All Forum Posts by: Brandon Vukelich

I realize the BP site's search function is pretty crappy but you could also search on this topic and find more than one post on the subject.  I know I've posted replies at least twice about OK PMs.  Look up Keyrenter, they service quite a broad area of OK and even NW Arkansas.  For Tulsa specifically, Bailey-Foristell has been around a long time, family-owned biz.

Yep, with 6th Ave and Point Ruston, things have really been on the upswing in Tacoma. I've been telling clients that the 6th Ave area has the vibe of an up and coming "Ballard" so look out...it is going to continue. Light rail and the work from home crowd is definitely spurring things as well. Yet, areas of Tacoma will continue to battle of crime, vandalism and homeless. All things considered, my wife and friends always prefer a night out in Tacoma vs Seattle any day.

Hey Mragank, I sent you an email on June 23. Happy to discuss those markets when you have time. I highly suggest you research local landlord tenant law updates before you pick a city to start to run numbers. Federal Way is getting up there with Seattle in terms of nuttiness. Best wishes on your investing journey!

I would say it depends if you intend to owner-occ the property using FHA, VA, etc. or non-owner occ and go conventional, hard money, all cash. Also need to consider if you intend to hire a PM or self-manage. Going alone or bringing in partners?

Yes, most turn-key will be found in the MLS. Sometimes FSBOs on Zillow or Craigslist or within other investor groups (live or online).

The #1 issue I see with new investors is analysis-paralysis.  Too many afraid to pull the trigger on an offer, let alone close a deal.  Many are looking for unicorns on their first one.  Your first one may not be a home run but you'll gain massive experience and knowledge.  Of course, it depends on your goals but if you're just getting started and you're probably "younger" so I would focus on better appreciating properties over higher cash flowing ones. I don't know Rochester, NY but in my opinion, stick to properties in growing areas (jobs, rents, appreciation, population) that may offer lower returns at first but should appreciate well and see cash flow improve over time. This can allow you to build more equity and scale up.  

Either way, thankfully we all don't want the exact same thing.  It's already very competitive out there as it is.  Best wishes on your investing journey!

Curious, why did they back out?  Were they financing the deal or just bringing your down payment + closing costs?  Depending on the terms, if you still need an investor, shoot me a DM. 

Ha!  We would love to see a 7% cap in our area.  Yes, some want turn-key products in the most desirable areas.  I don't know about the rest of the country but typically you don't get A-class product in solid areas on a 7+ cap.  In our area, investors buy multifamily on a 5-6% all day but they are mostly all cash, 1031 or huge down payment investors. I recently helped a 1031 client buy two 7-unit MF in Seattle, one on a 5.25 and the other on a 5.4 cap. They are buying in areas of strong jobs, strong rent growth (historically) and strong appreciation (historically).  I say historically because both are a little flat right now but they are not buying for a 2-3 year hold and are betting the long game.

Hey Nicholas, admitting your stuck in analysis paralysis is the first step to recovery. :)  But I hope that doesn't mean that you haven't even submitted an offer yet.  Making offers is a good step in curing "AP."  

Not really enough details here on the deal to help comment with specifics but if you only need $50k, I would suggest finding a partner vs private lender. I would believe that if you really put your feelers out there in your network (friends, family, co-workers, etc) that there may be at least one person interested in your deal and coming in with $50k for some equity. I get that many people don't want partners but it could help spread your risk on the first deal, improve the NOI without high financing costs and possibly bring some more knowledge/experience to your first deal.

Be prepared with operating an airbnb (STR), they can offer better returns but it comes with more management and bandwidth needs than LTRs. Think of it as the hospitality business rather than a rental. Guests have much higher expectations and require more attention than tenants in LTRs. Best wishes on your journey. BTW, I like that you have "investor" in your profile even though you haven't done a deal. That's the right mindset!

Yes, there was a huge benefit to me but it depends on what your state allows. Here in WA, I have an LLC setup and designated as an s-corp. All of my commissions are paid to the LLC and I take draws/disbursements as needed. It has also allowed us (me and my wife, a stay-at-home mom) to contribute towards her future social security benefits...if the system isn't b/k by the time we retire. The LLC pays her a "salary" and I make monthly tax payments towards 941/943/944 filings. It has also helped me budget so I'm not stuck with a huge tax bill in April. I HIGHLY recommend you speak to a local CPA that can help you assess your personal situation best.

Also, my bro is licensed in Hawaii and they do not allow for agents to get paid through an LLC. So every state is probably different.

@Walter Olmstead...what Charles mentioned above was good feedback.  You sound a little far out from being to take down deals on your own.  Dollars isn't the biggest hurdle really.  A good deal will attract money aka investors.  I'd suggest finding an opportunity and/or money partner to bring in the credit and funds you lack.  You could contribute for a small slice of equity to help oversee the property, manage ops, landscape, whatever skillset and time you could offer.  Best wishes on your real estate journey!

@Will Podrasky  Did you try clicking the "Find an Agent" link at the top of the BP site here?  Generally a search should produce 3-4 names and you could expect that most agents on BP are the investor-friendly types you're hoping to meet.  Best wishes on your search!