All Forum Posts by: Garrett Christensen

There are a number of different strategies that people use, one of them being saving up cash for the down payment. Another common one is working in partnerships; these can be structured in many different ways. For example, both parties bring the cash, one brings the cash and the other facilitates the deal, maybe one brings cash and the other renovates/pays for the renovation. Each of these will yield different ownership percentages and there can even be combinations of all of these. Another option is bringing in outside investors, but this involves a lot more regulation and is typically for much larger properties.

A HELOC could be a way to secure some needed cash, but you need to make sure the property you buy can produce enough income to make all payments, including the HELOC.

I do a lot of work myself and have also hired some out. As a very general rule a thumb it's about half the cost when you do it yourself. I'm not sure I understood completely the last bit. It sounds like you're basing the ARV off the 1% rule. Correct me if I'm wrong in that. The ARV should always be done with comps if possible, even if it's using the rent ratio, but never assume you'll hit 1%. In my market, for example, a great deal is only 0.7%. Again, that might not have been what you were saying, so feel free to correct me.

I use OpenPhone, it's a business phone system that offers incoming and outgoing calls, texting, and contact management. You can also select a local virtual number. It's easy to use, flexible and integrates with popular business tools. However, it's a newer service and some users, including me, have reported call quality issues. It might be a good option for you, but do your research and compare it to other options.

It sounds like you and your boyfriend/business partner are in a strong financial position, with good credit scores, a significant amount of equity in your primary home, and a solid savings cushion. Based on the information you've provided, it seems like you have several options for moving forward, and it can be difficult to decide which one is the best fit for your goals and needs.

One potential starting point could be to focus on paying down your credit card debt. This can help to improve your debt-to-income (DTI) ratio and give you more flexibility to take on additional debt in the future. It can also free up more cash for other investments, such as long-term rentals (LTR), buy-rehab-rent-refinance-repeat (BRRRR), short-term rentals (STR), or flips.

Once you've made progress on paying down your credit card debt, you can start exploring the various investment strategies that you mentioned. For example, you could look for properties that would be suitable for LTR, BRRRR, or STR, and analyze the potential returns and risks of each option. You could also consider partnering with other investors to share the costs and risks of these investments, or to gain access to additional expertise and resources.

It's also important to consider your long-term goals and how your investment choices will support them. For instance, if you want to build a portfolio of rental properties, you may want to focus on strategies that will generate consistent cash flow and long-term appreciation, rather than short-term gains from flips. Alternatively, if you want to generate more immediate returns, you may want to focus on flipping properties and using the profits to fund your other investment activities.

Overall, the key is to carefully evaluate your options and make decisions that are aligned with your goals, risk tolerance, and financial resources. A financial advisor or other professional can also provide valuable guidance and support as you navigate this process.

I'm not looking for a specific property, not just the method people are using cause I've heard of a number of different methodologies. Asking the owners of comps is a good idea though.

Hi All,

I've been investing for a few years now and when I'm running numbers I always set aside a percentage of the rent for maintenance and cap ex. I adjust this number slightly based on the condition of the property, but I don't really have a set system for this and I'd like to. It just seems too arbitrary at this point.

I'd love to hear from others on how they determine the amount of the rent to set aside. Ideally, we'd have years of data and just go off that, but when purchasing a property we don't have that. Also, costs of materials vary by location so I'd be totally lost if I were to invest out of state. 

Excited to hear what ya'll are doing.

Garrett

In my opinion, the best way to market yourself as a real estate agent is to focus on your unique strengths and skills and to make sure that potential clients understand how you can help them achieve their goals. This can include highlighting your expertise in a particular market or niche, showcasing your successes and achievements, and highlighting any special services or tools that you offer that can benefit your clients. For example, I've worked in construction for years and renovated many houses so I let all my clients know of my network of contractors. 

Additionally, it can be helpful to establish a strong online presence, including a professional website and social media accounts, to make it easy for potential clients to learn more about you and your services. Networking and building relationships with other professionals in the industry, such as flippers, can also be a great way to market yourself and to attract new business.

Rentler has a background and credit check option and it's free to list one property at a time there. The checks are paid for by the tenants in a one-time per-month fee.

Hi Ryan,

I have mediocre success with it, but I'm constantly being called by companies wanting to manage my ads and social media. I think the biggest hurdle keeping me from using them is the cost and potential zero return. I've also used one agency before that was posting very misleading ads and every lead was mad at me.

If you can address those concerns I'm sure you'll be successful. 

Garrett

1. I always recommend to my clients that they get preapproved first so you can act fast when a good deal pops up. I know it's not as crazy as it was a year ago, but good deals still go fast, at least in my area. 

2. I have only used a hard money lender once, but I would say always try to keep it accurate and then add a cushion. If they ask for details just be clear on what each line item is, including the cushion.

3. I would say rehab to rent is better at this time, rents are still pretty hot because so many people are priced out of purchasing right now. You're right though, if a good enough deal pops up I'm sure you could make a rehab to sell work. 

Message me if you have specific questions about being a landlord. My wife and I manage around 150 units.