All Forum Posts by: Chris Jensen

@Andrew Flora Not being familiar with your area, I’d recommend to keep looking. Particularly at smaller, local banks that work a lot with real estate investors. The local bank I use to fund my flipping projects will do HELOCs on rental properties, so I know it’s possible. Best of luck! - Chris.

@Raheem Mills welcome to BP!  Man, that's a great question that many people have encountered, as did my wife and me.  Certainly a lot of considerations.  A couple come to mind quickly.

First, can you afford to get into your next home and not use the money tied up in your duplex?  You might have some financial housekeeping to do to be in that position, but it's not impossible.

Second, is your condo in marketable condition, does it have desirable specs, and is it in a desirable neighborhood?  The kind of questions you'd be asking yourself if you were buying that condo to rent out.  A reputable realtor should be able to help with these questions.

And third, are you prepared to be a landlord? There's a lot involved, but it's definitely doable.  We found it extremely helpful to connect with someone locally (friend, neighbor, relative, co-worker, etc) who's gone down that path and learn from their experience.

My wife and I sold our first house years ago because we didn't think we were ready to be landlords.  I've regretted it from day one, because it's definitely the kind of home I look for now as an investor.

Anyway, just some things to consider.  Best of luck to you!

Chris

@Storm S. I don't have any tactical advice, different from what's already been given, about how to be a good agent. But here are a couple strategic moves to consider, adapted from proven business strategy principles.

First, identify what qualities are considered table stakes... just basic things that are expected and will drive clients away if you don't have them (e.g answering the phone, being honest, knowing the market, etc).  This thread does a good job identifying those.  Once identified, make sure you nail those expectations and ensure no lapses.  But nothing more than that.

Second, identify what qualities are comparatively rare but will delight clients.  That's much more difficult.  You can certainly leverage BP, but you'll also need to gather front-line intel by interviewing past and potential clients.  What you're after is qualities that will cause potential clients to leave their current agent and come to you.  Once identified, do all you can to develop these qualities and be aggressively protective of them.  In all you do, don't do anything that would shift focus away from these qualities.

Figure those two things out, and you've got a great recipe for success.  Best of luck to you.

Chris

@Kizzy Robb any advice I have would be similar to what's already been given. Just thought I'd comment how great it is that you own several rental properties all free and clear.  What a nice feeling to have these income producing properties and no long-term debt under them.  You'll certainly have many seasoned people coaching you to leverage those homes and use the equity to build your portfolio, and that wouldn't be bad advice.  But on the other hand, what a powerful position you're in!  Congrats to you and best of luck as you move forward with the rehab to your MF property.

Chris

@Bria Johnson you can definitely find a lot of this information online. But my feeling is that online research is just step one.  Step two would be to discuss these topics with a reputable local real estate broker.  There's so much information/misinformation online that confirming your initial conclusions with someone that has first-hand market experience and knowledge is critical.  Both sources will be important as you prepare to jump in.  Best of luck to you!

Chris

@Mark Anderson so many possibilities but here's where I'd start:

1) What areas have the highest long-term growth and public/private sector investment?  I'd be looking for stable but growing neighborhoods.

2) In the neighborhoods identified in #1, what price range has the most selling/renting activity.  I'd want to focus my investing activities on the types of properties that are most in demand in the neighborhoods that people want to live in.

3) For the properties in the price range identified in #2, what amenities/features help those properties sell/rent the best?  Whether I'm buying a turn key or making the improvements myself, I'd want to make sure the properties end up with the amenities and features that people buying or renting those properties demand.

Hope that's a start.  Best of luck to you!

Chris

@Kari D. I agree with the other advice given.  I'd add that basing your offer on the current condition gives you the opportunity to add forced equity and achieve a higher return on your investment.  Key for you is if you can manage the work necessary to complete the rehab.  If you're confident enough in yourself to take on that kind of project, then that would definitely be the better path.  If not, you may not want to pursue that property.  It's just too risky and doesn't make financial sense to require it to become turnkey before buying it.  Best of luck to you.

Chris

@Valerie Lopez that was one of the best new member introductions I've read!  Great job describing your journey thus far.  All of us were new at one point, can relate, and have done most if not all of what you described.  The way you described your goals and your big "why" show incredible self-awareness.  Thank you for taking the time to share with everyone else.

What I found in my REI journey thus far, and I'm sure many would agree, is you prepare and learn as much as you can, take that first big leap of faith, say a few (or many) prayers, and then buckle down and work like crazy to make it work. You'll continue to learn and grow, and that builds confidence to take the next big leap of faith. And so on. Based on what you've done thus far, I'd say you're doing all the right things. Best of luck to you!

Chris 

So many people come to BP seeking advice and education to help in their REI activities. Many also share their experience and advice here for the benefit of others. Most, if not all, of us have been impacted by the advice we’ve received and followed. That brings me to a question that’s been on my mind lately. How you’ve been helped by following advice you received on BP? I’d love to hear the best advice you received, how you followed it, and how it specifically helped you. Many people will benefit from hearing your experiences. I know I will! Thanks in advance.

@Christopher Christian You’re not going to find a lot of support for an MBA on BiggerPockets. In fact, many will discourage even a bachelor degree, in favor of just diving directly into real estate. I happen to have both degrees, and definitely see pros and cons. As has been stated, the two largest cons are the money and time it would take to obtain the MBA and then pay off the debt. I happen to be very supportive of continuing education, but there’s no guarantee for the returns that the average statistics portray. And for me, the debt load would be the biggest challenge, tying up precious capital and borrowing capacity for a long time. I wonder if you could either get a job, or otherwise just get involved somehow, in the real estate industry in a capacity that would give you the kind of continuing education you’re seeking, that would set you up to venture out on your own. Just some thoughts to consider. - Chris