingly for the future.  I hope this helps and I wish you the best in your real estate journey!   Take Care,

I would be surprised if no one house hacks in your area!  

I moved from a small town of 50,000 where I thought there is no way anyone owns an Airbnb or rents by the room.  I was surprised when I found over 20 Airbnb listings and several rooms available on Facebook Marketlplace.   So.... yes!  I bet there are people in your area who house hack by renting a portion of their primary residence to help pay the mortgage! 

And if no one currently is house hacking, then there is a great opportunity for you to be the first!

Do your research and commit!  I am sure you will find success with the right strategy and attitude.

I wish you the best on your journey!  Take Care,

These are some excellent points!

I have also noticed that with the rising costs of renovations along with the difficulty of finding a quality contactor; that investing into new housing for a rental portfolio strategy is making more sense!  I agree that with rising interest rates and the impending recession that there will many new home builders scrambling to sell completed homes that buyers have backed out of.

I love the idea of not having any CAPEX maintenance expenses for the first 5-7 years, this gives you ample time to build that emergency fund for each property instead of waiting with a bag of money for the shoe to drop when the HVAC or roof needs replaced suddenly.

Also a great point about rents lagging and the type of tenant a nice new property would draw.  New properties would demand a premium in comparison to average rent in your city and the new home would also attract "better" tenants who would hopefully take pride in their freshly baked home!

I will definitely be taking a closer to look at new properties in my area and see if there are any advantages to take a hold of!  Thanks for the great post!  Take Care,

That is a great question! I do not believe that you have to be licensed in the state of where you sent your referral, but I am not certain.

I will be watching this thread closely to see what the actual answer is as I just earned my MLO license as well, and am very interested in the official ruling.

Thank you for the post!