All Forum Posts by: Martin Guerrero

Quote from @Ashley Mallory:

@Martin Guerrero How do you lead guests to your direct bookings after their 30day stay through AirBNB? I would like to do this as well. Open to learning how others do this as well. TIA

Hello Ashley,

I have collected guest info in the past and then use that to send them info about our rentals.  Also I am on the lookout on social media to see who is interested in our area and send them direct messages and offer direct booking.  

Quote from @Nathan Gesner:

Quote from @Martin Guerrero:

Be very careful because you don't know what you don't know.

You have to be licensed. That will probably cost you $2,000 the first year and $1,000 every year after that to maintain your license.

One year of managing your own rental isn't much experience. I know Landlords that go ten years before they run into their first problem, then they fall apart because they have no idea what to do. You haven't experienced an abandoned unit, disastrous turnover, tenant that stops paying but refuses to leave, on-going noise complaints, a tenant that refuses to mow the lawn, unauthorized renters or animals, complaints from neighbors that your tenant is dealing drugs or prostituting themselves on the property, a tenant's dog biting the neighbor kid, or 1,742 other situations involved with managing for others.

If you're going to be serious, you need 50-100 rentals to make a decent living and you need to really know what you're doing. I recommend joining NARPM to educate yourself quickly. It's going to cost you money for 3-5 years before you really start making a decent living.

A better option may be to get a job as a property manager with an existing company. Let them pay for your license, accelerate your learning by working for an existing professional, then break off on your own after you've obtained the necessary education and licensing requirements to become a broker (2+ years).

 Thank you for the insight I did not realize of the requirements needed for this.  I think I will be passing this up for now. Thank you!

Quote from @Michael Smythe:

@Martin Guerrero before you start, you may want to follow the law.

https://www.allpropertymanagement.com/resources/property-man...

Thank you! All good responses and I appreciate the insight.

I am looking to start doing some property management for others as I have managed my properties for about one year now and I am confident i can manage other properties. Does anyone have any experience either having a sample contract to give to someone or what to include in your contract that could be gotchas for the management company.  I want to grow my own experience at the same time provide quality property management for others.  I pride myself in the quality of work and my work ethic in all of my endeavors.  One question i do have is when repairs are required do I front that and then bill the property owner or does owner provide a Credit Card to bill as things come up or is that dependent on contract.  Thank you team!

Hello Fellow Investors,

I am in the process of obtaining my first property purchase from a wholesaler for a fix and flip. I have bought 3/4 homes conventional loan and with agents...when not working with an Agent... What is that process like, do i need an attorney to help close the deal, do I hire a TC, do I do a title search or all of the above?  Any help would be greatly appreciated. Thank you so much!

@Sean O'Keefe thank you for your advice and input. Would the process be to open an LLC setup all the operating agreements in the LLC and deed the property to the LLC? I would assume we can use either individuals or LLC in the operating agreement? Thank you again for your time and feedback.

Thank you @Peter Vekselman for your input.  I appreciate the feedback, your input and time.  I agree partners can act as your mastermind and a synergy can exist or they can be a pitfall.  These are close friends and business partners that share common goals and values and vision for the future.  We all aim to grow and be successful, one of the many reasons I have chosen to partner with them :).  

@Account Closed thank you for your input. yes we are definitely excited.  Our first four plex and the numbers line up now just getting to an agreement that safeguards everyone and is fair and profitable for all parties.  Success of this determines future endeavors together and continued success.  I appreciate your time and feedback :)

Hello fellow investors. I am about to embark in my first JV with 2 or 3 other investors. We are all associates and there is relationship and trust. I brought the deal together and everyone together and everyone is excited. Has anyone had experience in setting up agreements. Is this usually done through an LLC and its operating agreements or just a general contract that is drafted by a lawyer. The property is a 4 plex and would be obtained via seller financing and everyone agrees to split any profits/cashflow equally. What is the best way to move forward where everyone is protected. What is best practice and what have you seen work best for you in the past? Any advice would be greatly appreciated.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Milwaukee, WI

Purchase price: $226,000
Cash invested: $65,000

First Duplex investment. Closed March 2023 and rented May 2023.

What made you interested in investing in this type of deal?

Multifamily has been from what i see best return on investment and cashflow generator.

How did you find this deal and how did you negotiate it?

Looked for deal on MLS, took time almost 2/3 months before this deal had shown up, needed to be patient.

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

Sweat Equity and updated property.

What was the outcome?

Cash on Cash >10% and Cashflowing ~900 per month

Lessons learned? Challenges?

First investment was difficult estimating cost of repairs, ordering flooring took time and did not order enough, this took time away from getting it market ready, every month that passes money is being lost.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

worked with Bank of England company out of Milwaukee. They were very helpful!