All Forum Posts by: David Williams

Hahah sounds good. Great work on the pod man. Love your guys content!

Hi Chris! Though I am a Denver househacker, nomad investor and newly licensed investor friendly agent... I was not yet on your podcast..lots of us David Williams out there, but I think this is foreshadowing for things to come Love to be on and talk real estate anytime! 

@James Carlson That is a good point. I'm with you on applauding people's hustle and I also believe Denver is a city that needs all the rental units it can get to maintain affordability for renters. The zoning laws are the laws, so I cannot imagine the city would be ok with permitting two rental licenses. Will be interested to see how it all unfolds. 

Thanks for the post @James Carlson. Great summary of the info! And thank you @Nicole Burke for the info, that's good to know it won't affect owner occupants who househack.  I'm wondering how it would affect investors who have an unofficial up/down duplex that has a lease in both units, but not zoned duplex? 

Hi Justin, congrats on preparing to buy a rental this year!  I don't know exact your details about your market, but it sure feels so damn hot that even if interest rates increase some that won't be enough for it to turn into a market where lots of deals can be found. I would recommend if you're ready to buy then start the hunt now. Know your numbers and what properties would make sense for what your financial goals are and then stick to those numbers. Work closely with your lender so they can run numbers on a particular property with current rates and make your offers from there.  Hope that helps and good luck!

Hi Jarvis! Here are a few things I would look for:

1) I would start by using an agent that also invests. Not only invests, but invests in the ways you are looking to invest, for example if you are looking to house hack, an agent with previous househacking exerpience is helpful! If looking for commercial properties an agent who invests in commercial again will be helpful as they will have first hand knowledge.   2) An agent who thinks creatively for on market deals AND helps search for off market deals. 
3) They should be able to know rehab estimates and ARVs and anticipated rental rates to help guide you.
4) They should also have the connections you will need, ie. lending, contractors and property managers.
5) They should be an expert in your area
6) They should communicate clearly and consistently so you are in the loop at all times
7) They should help to educate you along the way so you become a better investor just by working with them

A great place to find an agent in your area is looking here on BP in the network section, lots of great investor friendly agents to link up with! Hope that helps!

Awesome job on finding a great property! Im making the assumption this is an on market deal as you stated others found it too. I would recommend to be sure to be using an excellent investing knowledgable realtor (the BP network can help get you connected to one if you do not already have an agent)
Things you want your agent to do is really feel out what the seller is looking for in the deal and then crafting your offer to be as simple and strong and address all the needs the seller may have. Make the seller as happy as possible

This may include a post occupancy agreement that would allow the seller to stay in the house for a period of time (potentially rent free) while they look for their next house. Other potential options are to increase earnest money deposit to show you're serious; offering the shortest closing your lender can do, only use inspection contingency for health, safety and wellness; offer an appraisal gap guarantee if you offer over asking price. And of course it often comes down to doing all those things and offering more money than anyone else. 

In general, know what numbers make sense to you, don't budge on those. But ask yourself, what price would you be willing to go to that would ensure you get THIS house and make that offer if it's a super competitive market (which I think most places currently are). And ask yourself what price you would be not willing to pay and let the property go to someone else. 

Good luck!!

Hi Chris, congrats on taking some next steps with multifamily! If looking for something like 2-4 unit properties you could always use a service like Propstream to build a list for multifamily in a specific area, then skip trace that list and cold call or mail the owners. Good luck!

Ive been managing 4 rentals via Cozy for a few years now. Has worked great for me and my tenants. Simple for tenants to navigate, simple and visually appealing. Also simple for me to navigate, upload documents for tenants and collect rent. 

There are a few drawbacks, but for me no dealbreaker as I pay zero dollars for this service. One is the delayed time from rent collected to it being deposited in your account, usually 6-8 days, unless you pay for a more rapid transition. Second, in my market I have not gotten good traction listing properties and finding renters on Cozy, not a problem for me as I can find renters quickly on FB marketplace or Zillow. The last thing I have had difficulty with is some accounting when processing a cash/check refund to tenants and Cozy accounting allowing for that be shown clearly to tenants. Cozy wants the refund to be reflected as a deduction to their next months rent. With some round about bookkeeping on the site I was able to correct, but wish it was a bit simpler. 

Overall I would recommend!

Hi Ryan! Congrats on getting the ball rolling on your Real Estate career! If you are uncomfortable moving forward with your contracts then I would recommend getting yourself some peace of mind and having an attorney review the contract you would like to use. Instead of having the attorney draft one up, take the attorney one that you would like to use and have them review, this will save the attorney time and thus save you money. Then you will have the confidence to take that next step!

In my experience and my market everyone is looking for a deal, so finding buyers is not an issue. To find buyers in your market I would recommend finding someone in your area who is already wholesaling via BP, and to search for FB groups of wholesalers in your area, you will be certain to find some buyers there.  

As far as inspection contingency it totally depends on property. It's there to help protect buyers, so if you need to use, then its great to have that layer of protection. 
You got this! Good luck!