All Forum Posts by: Chris Coleman

@Shafi Noss 

Not any specific properties at the moment, but I continuously look in NoVA. I have owned a few SFR's here (now only one in Manassas). But most all of my property is currently in Texas and Tennessee. The price points in the DMV are a real challenge to cash flow.

@Nadir M.

They should pay a premium for staying month-to-month rather than signing a 1 year lease. But as others have said, $975 to $1,150 is a big jump that could likely cause them to leave, or worse, cause them to stay but not be able to pay the rent.

If they really are great tenants, then keep them at a starting rent of $1,025, and increase the rent incrementally by $50 every 12 months.

@Shafi Noss are you looking to purchase in the DMV area?

@Bill Plymouth we have to displace old bad habits with new good habits. It’s not enough to just stop doing something that’s not working. We need to replace it with an action that will work.

For me, the key is establishing and living by my healthy routines. I set daily, weekly, monthly routines, and for the most part I live by them. I mean literally, for example, waking up at a certain time each morning, having the morning routine, starting the work grind at a certain time and following the steady work routine. I go to the gym at the same time on the same days each week. Etc, etc, etc. Develop routines that are filled with the healthy, positive action items that you need to get done in order to accomplish your goals.

Part of my weekly routine is that I also try to have a day each week (Friday’s for me) where I have no routine and I go completely freestyle as much as possible. This is my relax and refuel day. I’m a strong believer that we all need time each week to clear our head and refuel.

If you have not done so, I highly recommend reading “The One Thing” by Gary Keller and Jay Papasan. It speaks all about focus.

I cannot speak much about the Las Vegas market.  But I am invested in Houston, and here are a few things to consider:

1. Houston is the 4th largest city in the US and the largest in Texas, with over 2.3 million people residing in the city of Houston and more than 7 million throughout the entire metropolitan region.

2. In the next decade, the Houston region’s population is expected to increase to 8.4 million, with employment reaching 4.0 million and GDP topping $1.0 trillion.

3. Houston led the nation in job growth in 2018 creating 120,000 jobs and is expected to do so again in 2019 with health care, construction and administrative services providing the strongest performances.

4. Houston is home to more than 20 Fortune 500 company headquarters and has the third largest number of Fortune 1000 companies in the world, such as Sysco, Walmart, Waste Management, Memorial Hermann Health System, Kinder Morgan, AT&T, ConocoPhillips, United Airlines, and many more.

5. Houston ranks No. 2 in manufacturing GDP in the U.S. with a skilled workforce of more than 230,000 industrial workers.

As real estate investors, we want to invest where people want to live, work, and grow.  Growing population, growing employment, growing and diverse mix of industry.

Hope it helps.

Two things:

1. The market is not going to crash tomorrow.  Well, then again, maybe it will crash tomorrow...or it may not.  It may actually crash next week, or maybe next month.  Or maybe it won't crash for another few years.  I guess I really don't know, do I?  No, and neither does anyone else.  The point is, it doesn't matter.  As long as I invest smart with careful due diligence, do not anxiously overpay to get into a deal, focus on cash-flow, do not over-leverage, keep adequate reserves, and overall follow my rules, then I will be okay.  The market and the overall economy does what it does, and I cannot control the market or economic environment.  But I can control how I manage my real estate investments.

2. As so many others have said, go bigger faster.  I don't mean rush in hastily.  But I mean build the confidence and the vision to do bigger deals early on in the journey.  The fact is that every successful real estate investor starts from the beginning and must acquire the knowledge, learn the skills, and gain the experience to succeed in this business.  And most of the people who are doing $100M+ deals do not have any secret or extraordinary talents more than those who are doing $100K deals.  They just gained the knowledge, skills and experience necessary to do the bigger deals.

Go with the 2017 version.  I believe the 2017 version is simply an update of the original, since the original book was published in 1997.  A lot has happened in real estate, the economy, the world, etc, since 1997.

But the core content is the same.

While you're reading Kiyosaki, "Increasing Your Financial IQ" is another great one of his.

@Jonathan Trimboli partnering with an experienced multifamily operator/GP is a great way to start.

Since you’re in Charlotte, NC, I recommend reaching out to @Chris Salerno. He is an experienced multifamily investor in Charlotte.

@Taylor Holden I have been investing with Memphis Invest for about 4 years. I currently own 7 rentals that I purchased from them and that are currently managed by their property management team (Premier Property Mgt).

I can say from first-hand experience that they are outstanding.

1. Chris Clothier is top notch. I have met and talked with Chris personally, several times, and he has always been extremely responsive and very professional, while also being a very down-to-earth guy.

2. Their team stays close and supports you through the entire purchase and Closing process. They keep you informed, communicate with your Lender, Title company, etc. They make the purchase and Closing process very easy.

3. Their property management team is excellent. They communicate to me on a regular basis. Even if there’s nothing really going on (which is a positive thing), they call me to just let me know all is well. I have had a few mishaps with some of my properties, and they have always managed it with very proactive communication, clarity, and professionalism.

4. They really specialize in their markets. If you notice, Memphis Invest is not in all the “hot” markets all over the country. When I started with them, they were only in 3 markets. Now I believe they have expanded to about 7 or so. This is because they’re strategy is to specialize and be experts in serving those markets. They go deep rather than wide.

Finally, I will say this...when I decided to invest in Turnkey rentals, I researched and reached out to a handful of companies. When I talked to Memphis Invest, it felt like they were interviewing me just as much as I was them. I mean that in a good way. They want to make sure that it’s a mutually good fit for both the Investor and Memphis Invest. I liked this.

Chris Clothier is on BiggerPockets pretty often, so I’m sure if you search for him you can find plenty of discussions where he elaborates more on their approach, answers questions, etc.

@Bill Plymouth get an accountability partner. A friend or someone you trust who will encourage you to move forward, but also ask you tough questions about “what” and “why” if you start to slack, and help you stay on track. Write down your goals, your plan, and the action steps that you’re committed to taking, and set timelines. Then sit down with your accountability partner, explain it to them, and ask them to help hold you accountable. Meet with them on a regular basis, at least monthly and probably more often at first, and report on what you’re doing and what action you’ve taken. I find it to be quite a motivation to get things done when I know I have to report my progress (or lack thereof) to someone else.

And @Taylor L., is right on...it’s just as much about what you STOP doing so that you can focus on the actions that truly make a positive difference.