All Forum Posts by: Joshua Tikal

@Bill S.

Thank you. BRRR is the strategy to grow our portfolio, ideally we can increase the number of cash flow streams and cash on hand to rinse and repeat. The challenge is how to convince a seller that their property is in a lower state than what they believe (which I'm sure this is typical). They feel $100 is a great price as they have tenants but I need the price at $60 as I want to change the target market with a higher quality.

@Bill S.

@Bill S.Thank you for the fantastic information! I really like the creativity in marketing the property with college groups, great idea. This is exactly why real estate is so interesting. 

The common saying you get what you pay for definitely justifies higher rent as my focus is to differentiate the properties with quality and customer service. I am seeing challenges in the offer acceptance process as properties are in poor shape and require a significant amount of rehab. The owner however does not agree as they have successful occupancy rates but they also have lower income tenants. I'm in a position in trying to justify the low offer due to the rehab because I want to produce a higher quality product with higher income level occupants which will justify higher rent and higher margins. 

Do you have recommended strategies with this scenario?   

@Bill S. thank you so much for the recommendation. I definitely see the possibility of Cheyenne as Laramie is a smaller market and could be limited. I will check there as well. 

Thank you so much! 

I am looking for any recommendations for real estate agents and contractors in Laramie, WY. I'm interested in taking a look at a couple properties that would require major rehab and would like to have a contractor for estimates.

Any assistance would be greatly appreciated!

Thank you so much!!    

@Justin Holwell, have you thought of looking north? Laramie \ Cheyenne? I don't know the market and just started to review \ analyze.

@James Marshall I went to school in the area that I am looking to invest. My experience is maybe some emotional motivation but I feel if I can provide improvement to the area and give students a better place to live and maybe sacrifice some margin,  I am helping to improve the community. With that being said, I am excited to invest in real estate to make money as well. So can I have my cake and eat it too?

I am looking at two properties next door to each other which if I could get a 33% reduction I could be at 1% rent to loan. One of the properties has been on the market for 5 months and the other 2 months, both are identical specs.  Do you have any experience \ success in making an offer on multiple properties in order to gain higher discounts?

@Justin Holwell I am also just starting in the northern Colorado area, what are your thoughts on the college population? You definitely pay a premium south of 10th St but but is it worth the risk of the college population? Also, I'm curious why are you only focused on SFR or multi? What are your thoughts on townhomes \ condos?

Any feedback and thoughts for the below property would be greatly appreciated!

 One of the largest (by sq ft) 3 X 2.5 properties on the market within 5-10 miles. This property is only of the only 3 X 2.5 as most are 3X2 or even 3X1 and 15%-30% less sq footage. The potential issue is location. Too far away from the local college for walking (approximately 3 miles) and the property is located in a different city as the college which has a poor reputation. The price however is 20%-30% less than what you could get for the same square footage almost across the street with a different city address.

My target market are college students but also families as the size would allow for multiple children.

My concern is trying to break out of the local perception of the adjacent town and trying to pull b class tenants in a c class area again only due to the reputation of the town as a whole. The actual location is only blocks away from b class properties.

Any suggestions would be greatly appreciated.  

Thank you so much for your time.

@Account Closed, what were your struggles with renting to the college population? Were the tenants not profitable due to continual expenses in repairs and inconsistent vacacy rates?