All Forum Posts by: Jason Kern

If this isn't a make or break amount of money I wouldn't spend too much time on it. Have an attorney write a letter to the former landlord and then spend your time focusing on adding value or buying another property. I find that when I get caught up on a few hundred dollars I miss out on the bigger picture. When I'm focused on my mission - to build my portfolio - I'm much happier and more productive. 

@Jean G. and @Brian Burke I've read this string from top to bottom a couple of times now. Great thread. 

@Brian Burke Who's helping you on the back end? Attorney for the syndication, CPA for the books and reporting? As I build my network these are my blind spots. 

I already own 3 but want to pick up more and am analyzing deals as they show up. My track record is good and my property manager is excellent. The seller finance idea is a good one and I'm keeping my eye out for those but my post here is to see if someone wants a stable income for their investment secured by real estate. 

Hi All, 

I've got several buy/hold properties in Idaho Falls. I'm looking for an investor who'd like to receive a favorable rate for some long-term SFH rental properties. I've got excellent credit but don't want to do the bank circus act. Any pointers out there?

JK

I'm also interested in some opportunities in Idaho falls. SFH to 4plexes.

Hi Dave, 

Pick up "Total Money Makeover" by Dave Ramsey. It's a little churchy in my opinion but the principles are sound and it'll help you get your financial house in order as the foundation for any business you want to pursue afterwards. 

JK

hey Matt, grew up near Sugarloaf and spend summers near Portland.

hey Matt, grew up near Sugarloaf and spend summers near Portland.

I'm a realtor in Wyoming. To find property value via the MLS for myself and my clients:

Find comparable properties that are actively for sale. You'll want the price to be just below the lowest comparable. 

Find comparable properties that have sold within the last 6 months. You'll want to be just above those. 

Find comparable properties that have expired (been for sale but not found a buyer). These will not have sold because they're priced too high. Keep these in mind as they'll be an indicator. 

These three comp sets will indicate market value. Multiply by .8 and you'll know what 80% of market value is. (Usually a range)

Zillow has gotten much better in the last few years for some markets but still unreliable. Use the numbers as a guide but not as conclusive. 

Tax assessment may also be an indicator but be careful because the municipality may use a convoluted formula involving multiples of mils to determine the value and it often has little relationship to real market value as it serves a different master than the free market. 

Gosh, that's a lot of words! PM me to discuss in more detail if needed. 

JK

I've been using an app called "cap rate pro" to figure out if a property makes sense to me. I've got one property and looking at my second. My main focus is cash flow, then return. If I can get over 7.5 or 8% return while netting $200 per month I'll make a play for it. I haven't been paying much attention to the 1% or 50% rules. I've been more focused on what fits my specific profile. Also, I've been running the numbers on many properties to see what I WOULD pay given the opportunity for a specific property.