All Forum Posts by: Chris Lopez

@Zach Bagby

I go by the rule of 3 (I think because I played baseball growing up - 3 strikes and you're out!). Talk to at least 3 agents. It'll help you get a feel for what you want and finding one that matches your personality.

Before I became an agent, I went to a lot of open houses. I left my contact details with about 15 agents. Only 4 actually followed-up! 2 agents sent me a lame email "It was nice meeting you...", 1 agent called once, 1 agent called multiple times.

Only 2 out 15 agents called me when told all of them to call me!

Anyone that didn't call me was automatically off my list. That's just being lazy. I didn't want a lazy agent. I'm aggressive and like people who are aggressive and hustle.

I share that example to help you come up with some quick filters for finding someone.

BP is a great place. Obviously, I'd love for you talk with me about it. It's your best interest to talk with a lot of people. Meet up with @Dan Mackin and @Billie Miller . I don't know them, but they look like great agents. It would be a disservice to yourself not to connect with them.

If any agent tries to get you sign a buyers-rep agreement (meaning you work exclusively with them) at this point, I'd find someone else. Build relationships! If an agent takes offense to that... oh well! Once your timeline is closer and you know who like, sign one then.

I'm working with @Charles Roberts at the moment to put together an eGuide for house hacking. I'm able to leverage Charles' experience and connections to have a lender to talk about down payment options, a property manager to discuss tenant screening and how to manage your property, and a very successful investor who started his career by house hacking. My goal is to have out next month on my website. The info will be free. Whether we work together or not, use it and make a good investment! 

I'll try to remember to email it to you, but your best bet is to join the email list. Hop on the site or send me your email address. 

@Zach Bagby Your idea of house hacking is right on.

If you're purchasing with a FHA loan, go with a real estate agent and stick to the MLS. Trying to find an off market deal with direct mail or driving for dollars will not mix well with FHA loans. You won't be able to complete with a cash investor who can buy the property that week.

Talking with a lender is the right area to start!

@Matt Jones - welcome to BP! Are you able to share details of your ideas? It might be easier to get connected with people and to the right get togethers. Or are you keeping under the radar? 

@Omar Shahid buying with cash will give you a slight advantage, but not even to be the main decision factor for selling. @Steve K. has great advice - look at refinancing to buy a new place. Keep your current solid investment and avoid all the selling expenses.

I second @Chris K. 's comments!

Obviously, a lot depends on your overall personal finances and investing strategy. Other points supporting on rolling it over to a 401k:

- It can be considered reserves and help you get a loan.

- It's the ultimate "emergency fund" 

- Diversification

If you do roll it over, just make sure you buy a low-expense index fund.

@Omar Shahid

It's not a property problem that you have. Rather, it's a renter problem. More specifically, it's a "how did you get these tenants or allow it to get so bad" problem. That's on you, not the property.

If you use the same screening process for these tenants in your new property, then you'll probably end up with bad tenants again.

My advice is to hold on to it. You have good cash flow, it's in good shape and you know the property. Work on your tenant screening process or hire a PM to handle the tenant issues.

Some people have the personality to deal with tenants, some don't. There's no right or wrong. Just know your personality and focus on your strengths. 

If you sell it, you'll be comparing current deals to the property that you just sold, and probably unhappy!

- Get rid of the tenants when the lease is up.

- Improve your tenant screening process or hire a PM.

- Rent it out for another year to improve your land lording skills.

- While you're renting it out, start searching for deals around Denver. See what's out there. I doubt you'll find "greener" grass as compared to your current investment.

@Matt M. brings up a good point. You can still rent out for another year because you lose out on the personal residence capital gains exclusion. 

@Marc Cunningham - You have a lot of experience in situations like this. Any troubleshooting tips?

@Robert Uceda , Also, if Bill's post caused you to get that worked up, you need to get thicker skin to handle rejection. You'll get a lot worse knocking on doors and driving for dollars.

@Robert Uceda I would encourage you to go back and re-read @Bill S. 's post. I didn't take it at all like it came across to you. Things don't always come across well over email and forums (I say this from making an *** of myself in the past that really hurt me, years ago). You're telling Bill to stop, but then the next sentence you're asking for help. Many people aren't going to want to take the time to reply if they are going to get flack.

Normally I wouldn't post this comment, but Bill is actually one of the most thoughtful and thorough posters on BP. He gives great advice. Be careful on burning that bridge. 

Not to mention he's a successful wholesaler himself in the market you want to start doing deals in!!

Anyways, good luck.

@Brian Betancourt Don't get too focused on the 2% and other rules. BP just emailed out a timely article on that topic for us! 

https://www.biggerpockets.com/renewsblog/2015/05/06/2rule-die-horrible-death

My extra 2 cents in addition to what the article says: Use your common sense,  live within means when you buy the house, and remember that it won't be your forever home.  

I wouldn't spend too much time trying many techniques that you'll hear - throwing in tons of low ball offers, etc. We're just not in that phase of the market cycle. 

@Brian Betancourt check out BP's Ultimate Beginner's Guide: www.biggerpockets.com/ubg

It's good content and will help you get oriented to the site.

Do you know what you're looking for yet? Or is it too early? 

A big house to rent out rooms individually? Great option if you're bachelor, maybe not if you're married! If you go that route, just snag a house with a master suite - assuming that you're like my other military buddies who are very specific about their personal space! :)

Just start learning. Don't get sucked into any paid programs. You have time on your side. You can find all the info you need for free on the Internet or with $10 books.

Check out the website in my signature. I just recently launched with @Charles Roberts to bring his knowledge and Your Castle's knowledge on the Internet. We're doing webinars monthly, launching a podcast next week, and writing case studies on a regular basis.