All Forum Posts by: Jim Rivell

I once heard on a podcast to have your portfolio replicate your knowledge base. Some advice will tell you that 100% concentration in one asset class be it real estate or stocks is too risky and to diversify. Have your portfolio or net worth allocations follow your knowledge. 

Driving for dollars is definitely a good way to generate leads but will be very time intensive. I’d say look for your typical dilapidated property. Worn exterior, differed lawn care, no activity etc. We also had success looking for for rent signs and texting those landlords. At best we would hit on some tired landlords looking to sell at worst we would make connections with local landlords.

if you’re looking to go software, batch leads and lead Sherpa to skip trace is what we have used. 

I use Chase Business Ink which offers solid every day points back rewards. Can be used for many different things within the Chase portal or as cash back so the flexibility is nice. Internet search of best LLC Credit cards should be able to provide a nice list that's easy to compare all in one spot.

Hey Steven! Glad to hear you and your wife are doing well and enjoying the RE game! You said there were 1BD/1BA apartments for rent? How much were they going for? I would tend to believe that a SFH would rent for a premium to the apartments in the area. Is it possible to convert the basement to another room and value-add this into a 2BD? You would have to research how much contractors/permitting would cost. It might not be worth the investment if you are able to get $900 for the 1BD and only $1k for the 2BD, but worth investigation in my opinion.

BP,

I'm working with a seller to buy his (4) single family units, all of which are occupied. This is a first for me and wanted to ask for advice. Anything specific I should be looking out for that isn't covered in the traditional buying experience? Would you recommend any niche statements to add into our Agreement of Sale that you have found useful?

Thanks!

Not the most common, but I got involved with a local investor meetup and offered to help run the meeting for the host. I'd pick up food, do the sign in sheet, send out email reminders. In turn the host looked out for me and since he naturally knew most if not all investors at the meetup I was able to get a ton of introductions. 

From there, see what your connections are looking for. Does a wholesaler need a list? Pull expired listings off MLS for him. Is investor looking in a certain area? Run some comps for him.

We had trouble getting insurance for our student rentals. Most agencies turned away or jacked up premium once we stated what the use of the property was. We were able to get hooked up with a local State Farm agent who was a recommendation from another local investor in the area, the power of networking. SF has been great, we did have some troubles getting hooked up on an online portal since we were an LLC, but besides that, no issues.

One thing I'd add on is that many students have had issues living off campus near Temple. Its one of the least desirable areas in the city (I will leave it at that). Students being robbed, houses being vandalized during school break, you know name. I'd tread lightly and really do your research in the area before jumping in. 

@Kevin Uzelac, I'm from the area and have some rentals in DELCO suburbs. How is this property doing for your investor? Curious about off-campus housing at Temple due to the high-crime in the area that the Univ has been dealing with for some time.

 I have 2 student rentals and we do not do furnishings. When i was a student and renting in the same neighborhood we were not given furnishings so depends on the area i would say. If all other student rentals have furniture you'd want to match the market.