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All Forum Posts by: Jake Andronico

Jake Andronico has started 41 posts and replied 1008 times.

Post: New Builds are Actually Good Deals Right Now...?

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

This chart is pretty interesting. In Reno, NV I've seen new homes that are sitting have significant price reductions, free upgrades, and lower interest rates. 

Based on this data and first hand experience, people that want turn key options should definitely be exploring this option in my opinion! 

Post: How to Find On-Market Deals

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Devin James

There are hidden deals in MLS that not many people see. I just closed two properties in one sale for a client in a 1031 exchange because they were both leased, and the owner preferred to sell them simultaneously.

Got $125K under list price (they were at $550K) and $75K off the other, so a $200K discount. Instant equity and solid cash flow up front. 

Sometimes you have to try! Cash helps too, of course. 

Post: Best Tenant screening/managment app

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Michael Williams

Can't recommend Turbotenant enough. Great for a smaller Mom & Pop landlord. Has basically everything you need. 

Post: Long Time Lurker. First Time Poster (in a long, long time)

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Celia Blase

Congrats!! Sounds like you're in an awesome spot. Would you "give up" some cash flow for less headache? 

Can you hire a designated portfolio manager and/or different property management to buy back some of your time? 

Post: Will it be better to have dual realtor as a buyer.

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Sejin Kim

There are many intricate details in a deal, particularly with multifamily in a tenant-friendly state like CA. 

You can certainly use the listing agent if there is agreement from all parties (buyer, seller, and agent), which it sounds like there is. 

But, they will not represent you. When representing both parties at the same time, there is an inherent conflict of interest. 

I have dual repped before in Reno, NV and it can certainly work very well, but it also can be a nightmare if there is a disclosure issue. 

I wish you the best of luck! 

Post: Investor in multifamily in Carson City

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Alev G.

I just sold a duplex in Fernley and there is a pocket with some awesome 4 plexes out there. 

Feel free to connect. Always open to sharing resources. 

Post: Multifamily Cash Investors - An amazing time..??

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819
Quote from @Greg Kasmer:

@Jake Andronico - Just curious for you to clarify... Your buyer had a 1031 exchange funds and paid the entirety of the 8 plex purchase in cash? Were they transitioning from a smaller investment?

Greg, yes. They were able to do a reverse 1031 exchange because they had the funds up front to execute the replacement property first, then sell the relinquished property. It was a single family home in San Jose that he bought 40+ years ago. Buying properties back then in the Bay Area and doing nothing turned out to be an amazing wealth building strategy :) But, it more than tripled his net monthly income making this move!

Post: Small Multi Family Coaches/mentors? 2-4 units.

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Greg P.

We do this for investors in Reno, NV. But, there is no coaching or mentorship fee, simply analyzing every property simultaneously and ranking by cap rate. 

I would find a broker/agent in your area that specializes in that niche. Way underserved in my opinion! 

Post: Multifamily Cash Investors - An amazing time..??

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819
Quote from @V.G Jason:

The amount of folks struggling right now is insanely high. America is full of quiet & desperate strugglers; you wake up one day and see someone or something failed. There's no noise before.

They don't like to call for help. Lots of MFs in lots of areas if you reach out, or have reached out, they're all coming back. Opex has been a huge hit to most property owners in all shapes and forms, myself included, but to know to keep your back wide enough to cover your own you'll be able to navigate these waters just fine. 

Noticing a lot of cries for help on 5 unit places. Too large to be a normal convention loan, but not big enough to be tasty for an investor that wants some size. I'm getting some runway in this area. 

Absolutely, agreed. We call the 5-8 units the "dead zone", mainly because most commercial lenders won't lift a finger if the loan is under $1mil. This cuts out a big portion of the potential buyer pool. 

Post: **The Realities of House Hacking: What You Need to Know**

Jake Andronico
#4 House Hacking Contributor
Posted
  • Realtor
  • Reno, NV
  • Posts 1,019
  • Votes 819

@Nate Shields

Well said!! I've house hacked twice with roommates in Reno, NV and it's changed my life. 

Definitely can be a lot of moving parts, but it's crucial (in my opinion) to learn and be honest with yourself about even liking rental properties. 

It's not for everyone, and that's OK. 

Great post.