All Forum Posts by: Christopher Stevens

Hi Engelo, 

That is frustrating to get messages like that since you've already done all the hard work. However, if you have the time and bandwidth, a good strategy would be to give them a respectful response with as many details as you're willing to provide to help them. The reality is, even if you give them ALL the information in great detail (which isn't what I'm suggesting; give them a few details/answers) they'd still have A LOT of work to do and the task is daunting. Perhaps they would consider a turnkey deal with you instead of taking on such a task. The more willing you are to help others, the more business you'll earn over time.

I suggest you create a canned response and save it. When you get these emails/questions, take the canned write-up and tweak it based on their questions. That way you're offering some help and support, but with a prepared, general response, you won't use up much of your time. 

Thoughts on this strategy? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $220,000
Cash invested: $55,000

3 bedroom, 2 bathroom, 2 car garage, and nearly 10 sq. ft. lot.

What made you interested in investing in this type of deal?

1st turnkey deal to make it easier to grow my portfolio.

How did you find this deal and how did you negotiate it?

REI Nation. Yes, it costs a lot to go with REI Nation, and the cash flow is low, but they have an excellent reputation. Plus, they offered $5,000 in property management concessions. I can refinance this deal to increase cash flow and help with property management costs when the $5,000 is gone.

How did you finance this deal?

30-year mortgage

How did you add value to the deal?

25% down payment.

What was the outcome?

So far, so good. I'm happy with this purchase and know that the rent and cash flow will increase over time. Plus, the return will grow with appreciation and principal paydown from rent.

Lessons learned? Challenges?

I learned to ask a lot of questions and to ask for concessions. I need to consider other options to turnkey deals so I can cash flow more. The margins are so small from turnkey deals, but REI Nation makes these deals easy to complete.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm impressed with REI Nation, but you must know you'll pay much more for properties. However, they do a great job with the rehab work, and their property management is excellent. Cash flow is low or non-existent with turnkey deals, but they make completing deals fast and easy. If you're just starting and don't have time to deal with a lot of potential issues, turnkey is a great way to get the ball rolling.

Investment Info:

Condo buy & hold investment.

Purchase price: $385,000
Cash invested: $60,000

Burbank property

What made you interested in investing in this type of deal?

It was my wife's property, and we decided that once we bought our home together, we'd rent this property.

How did you find this deal and how did you negotiate it?

My wife purchased this home.

How did you finance this deal?

30-year

How did you add value to the deal?

Flooring, new bathrooms, new kitchen.

What was the outcome?

Rents have skyrocketed over the past 10+ years, especially in the Burbank area. Keeping this property was one of the best decisions we made due to its increased equity and high cash flow from high rents.

Lessons learned? Challenges?

The longer you keep a property, the greater the returns. Buy and hold works!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, my wife did when she purchased this property.