All Forum Posts by: Connor Stark

@Michael G. provided a lot of good information, being able to accurately answer all those questions will prove you're an expert of your area. 

Being able to familiarize yourself with a target market has become a lot more efficient with all the tools online. Rentometer is a good practice to get familiar with rent prices. Taking a deep dive into those automated reports will be beneficial. 

Nice take on the market. I've done some research and it doesn't seem like the supply will reach demand in the Phoenix area in the near future. Plus given a correction in the market, you're protected because you're community is not highest priced luxury in the area. If the economy is doing well then people will be upgrading into your units. If people are looking to conserve money, you'll have potential tenants looking to move in to shield their personal finances a little. 

@Marcus Auerbach  @Jeff Cichocki I'm interested in Wisconsin markets surrounding Milwaukee. What are your opinions on pockets that are up and coming? 

Hi, I know Bigger Pockets through with the podcast and other resources is a great tool to learn about ways to finance deals, but I'm looking for any other recommendations. If anyone knows of a book, or other resource that they've found extremely helpful, please share! Thanks BP community!

Documenting as much as possible will always help to set expectations prior to any "issues" coming up. Another way I've seen landlords handle the reoccurring requests for small fixes, is to add into the lease that under a certain $$$ amount, the tenant is responsible. I.e. if the door handle becomes loose, and for whatever reason it needs minor repair, it's on the tenant. This can add some obvious complications, but it also will let the tenant know that you're not going to be handling every minor nuance the tenant is able to find.

With the amount of new tech companies entering the RE industry, I wanted to reach out to the community to see if there's a property management platform that beats out all the rest. My personal use will be for multifamily use. The platform can be for owners to handle their own pm, or to recommend their pm use moving forward. One that has a nice interface that's accessible by tenants, owner, subs, etc. Where you can get a summary of the product performance as well as communicate efficiently with all parties involved on the property. 

If anyone's had great (or bad) experiences with certain platforms, I'd be happy to learn...

I was working diligently on finding multi family value add deals in Long Beach, CA prior to the state wide rent control. As California becomes an even less landlord friendly state, I decided to shift efforts towards some out of state markets. Phoenix landed high on the list of potential. I know a lot of investors eyes have shifted the same direction and I know there's probably a lot of people who believe it's too late. 

Through some preliminary research, the inventory is lacking in supply, and most of the deals on market have already been upgraded. The deals that do hit the market that have not been significantly remodeled, are now reflecting prices that lead to margins not worth going after. 

Understanding a deal takes time and effort to find, I'm going to continue to network and search. I do want to hear about others experience in this market and their future projections.