All Forum Posts by: Claire Fenton

@Account Closed, I don't have personal experience in fix and flip, I'm a buy and hold person.  But I am seeing wholesalers who are transferring paper make a sweet 10k per transaction, (within a week), and their fix and flip buyer building in 20k in profit.  Now I'm sure that doesn't happen every day, but I guess good buys are still out there.  Would you consider those to be good profit margins for SF homes under 200K?

Interesting question @Joe Splitrock,  

I work and live in Boise, Idaho which is #9 on your list.  Certainly there is quite a bit of flipping activity here in Boise, and I would say that Boise is also experiencing a bullish property market - definitely a seller's market right now.  So, I'd also love to hear comments to your question.

Hi @John T.

I'm a property manager in Boise, so I can't help you in Cleaveland.  However, a good PM is worth their weight in gold.  Several things to look for in a good PM:

Experience - very important.  There is a lot to learn in this business!

Staffing - a single owner/operator has challenges.  PM is 24/7

Credentials - Member of NARPM or other national organization.  State or local licensed?

Fair Housing Knowledge/Trained

Avg Vacancy Rates

Leasing Policies

Inspections - when/how often/

How do they handle legal issues

Do they have on staff maintenance crew or sub contract.  Do they mark up maintenance costs.

What type of reports will they provide. Do they have an EOY statement to pass to your accountant.

How easy are they to reach?  Do they answer your phone? Get back to you same day?

Do they have references - owner and tenant.  Look at Google Reviews.

How is your money handled?  Trust account?

How do they charge?  Straight % of revenues?  Other fees like leasing fees, vacancy fees, admin fees, etc. 

Good luck finding the right company in Cleaveland.  If you ever need a PM in Boise, I'm glad to help out.

Claire

Hi @Anthony P.,

Have you tried to connect with wholesalers in your community?  They usually want to deal with cash buyers, but not always.  It may be worth a little investigation.  Good luck.

Hi @Account Closed

By portfolio lender, do you mean private lender, or an institution that holds paper on their loans, or both?  Chad Hargis is a private lender in Boise, If you private message me I will give you his email address and phone number.  Michael Hendrichs is an institutional portfolio lender with Veristone.  Heather Chambers with Washington Federal is a portfolio lender.  Happy to introduce you to any of these people.  

Welcome to PB @Chris Latham,

I live and work in Boise, Idaho and share some similar history with you with regards to owning rentals, being an unintentional landlord several times in my life and getting laid off and having to fall back on my rental income. I currently work with a residential property manager in Boise and love it. Boise is a great town and the word is getting out, which means real estate is a good investment here. Did you have a 401k with the company that laid you off? If so, I can refer you to a company that can structure real estate purchases using retirement accounts. It's very flexible and doesn't have any of the restrictions that the Self-Directed method that most people are familiar with do. Definitely worth looking into even if the balance of your IRA isn't enough to buy property outright. Good luck with building your portfolio, and if you are looking to invest in the Boise area, there are lots of great people who can help you with finding good properties.

Welcome @Colby Bradley,

@Jonna Weber has already clued you in to the best groups in Boise to learn, share and establish business relationships in the real estate investment arena.  You'll meet some great people at this groups who are willing to give you tips, or even mentor you.  You will also find eager and willing clients!  I look forward to meeting you at one of the Boise groups soon.

Hello @James Midgley, I attend BRI and AVID and the local BP meeting.  All are great places to learn, share and find mentorship.  I look forward to meeting you at one of our local investor meetings soon.

Hi Jordan,

Congratulations on your new venture and welcome to BP.  I work with a property management company in Boise, Idaho.  Your request for suggestions is somewhat broad.  It might help to understand your niche market to be able to give valuable advice.  But one general thing that I find hugely important is good systems.  If you don't have solid systems in place, things can fall apart pretty quickly.

Hope that little gem was of some help!

Claire

Hello John, welcome to the Bigger Pockets forum!  As a representative to one of Boise's finest Property Management Companies, Realty Management Associates, I'm happy to be of service if you have any questions regarding the rental market in Boise - don't hesitate to ask.  I almost always attend the Boise Investor Group meetup but unfortunately missed the last one as well as the BP meeting because I was out of town.  So, sorry if I missed the opportunity to meet you in person.