All Forum Posts by: Jonathan Harms

Originally posted by @Joseph Brown:

@Mark Gruetzmacher changing? How so?

There are more real estate agents in our market than there are homes to sell (estimated 350 to 375 agents). Home builders have a 3 year wait list, prices have sky-rocketed year over year for a few years in a row (think 25% to 30% over last two years), and buying competition is insane.

Plenty of great people to connect with from this thread. My guy in Sioux Falls is an Agent/Lawyer/MBA. Young guy like me putting up strip malls and developments in Sioux Falls through his brokerage. 

Hi Jared,

I have experience with A&A property management. I worked with Denise for about three years, I don't think she would remember me. They do an adequate job. I've not worked with Black Hills Property Management, I wouldn't mind trying though--they seem to have a good foundation. NWE seems to me to be a fine place too, been around forever. Kahler Property Management is another shop worth calling. 10 years ago...there were three shops in town (A&A, KPM and NWE). Now I've seen lots of signs and can't remember them all.

Hi Ratna, I saw you had posted the other day as a new investor in Aberdeen. I had meant to reply to that post, but hadn't done so yet. Anyway, I have investments in Aberdeen and the Black Hills. I've been doing AirBnB in the Black Hills Area for more than 5 years now, 3 of which when I was living in Aberdeen. I have some good insight if you'd like to private message me, I can help you.

Kincaid, you've read Rich Dad, Poor Dad...That's great!

You should also read Kiyosaki's "Increase Your Financial IQ: Get Smarter With Your Money." (ISBN: 978-0446509367). This book will give you a historical context as to why money (currency) works the way it does today.

While you are at USD, you should ask Dr. Dee Vee Dykstra at the Beacom School to sit down with you and your roomate for a half hour. She used to teach a real estate course and comes from a legal backbround. I had her for an ethics class, she's pretty no nonsense and can give you some good insight here in South Dakota. It's one thing to read the advice here on BP (which is second to none, by the way), but you'll gain some good depth and local knowledge for SD. Go Yotes!

Rapid City is competitive, but certainly not like Denver, so you're in good shape.

I would suggest Mike at Ascend Realty. I haven't worked with him yet, other than a tenant of his moved into one of my units so I happened to connect with Mike as I was checking references. He strikes me as a pro that knows and is interested in producing.

Also, I thought he has a property management division too, but glancing at  his website, I'm not overtly seeing that info--you'd have to ask.

I currently use a retail agent from the second bigget agency in town that likely doesn't invest and it's noticeable. I'm going to work toward building a relationship with Mike as soon as it's diplomatic for me to adjust my current set up. Let's stay in touch, I have good folks lined up for the other team members you're looking for too.

Think about investing in a mobile home. You may be able to find one for sale at the same cash level you might need for a down payment on a SFH (likely less). I too rent to traveling nurses with some of my units in Rapid City and know that this market is willing to live in a mobile as long as it is safe and clean. The model then becomes, use your cash to buy the mobile, recoup in a few years, and then it becomes a big earner. The cash flow in the mean time eases the pressure on your reserve because you know how quickly you can replenish it. It will test your property management skills though, but since you are a professional real estate agent, that will help you cut your teeth and earn some respect in a market that is overloaded with agents. Send me a dm if you wanna grab lunch. Good Luck!

Nice job @Branden Pfaff! Are you a USD guy? Go Yotes! Anyway, good call on the house hack. That's how I got my start too, except it was a SFH I rented a room to a college pal of mine nearly a decade ago. I held on to it as I moved out of town and then guess what...It came in handy when I moved back to town and needed a place to live. It was surreal to become my own tenant! You are going to be successful in REI, keep going!

@calebheimsoth, good insight—thanks for the reply. This is worth an email to my attorney, so I’m going to get that perspective too.