All Forum Posts by: Matt Sumsion

I have one rental property that I'm managing myself. 

Wondering what the best software is that could help me advertise the property by sending the rental listing to multiple websites, provide a rental application for prospective tenants to fill out as well as run background checks, etc. Is there a software out there that anyone would recommend?

What investment strategies could real estate investors be using with the market red hot and growing fast, like it is now in most (US) markets... knowing that there will likely be a market correction in the future?

In this kind of hot market, what's the best way you think one should go about investing into real estate?

@Russell Brazil Yes, that makes sense that properties are going to rise in hot markets. However, for the investors that are looking to invest right now how should they go about investing into real estate for them to maximize their return in terms of CASH FLOW?

In your opinion is there a method that works best right now? Is there something investors should focus their attention on while the market is hot keeping in mind that the market will likely dip in the coming years? For example: BRRRR, Fix and Flip, Buy and Hold, Build New Construction, ect.

@Russell Brazil could you expound more on what you said about "hot markets are how you get rich"? I found this thread just now as I've been researching the best ways for investors to invest in hot markets safely. 

Of course investors can make money in any market condition. However, it would be wise for investors to consider making appropriate changes as the market shifts to ensure they won't lose their shirts. What does that look like in a hot market? In your opinion what's the best way for investors to make money in a hot market?

Collin, I'd recommend you speak with a loan officer to make sure your plan will qualify for FHA.

Make sure you have the okay from the city because that's a big deal to turn a duplex into a fourplex. 

Jordan, welcome to BiggerPockets!

Sounds like you have some great mentors to help you get started in the real estate game. Best of luck with everything!

If there's ever something you need down here in the Provo area feel free to reach out to me. 

Collin, welcome to BiggerPockets! 

Some of the best advise I've heard is to take the emotion out of real estate. This can be hard at times. Just run the numbers and make offers based on your criteria that you're looking for. Don't stretch the numbers to try and make something work, especially when you're first starting out.

Also, another pointer that I thought was good was to anticipate one offer for every ten offers you submit to be accepted. In this hot of market in Utah it might be more than ten, but you get the point. 

Work with agents that get what you're doing so you don't have to teach and reteach them what you're trying to do. It's a pretty simple concept but not all agents know how or are patient enough to work with investors. 

Best of luck with your investing! Feel free to reach out to me if you ever have a question about Utah Valley market!

Jaiden, those number sound pretty good for not having to put any money down. 

If the property is brand new you might get away with the first 5 years with minimal repairs but if it's older I'd plan for 30% to go towards repairs or unexpected expenses. 

Better to be conservative with your numbers than try to stretch them to make them work, ya know?

Preston, welcome to BiggerPockets!

You have a great goal to become financially independent from real estate, very doable. But just make sure to 10x your efforts as Grant Cardone would say to make sure you're not disappointed with your outcome.

If you haven't already have some local agents start sending you e-alerts with the property criteria that you're looking for so you can start analyzing deals. 

Anders, 

You're right, it's tough right now because of how fast properties are moving and how expensive they can be. However, that doesn't mean there aren't deals out there. 

You might consider finding a property you can put sweat equity in instead of buying something new. Also, you might team up with someone that is in the REI game so you can learn how they invest when the market is like this.

Welcome to the BP group!