All Forum Posts by: Jesse Miles

Hi friends,

Just purchased REmine the pro version. Have big plans for using it to find motivated off the market sellers near me. I'm a Realtor but a part time one at that, one who focuses pretty much entirely on the investing side of things. Brand new to everything, getting ready to create my first deal.

I'm noticing most of the multi family properties (not too interested in single family) are in trusts therefore concealing owner identity and contact information when I run my searches through REmine. Most single families pull up just fine. Investors are getting smart nowadays ;)

Do you know of any other way to get their name and number? Trying to start using my evenings to cold call folks and find good off the market deals around.

I'm optimistic I can still put REmine to work for me hopefully I didnt just drop $1,200 for nothing!

Thanks in advance!

2 Questions on this calculation I just ran.  Please see image below.

1)  Why does Annualized total return go up in the first 1-10 years, then start to fade down after then landing around 7.76% at 30 years?

2) Why in year 30 does it show an expense of $17,666.91 but also show loan balance is 0? (I assume it is because you still must pay the last of the mortgage on year 30 and technically the loan balance will be 0 in year 31? 

3) Why does the calculator stop at year 30?  How do you calculate your returns past year 30?  Is there a formula I should know about which may calculate expense, property income and property value to determine the return on your investment as a whole after 30 years?

Thanks so much, really appreciate the help. 

Great advice, thank you Alina.  Much appreciated. 

Greetings friends,

I am a newcomer here to Bigger Pockets, I've read several of their books over the last year and decided it was time to join officially as a paying member. I write this post today as I'm feeling quite alot of pressure as I start my Real Estate career. I just got my sales license and officially became a Realtor within recent months.   The details of my first deal in the works are below. 

I work on a phone sales floor currently selling solar.  I'm around many individuals my age (Early 20's-30's), most of the people here are qualified buyers and consistently ask me about multi-family and Investment properties in general.  Most of my comrades are young enough that they've never invested before.  They're coming to me expecting all the answers which I clearly don't have as I'm still a new investor myself.  I've read enough material at this time to feel fairly-confident in my abilities and conceptual understanding, along with undertaking the commitment to myself to always be learning.  I have an extensive plan for myself and am rather confident about my own personal finance future.  My issue is when asked for advice, I choke up and give minimal information because I would feel completely ashamed to land someone in a property/situation that is not a good one with my bad advice. 

The part where I can make or break my career in the next couple of months -  One of the top dog managers at our company has hired me as his agent, he is a close friend and I am out right committed to doing whatever I can to land him in a profitable deal.  He's single,  wanting to live in his own unit, wanting to use FHA (Attracted to minimal down), has a goal of a newer 3 or 4 plex but is really open to any property which will prove to be a profitable first investment in Real Estate, even a single family home. Has about $70,000 to put down.  Most of our peers on the sales-floor are watching to see how this deal turns out so the pressure is on for me to make a good deal happen! 

I'm having a hard time finding something that will really give any return/cashflow at all looking through the MLS and running numbers in the bigger pockets calculator, he insists on having his own unit so single family is somewhat off the list (Would be rather easy with the kind of downpayment he is looking to put down if he were willing to have renters in with him). Utah's market as a whole has really climbed the past few years, properties aren't quite as affordable as they once were.

One thing that is making things extra challenging is that he refuses to not hire a property management company.  He makes excellent money at our company but his position demands quite alot of time - time that he does not have trying to manage a multi family property.   This takes 7-10% right off the top of gross income.   I believe he could have 20% of the property paid off by the end of year 1 if he chose to allocate all his resources to the property.  He also hopes to buy newer so the repairs up front are minimal. 

Would genuinely appreciate some well thought out feedback about where to focus my energy in this deal.  I really plan to do a stellar job but there are so many ways to steer him, It is all a bit overwhelming. Any and all ideas are welcome.