All Forum Posts by: Christine Kankowski

YOu can do some research on bestplaces.net.  Good website that has a lot of statistics on crime rate, income, housing, unemployment, 

You can compare that to other cities you are researching and you will have alot of information to help your decision. I like to look a t quality of schools, vacancy rates, appreciation and unemployment. 

Most good deals aren't going to come and find you, you need to go out and find them - search the notices of defaultin your area, drive around see look for run down homes and find the owners, reach out to real estate agents and see what they have, etc. 

There are a lot of ways to acquire business. You can do a mix or focus on one area.  Some people reach out to local agents who do not do the management and are happy with a small referral to hand that business over to you, as long as you agree to return the sale to them if owner wants to sell.   Local business meetings

I am active on the local facebook pages where people post looking for a management company or rentals and I can direct them to our web site.  Once established, you will get referrals from current owners. 

I am a real estate agent that focuses on investor buyers, so that goes right to the management company that my husband runs.  Then when they are ready to sell, I can help do that as well

During Covid, we are waiting until the tenant is out.  We have been amazed at who quickly each property is renting once it is show-ready.  1-4 days and we have a signed lease. 

It's not right to force a tenant to allow strangers in to see the home during this pandemic, in my opinion.  The last thing you want is them to get sick and not be able to move...

We look at the combined income.  So Mom and Son living there, combine their income and see if they qualify.

If not, you can add the brother, but we put them on the lease like another tenant, with all the rights and responsibilities therein. Brother needs to understand this before he commits. 

Do a through background check on all parties. 

I do recommend either working for an agents assistant to learnt he ropes of selling or working entry level to work in property management.  Both can lead to wonderful careers in real estate.

SAles:  THis is a sales job. Even if you work under an agent and know HOW to do the job, the hard part of selling real estate is getting the clients, gaining the credibility to have them put their biggest purchase or sale in your hands instead of someone else who has a long track record of success.  If you like sales, this could be an excellent career path. 

If you envision yourself owning your own properties, management may be the better option.  Work from the ground up leaning how property management companies work.  THis is less a sales job, than it is managing repairs, leasing properties while following fair housing,  YOu also get lots of referrals from current owners who need to sell. buy more, etc. 

Both are excellent options.  For both, you should get your license, which you can do online.  Best of luck to you.  I've done both and actually still do both, but all my sales clients come from the prop. mgmt company, so i dont have to spend all the time and money on advertising, etc

Hi Michael,   I have a bunch of clients from Orange County who are investing in Temecula/ Murrieta area, since it is about half the price of Orange county. Pros:  Great Schools, low crime, lots of renters so minimal down time. growing communities of 110K people each. driveable to OC and San diego.

Cons: rents are lower, but that matches the purchase price. 

I've been investing in this area for 10+ years and rental rates have steadily increased. Great area to start your research.

Christine

Signing and deposit are due at the same time for us. We don't take it off the market until we get both.  If he doesn't have any extra cash for that expensive a rental, that is a huge red flag.  

33 years until she passed away. Single lady. - My moms tenant, not mine-  never a day of unearned rent, and only painted for her once in all that time. 

A real estate certification goes over a lot of information in general, but doesn't really give the specifics on what you can be sued for.  It does go over the Fair housing laws which you really need to understand an abide by.  Anyone can sue you for anything in this country, so you do need to mitigate your risk as much as possible by providing honesty and fair dealings with everyone and everything, disclosing any information that could be relevant to buyers, tenants, owners, etc. Making sure the property (for rentals) is in suitable shape to be a rental. 

Having a secure lease or purchase contract that has throughly been reviewed by an attorney, etc. all these will help.