All Forum Posts by: Kory Denny

My biggest advice would be learn how to talk to people that are professionals. Learn to understand peoples needs and how to sale. 

If you can seriously do this at your age you will have the experience you need to start at a property management company. I worked for one for 2 years and did keypunch items. I gained experience from youtube tutorials,  talking to home owners, agents, other contractors and professionals alike. You will learn different communities and you will be able to write off a lot of expenses while learning about real estate. I was making $35 an hour and found that the experience I gained was worth far more. 

As many have mentioned above... jump in feet first. If you walked into every PM company in your area and introduced yourself telling them you were eager to work and had a list of skills and references you will have work soon. 

The last thing... don't be afraid to walk from any job that is not moving you in the direction you need to be headed regardless of what company it is. Large companies make the majority of their profits from exploiting workers in my opinion. 

Hello Bp Community,

I have a few questions maybe someone has an answer for. Disclaimer - I will seek a CPA for myself. 

Here is the important things to consider. 

1) I purchased a property early this year that will be my first rental property more than likely as a long term hold. This is an owner occupied live in rehab.

2) There are about 8-9k worth of repairs I will complete before March/ April of next year (2018)

I then plan to rent the property by July/ Aug

3) Improvements include - New Hvac unit, New roof, new floors, new paint

Would I be able to write off those repairs for repair expenses incurred during 2017? Or would it make more since to wait in Jan of 2018 since the property will actually be rented in 2018?

Thank for taking time to consider my post. 

Hey BP Community,

I have been talking to a few investors in my area and have read many posts regarding both the 1% rule and the 2% rule. Of course we all know that 2% usually comes at a cost. By cost I mean properties that don't appreciate relative to the overall national market, expensive marketing to produce such deals or even increased risk by investing out of state. I believe everything comes at some cost due to the ambiguous nature of opportunity. I also like to think that investors would compare local cash flowing properties to other properties across the United States at some point or another and weigh different strategies to diversify risk. There are also many investors who have out of state properties that cash flow great i'm sure. 

What I am interested in is the break down in your portfolios of 1% vs 2% properties. Im sure in some markets 2% is not achievable and others may surpass that. What percentage of your properties adhere to 1% and what percentage adhere to the 2%? Or what do you consider a a great ratio for those who don't own many properties yet?             80/20? 60/40?

Thanks for taking time to read and consider this post. 

Hey BP community,

I have another question for my experienced operators out there. I purchased a property not too long ago that is going to be a college rental/ long term hold near NC State (Raleigh) 

I'm about half way through the rehab and have set my eyes on the house next door. Here is a little background information...the current tenet has rented the property for 20 years. The previous owner passed away at some point and the house I believe was inherited by her daughter. The owner has been to the property once in 6 years and does 0 managing. The tenet in place is an older handyman that does his best to take care of the property although falls short. My estimates based on my own experience would range between 15k-18k. (Have not walked inside the property) 

I would like to procure this property and was looking for someone that has experience directly pitching to an owner. I do believe the price would be decent deal considering the lack of effort on the owners part and worth pursuing as another buy and hold. 

The property is not listed. 

Anyone have suggestions how to approach the owner? I do not know the owner at all, I have the owners address and could obtain their phone number easily. How do I say "you're a crappy landlord I want to buy your property for 70% ARV"?

Thanks for your time to read and consider my post. Just in the planning stages here. 

I'm curious to how this compares to the holly springs, apex, West Cary areas. Honestly I've never seen so much new construction in this area. The influx of new buyers from out of state (commonly NewEngland) will more than likely continue imo. It seems most new homes around me around being marketed between 400-650k. I'm looking out towards Jordan and am astonished at the lack of inventory compared to one year ago of even raw lots. 

@Stacey Johnson well I have been working on a few different plans. I have been/ will continue buying properties with VA loans at 0% down, updating as OOPR, getting them rent ready. After a year or two look into refi out with conventional mortgage and forced equity. This also seems to work with 4 unit multis although very difficult to find. More than likely will run into problems at 5-10 mortages. Which leads me to my next strategy that is raw land / new construction. I would like to purchase a few lots and build new construction (with partners) while outsourcing the build and being the GC myself. I've considered starting a PM company in my area but that's a different topic all togethor.

@Stephen Dickey great advice. I haven't started looking at foreclosures yet but I will! I see tremendous value in what you have said. I am in a niche market that has much higher rent prices than counties surrounding so I have considered the brrrr strategy as the most serious contender for return with the experience I have. 

@Brian Adams first off let me say I really enjoyed the podcast you were on. I think I will revisit it on my hour drive home. I've made it through 155 podcasts in about 2 months lol.

Thank you for your opinion. I have researched syndication and see the value in economies of scale. I'll continue to learn about this strategy and I hope to be doing deals like yourself!  

Invest in yourself. Listen to the podcasts and pick up the popular books that are mentioned a bunch in subject you want to learn about. If you read all the books mentioned they will take you as far as you want to go. The first step is mental not monetary  .