All Forum Posts by: Christoph Krekeler

I operate two STRs in North Charleston and just went through the permitting process.

Shoot me a message.

@Jay Hinrichs I don't know if he has read these posts and adjusted his scam strategy or if he's actually legit. He is now sending out his business license ID in his email together with all of his terms about the loan. I do find a business registered with the business ID since 2017 in NV. Street address of the registered agent is showing a pharmacy though. Also, he's providing the link where you should search the entity. https://esos.nv.gov/EntitySearch/OnlineEntitySearch Any idea?

@Yonah Weiss

I’ve got a Bachelor in Business Administration and MBA - Finance. What you learn in theory from a textbook is always helpful and gives you a basic understanding of historical strategies, models and processes. However, what you learn by doing is more valuable than anything else.

Reality > Theory

@Ken N. You never know how tenants treat the property. If you are looking to put as little money into the property as possible carpet is cheaper as initial investment but will most likely cost you more over the long run. If you have a high turnover rate (new tenant every year) you might have to replace the carpet every year depending on how tenants treated your investment. A LVT lasts much longer (7-10 years) even when the tenants are not as caring.

Material per sqft is $0.65 for an average quality carpet vs $1.59 for an average LVT with attached underlayment. Just from a material cost perspective (if you DIY to save money) it makes sense to use LVT flooring. Might have to lay LVT flooring (or pay someone) one time in 7-10 years whereas you might have to lay carpet 3-4 times over that same time frame of 7-10 years.

And then there’s the other positive effects of LVT: looks better and less maintenance/headache over time.

So far I have been having a good experience with cozy. I agree that the rent payments take long (4-5 days) to transfer to the linked bank account but they added the Express payout option for a small additional fee if money is needed quicker. Not using it currently but it's available.

The screening function is simple and pretty good. Background check and credit report with an informational application package.Good overview overall. However, messages or requests from people through the cozy post have been very slow unlike other platforms. I am getting a lot more quality requests if I post on facebook marketplace and send potential candidates the cozy link to send in the formal application. 

@Jeff Copeland Hi Jeff, thanks for the input. That is a good way of presenting it and not being pushy. I guess I will have to find a balance between slowly building trust and following up to remind the sellers that I am still interested and able to help providing information. I believe, though, that all these one-timers (random postcards, cold calls etc) are not generating enough attention for a potential seller to call one's number once they finally decide to sell. Many books say persistence is key but I can see this also going the wrong way, especially when the other party doesn't know you yet. I guess the key is the right mix of persistence and patience.

Received two calls back after sending letters to owners of distressed properties. Both were interested in talking about the opportunity but ‘still unsure’ of selling. When I followed up with a call 3 weeks after the initial calls both owners had ‘not yet put enough thoughts’ into selling. How can I approach another follow up call without coming over as bothersome? How can I get them to show me the property and continue the discussion?

@Nat C. That's very good input. I don't necessarily have to be the one actively managing the flip or brrrr but partnering up as a passive investor gives me at least the opportunity to be involved in deals other than normal long term passive rental properties.

Yes, there's a lot of potential in the North Charleston area. Good opportunity to enter the market for still reasonable prices.

@Taylor L. will do. Are you typically looking to do deals in your area or because of syndication your investments are more often in other cities?

@Taylor L. Thanks for your input. Haven’t really looked into note investing yet but I will.

That’s right. Syndications will be a possible option. How did you go about syndications when you started out? Did you mainly look for local contacts?