All Forum Posts by: Courtney M.

Hi Steven, I have yet to purchase a multifamily, but like you I'm located in southern California and the returns elsewhere (not to mention the prices) are much more appealing. I am wrapping up on a SF BRRRR and the process went smoothly. I am lucky enough to have a combo broker/PM/construction in the market in which I'm invested, Michigan. It can be done but I certainly recommend getting some familiarity with a potential market. I grew up in Michigan so I knew the area in general I am invested in.

Having a team is incredibly important - I disagree with the poster that said you are giving away profit. Not if you buy right, and not if you calculate those costs into your purchase. 

 In my experience, you will need to do some of the legwork yourself as well as show yourself as a qualified buyer in order for a broker to start working with you. I would start by figuring out the profile of what you're looking to buy. I personally have my own Zillow searches set up and will send the listings to my PM to ask them if this is an area they want to manage. SE Michigan is a great market (I have rentals in Westland and Taylor) but it can change street-by-street, so you'll really want someone familiar with the area and the rents.

I have neighbors that bought in Crestline hoping to make it work with a STR. With COVID it was too much of a pain so they recently had to sell. Obviously COVID won't be forever but they had trouble with keeping it clean and maintenance requests. I think that area is going to be all about who you know and ensuring you have an excellent PM, cleaning company, and system for turning over the property/checking guests in before you buy.

I currently have a PM on out-of-state properties but I'm unhappy with the lack of communication and repairs being made without notice and finding out when I get my monthly transfer.

I only have 2 properties so I feel it's something I can handle so long as I find a few decent handyman contacts. 

Is there any PM software which not only allows tenants to pay rent, but report property issues? I suppose I could also have them call me; it might be overkill with 2 properties.

Thanks!

6 properties? I thought you were going to say 20. 3% is a hefty decrease. Don't let the door hit ya on the way out, Mr. Investor...

I am surprised you allowed your tenants to bring you checks to your workplace. I would expect most workplaces to be intolerant of working on your side hustle on their time. Good luck at your new job!

@Ryan Phu, I recommend you check out the BP podcast. Some of the best real estate education you'll receive, for free. You're young and really need to build some foundational knowledge before tackling lease options. I also think the BP books are excellent values. I like Finding & Funding Great Deals; Buy, Rehab, Rent, Refinance, Repeat and Raising Private Capital.

 H1N1 caused 12,000 deaths over a year's time.

We've seen 50,000+ deaths in a matter of months.

That's not politics. That's science.

I just don't know what the outlook is for casinos reopening. We live in California and used to go to Vegas 2-3 times a year. I'm not going back there until the vaccine is out. It's supposed to be a place to have fun and forget yourself for a bit - it seems pretty depressing to go there if everyone is required to wear masks and there's someone enforcing distancing between guests. 

Of course, that's us. They reopened Newport Beach in California this weekend and 40,000 idiots hung out on the beach. So I guess there will continue to be a market for Vegas, even with safety protocols. I just know I will likely not be going there until I feel safe being in a large crowd.

Also, I really think the biggest consideration for a lot of casinos right now is risk. I was reading a thread on Twitter not too long ago where the person said they were part of a team in Vegas responsible for diffusing threats (like bombs) in such a way because casinos don't want to close down for ONE MINUTE. Yet they all chose to close in the face of this pandemic, I think because they thought the liability was too high. So even if people are willing to risk their lives to gamble, casinos may not be willing to let them come out knowing their loved ones will sue after their relatives die, or getting the bad PR about another COVID outbreak at their casino. Tricky times for sure.