All Forum Posts by: Jaryn Pierson

Howdy!

Wondering if there is any interest on here for a focus group for people a bit beyond the beginner level. For clarity, I've got two of my own STR's and manage another 10 or so. Looking to link up with a few people to chat systems, whats working / whats not, planning for future business model changes etc. Ideal candidate would be willing to be transparent with what they do and how they do it. I'd put together some sort of monthly agenda and commit to running it. Thoughts?

Greetings !

Looking for a virtual assistant to help with some messaging tasks, bookkeeping type work, and some reporting. Anybody have a platform they like to use to find this type of help ?

Yea things continued to get interesting today as they basically completely dodged all prior commitment to get the work done and basically said they verbally asked the engineer to 'start working on the septic design' as a favor to any potential buyers but never had any intentions to pay for it. 

Anyhow, we've filed for an extension and at this rate these people can't get out of their own way so we're probably just going to pay for it to get things moving. It's a bit of a weird situation for me to even be in as it's more of a 'living situation' house for us and not an investment in the traditional sense that I normally think of purchases as so it's been weird / impossible to take of the investor hat even during a much different type of transaction. Anyhow, great feedback so far, much appreciated !

@Chris Seveney just pulled up the special conditions of the purchase and sale, see below.

Try and keep this as short as possible. First, a little background. Basically, we're under contract on a house that needs a septic system. House was on the market 'as is' for 60 days. Listing was updated to state 'perc test is completed and new septic being designed'. Once we found out seller was providing the design, we decided it would be a good time to try and get it under contract. From there, seller has dragged their feet through the entire inspection period and has yet to even pay the engineer to provide the design. In addition, they have had their real estate agent manipulate the MLS listing numerous time since being under contract, which we have record of. See below screenshots with dates attached. Question is, are we owed a septic design via the purchase and sale that was accepted a while back? ***To note, the property is in MA.

Nov 28 2023 -Saw the listing and liked the house. We spoke to real estate agent about it briefly and decided that we did not want to take on the responsibility of the designs given the uncertainty with the current septic/property.

Jan 21 2024 -Adjustment in the description that the new Septic system was already being designed. For this reason, decided to go see the house.

Jan 27 2024 - View the property and decide to make an offer (at asking price)
Jan 31 2024 -Offer gets accepted and we go under contract. In the days to come, we begin to do my own due diligence (call engineering company) and find out that the engineer has gotten no official word to start the design.
Feb 14 2014 -In the back and forth regarding the Title 5 inspection, we notice that (after being under contract) the listing agent has manipulated the content of the listing description from "the existing Tight Tank system is working, but won't pass the inspection..." to "the existing Tight Tank system has just recently been pumped"

Any help would be much appreciated.

Alright alright alright . . . the heavyweight fight is on.  Over the past couple of weeks we've gotten two great articles from two great BP minds. 

Scott Trench told us that Multifamily is at a High Risk of Continued Crashing.  H mentions that --> It Just Doesn’t Make Sense to Buy Apartment Complexes at Current Valuations /  The Outlook for Rent Growth Is Poor in 2024 /  Expenses Eat Into Multifamily Profit /  Interest Rates Will Not Come to the Rescue

J Scott is on the other side of the tracks and saying that Multifamily is Likely to Start Recovering. He mentions that --> Cash Flow Isn’t the Only Benefit of Real Estate / The Outlook for Rent Growth is Positive / Expenses Growth is Slowing / Interest Rates Will Come Down, and There Won’t Be a Major Recession.

So, who's it gonna be ?

Hey Daniel

Excited that you're thinking about getting into the game. The first thing that would be helpful to start doing is to ask yourself what a 'good purchase' is to you.

Is it something that cash flows $200 / door / month?

Maybe something that appreciates 10% naturally year over year?
Maybe something that you can renovate and 'force' $100k appreciation in 6 months?

As you can see, success in real estate comes in many different shapes and sizes. I'd recommend listening to some podcasts or watching some youtube videos about real estate investors who have seen some success and figuring out what that looks like for you.

Happy investing !
Jaryn

Love the cordless blinds. Always put on a fresh set in between turns if they old ones are beat up. Cost is pretty minimal and the difference between cord / corded is almost nothing. I vote to make the resident of your building happy and make the upgrade !

Hey Kristen

Congrats on getting in the game. Regardless of whether or not you can figure out the Prop 19 stuff this sounds like a fantastic way to get into the game. You'll be handed over what sounds like a property that is totally ready to go with a great resident on the other side. If you can go FHA they're doing a bunch of loans now at 3.5 - 5% down so that could be a great option. Another nice benefit is that you're already situated in the building so your 'workload' really will be pretty mellow. Take the time to focus on getting your mortgage / insurance stuff / legal stuff all figured out and worry less on the actual property itself. One thing I would still recommend is a formal inspection before purchasing. This may highlight the lifespan on a few of the main systems of the house to give you a good idea of what renovations to expect down the road.

Happy investing !
Jaryn

Hey Cannen

Co hosting is a great way to get started in the world of real estate. Have you looked into any real estate meetups in your area, that could be a great way to network and find some people who may be able to help you out !