All Forum Posts by: Joe Cassandra

Maybe just me, but I've found Rentometer to be way off where I am in North Atlanta.

I

1. See what is up on Zillow, how long it has been up and how many contacts (will give you an idea for demand)

2. If #1 is sparse, I pull non owner list in area from Propstream. Then quickly put addresses in Zillow to see what was advertised but then was rented.

 PenFed only offers HELOCs on investment properties if you own less than 4? That's a weird requirement. 

All small banks and credit unions I've talked to DO NOT do Helocs on investment properties. Have not found one yet that will do it even with substantial equity. 

If anyone has any, I'd love to apply for them. 

Many are still lending 75% cash out after 6 months...but it'll take you 60 days (or more) to close on it. So start it early.

My only advice (and I'm not an RE agent, but I buy deals offmarket)...

Forget all the fancy language, the smoozing, the late night 'networking' dinners...

If you can figure out how to generate consistent buyers/seller leads...you'll make the bacon. 

All the rest is fluff.

Master that skill...and become awesome at it...and everything else will take care of itself.

Congrats on the jump :)

It's not really a "catch." 

It's just you're buying houses at near 100% ARV because you don't have time to do the work, find a tenant, and get a PM.

It's "mailbox money."

The play for you is a place to park your money for 5-7% returns...and also banking on good appreciation. 

But it's really only if you have cash to park. Meaning you have good chunks to put as down payments, else it makes more sense to find your own offmarket properties where you make most of the money (not the turnkey provider). 

They're essentially flipping you the home plus getting a tenant in there.

I was about 4 years deep into an accounting career I knew I hated from Day 1...

Growing up, other kids wanted to play in the NFL, but my dream was to be CFO of the Coca-Cola company or something...a "finance pro' with an office on the 5555555th floor, and a marble desk. 

Sounds stupid, right?

...

Nabbed my first accounting job right out of school making $35,000 per year in downtown Charlotte. This was 2011. Still in recession recovery and many of my friends had to trudge home after graduation. 

I was the 'lucky one.' 

...Until my first day of work, when Eddy (my jovial boss) walked me through a sea of cubicles to give me my 'very own.' It was beige, old, and depressing. He dropped a 900-page book in my lap and to study the 'financials of the company' until lunch as he had nothing for me to do...

Right then and there...I knew I had made a huge mistake. My illusions of an illustrious accounting career escaped from my brain like they were on fire. 

--------

Fast forward a few years...

I had tried many ventures...

Building an app (I was the worst coder in the world)

Tried building a physical product (I can't build crap...still can't)

Tried an informational product (I was alone and couldn't juggle my day job...got burned out)

Finally, I stumbled on what I love. 

No, it's not real estate. 

I love marketing. 

In late 2015, I started getting a few small clients who wanted to take a chance on a dumb schmuck like myself. 

My wife and I had a 1 year old...she stayed home...I was now making a whopping 46,000 per year...we had student debt, credit card debt, a mortgage we couldn't afford, 2 car loans, collection agencies for medical bills hounding my wife's phone like vultures...

We had about $17,000 in money set aside for 'savings.' That included retirement money, everything. 

On January 15, 2016, I logged into my Facebook as I started my day at the ol' accounting job...

I saw this video from Steve Harvey called "jump." 

Immediately after watching this video, I turned to my calendar and marked "Feb 1st" on my calendar. Told no one who asked why I had balloons and stars marked on that day. 

I quit.

The first 12 months sucked as I learned how to juggle my schedule...no boss telling me what to do to earn my paycheck. 

In 2019, we were making multiple 6-figures with my business...

We dove into real estate to start building our wealth. (now, with 3 kids). 

In about 12 months, we've flipped 3 homes bought 4 rentals. And growing from there. 

1) You'll be afraid everyday for the first 12 months

2) Do things everyday to grow your business

3) By Month 13, you'll realize you're going to be better than okay and should've quit years ago.

EDIT: It won't let me post the link. JUST GOOGLE Steve Harvey jump video . The image should be him in front of a Family Feud audience.

I mean....maybe it is just me...but agents don't have to work too hard in this environment...

We listed an as-is house I bought offmarket...10 offers in 12 hours all over. 

No repairs to negotiste. No appraisal to hit as it was a fixer and a cash purchase.

Buying agent was ticked only getting 2%.

I said..."why...all you have to do is submit an offer and walk house once and you're done...check to you in 12 days..."

I do RE part time and I'm still able to find off market deals. 

With access to 500k, you could easily hire two people. 

One to send out marketing...

Second to go on appts and close deals...

That ROI is way better and more lucrative than just paying 100% ARV for properties and putting all your money into it for 3-5% returns.

(Just my wife and I work in our RE, she helps with #1, and I do #2, while also working on my main business outside of RE)

Nice work, Hugh. 

Congrats on the having the cajones to go after F-class tenants...I don't have those cajones...

Great progress in such a short time :)

So this is about $800/month (could get up to $1,000+ with others) in software tools. 

We haven't delved into the STR arena yet, but been curious (just own multiple long term rentals)...

How does this pricing compare to just hiring a property manager? 

That's a lot of crap to juggle if you're only saving a few hundred bucks.

Congrats @Brian Ellis...the first year is always tough as you figure it out. 

But by the second year, you'll be cruising along :). 

I quit my old corporate job in 2016...now make 7x what I used to make at a job haha. 

It takes a moment to get your footing as you realize you don't have someone breathing down your neck. Then, it's all discipline and focus and drive from there. 

Sounds like you got it!