All Forum Posts by: Chris Herrera

@Scott Gordon I agree not to assume anything, it might just not work for some investors as everybody has their own different standards.

I bought a 6plex that was in the market for almost a year and ended up getting it 20k less than the market price.

Sometimes people don’t even make an offer because they think it is over priced so make sure not to make the same mistake

I’m sure you’ve tried this already but is cash for keys an option? If you have a number worth it for them it might save you in the long run

@Breanna Collins Hey Breanna, live life on you’re own terms. Don’t think you’re too young or too old to do anything, including real estate, and I promise you’ll be living not just a better life but a happier one too.

@Margharita Silva I would ask all the agents you interview about their cancellation policy beforehand and ask them what their typical process is like. If they have a solid process that you like then ask them some questions on the local market to make sure they’re in touch with what’s going on.

You shouldn’t have any problems addressing your concerns with them beforehand, it’s just up to you on how well you like their responses and are comfortable with them and believe they can get the job done

@Nick Scullin I wouldn’t say they’re a bad investment, obviously we can’t predict the future but if it’s in a good area then we should be able to reasonably predict that the value will increase over time and rents will likely increase as well. You just won’t be able to scale as fast as you may think you want to, but it could be a ‘blue chip’ property in your portfolio.

There’s properties a few years ago that didn’t make sense at the time but would be a steal now. As long as it cash flows enough right now for it to be worth it to you then you shouldn’t automatically be turned off from it, but like I mentioned you’ll take longer to scale unless you find a run down place that you can add a ton of value and cash out to reinvest the money

@Jordan Becker I agree with Erik, if you want to start big then make sure the numbers have ample room for professional management since you don’t have the time either way to take care of the property. Just make sure you clearly communicate what you want out of a property manager so you have it looked after properly.

If it's on the MLS the first route would be to talk to the listing agent. Have a meaningful conversation with them on what the seller's pain points are and then see if you can make an offer that solves those problems using seller financing.

@Robert Chad Yoder like David said, but a car for utility and nothing else. If you have surplus money sure buy something you like, but if you’re being frugal and on a mission to use your money elsewhere don’t let what car you drive be a limiting belief in relation to how much business you can do

@Ryan Copeland as much as I would love to say yes or no, since I don’t know the local area I can’t. All I can say is if you believe in yourself and feel like you have the knowledge of the local market/area and either have the processes in place or know you will have the process in place then pull the trigger. This of course is assuming you’ll be cash flowing enough where it makes you excited about the work you’ll be taking on

@Mat K. Asking them to notify you of leaks because of this is a little overkill. Anyone would notify their landlord of a typical water leak since nobody wants water damage but something like this isn’t really noticeable to the tenants or causing damage so they might not care.

You said they were great tenants so I would just fix it and eat the cost and move on, no need to stir anything up if you already have good tenants over this