All Forum Posts by: Joel Unick

@John Warren, thank you for your insight! I will definitely put more focus on my ability to help out on the paperwork/accounting side of things.

Hi everyone!

I am currently in college and I'm looking for ways to get more experience in real estate instead of just slopping food on trays in the dining hall part time. Getting experience managing properties would be a great opportunity for me to learn and grow as an investor, so I am going to send out some cold emails to property management companies in my area. I'm hoping to get some more insight into what areas these companies might be needing help in so I can increase the odds of someone giving me a chance!

Right now I have some experience analyzing properties, strong excel skills (experience creating Macros to automate some analysis steps), and a lot of baseline knowledge on real estate from reading books and listening to podcasts. I know that these skills don't necessarily align with property management so I think the biggest thing I'd be bringing would be my work ethic and the desire to learn. What are some areas that you guys have noticed (whether from running, working for, or with PM companies) that they might be able to use an extra hand in? I want to be sure to have an understanding of what they actually need so I can bring them value. I would also appreciate any other advice you have for me as I approach these companies. Thanks!

@Logan Taylor I am in a similar spot as you. I am currently a sophomore in college and just taking the opportunity to learn as much as I can through podcasts, books, forums, etc. Recently, I have been thinking about reaching out to property management companies in my area to see if I could be of any assistance part-time. This would give me valuable experience when it comes to managing future rentals, and it would help them in areas they need it. After I graduate, I plan to buy a small multi-family to house hack and then, from there, funnel my W2 income into more rentals. So, for now, I'm saving up, building my credit score, and looking for ways to get more experience.

There is a lot to learn from everyone's posts on this thread, and there are a lot of great ideas for getting more experience. It's great to hear more young guys are out there doing similar things! Best of luck to you!

This seems like you found a really good deal! It really highlights the importance of keeping your eyes open and taking action when you do find something. Do you mind me asking, what area of Des Moines is this in and what are the signs that get you excited about the future of this location? As I'm looking at properties, I find one of the most challenging parts is understanding the area and how to know what the future holds for it.

My cousins have been investing heavily in tax liens in several different Iowa counties for the past 10 years or so. This year they were planning on expanding into Polk County, and I was going to be the boots on the ground, but with Covid-19, the tax sale was canceled. Over the past decade, they have been averaging around a 4% conversion rate using a very broad screening method with the goal to purchase as many certificates as possible rather than a more stringent approach. So the conversion rate is nowhere near 20% like @Rene Owczarski has been getting, that is a very impressive mark! We should connect if I run into any of you guys next year at the sale!

@LeAnn Riley Thank you for the advice! I agree that having the right team in place, especially having an agent who works with investors, is going to be vital to my success.

@Josh Feyen Thank you for your insight! I am definitely worried that there is some hidden deal killer. As I've heard on the podcast numerous times, my thinking was just to get it under contract then have enough contingencies that I could back out if I run into anything, but I hadn't thought about it being an estate sale and not having the option to write in those contingencies.

So I guess my next question is would it be a good idea to try to find an agent and get it under contract (if I can have safety contigencies) and what are some potential concerns about this? 

Sorry, to clarify, all the houses in the neighborhood including the one I'm looking at are single-family homes. The one I am looking at is a 3/1, and on the same block, there have been two 2/1s sold for $150,00 and a 3/1 sold for $170,000. All of the square footage seems to be similar. When looking at the county assessors site, this property's tax assessment is around $100,000, and the average of all the comparable sales I pulled from the assessor's website is around $150,000.

I am currently in college and looking to buy a duplex after I graduate, so I was just looking through Zillow and analyzing deals for practice when I came across a deal that seems very undervalued. This house is listed at $65,000 and the rest in the neighborhood are upwards of $140,000. My first thought goes to "what is wrong with it" because this deal seems too good to be true to come straight off the MLS. The images show a hospital bed and a wheelchair in them so I wonder if the resident had to move to an assisted living facility and now the family is trying to sell the house. It seems like it would just need some paint (the walls are currently painted yellow, purple, and green!) and not much more work than that.

I don't think I would be able to qualify for a loan, so I'm not sure how to proceed. Should I try to wholesale this to another investor? Or try to gather up money from friends and family to purchase, paint, then sell? Also, what are some things I need to watch out for when approaching a deal like this? Any input and advice would be greatly appreciated!