All Forum Posts by: Michael Pendleton

@Jacob Wathen - Thank you sir!

@Jacob Wathen - Thanks for your insight on Rentometer.  I have already used up my "trial" look ups and am at the point that I would need to subscribe in order to continue using the service, so I am trying to justify if it is worth the cost.  

@Barrett Determan - Thank you for adding input into the discussion! 

@Jacob Wathen - I appreciate the information.  Have you found Rentometer to be relatively accurate in your area?

@Neal Collins - Thank you for clarifying that the inclusion of rentals in the MLS is variable!

I have read in different places that realtors have the capacity to pull rental comps via the MLS. I have spoke with my realtor and was informed that the MLS database does not store this information I am getting competing information and wanted to reach out to the community for guidance. Thanks for your time!

@Bill S. - Thank you for taking the time to respond, and clarification to @Lawrence L. as I was a little fuzzy on that point as well.

@Jason Monroe/@Stephen Kunen/@Deborah Burian - Thank you for the additional information.  This entire exprience has been eye opening, on a couple of fronts.  Mainly, the difference between book knowledge and practical application and how quickly they can diverge based on local market conditions.  Secondly, how valuable the BP community is.

@Rhett Tullis - I agree, and based on the feedback from individuals in the forum I continued analyzing the numbers and came to a similar conclusion.  It was actually a valuable exercise as it showed the need to read between the lines.

@Rocky Griffin - That is terrific advice!  This ties into the point that @Deborah Burian made that you can find just about anything on the internet given enough determination! 

@Rapy Narruhn - Thank you sir, I appreciate the sentiment!  I believe it would be hard for the knowledgeable individuals here to give accurate advice if they were only dealing with half the story. Cheers

I am extremely thankful for this community and the advice that everyone is willing to share so openly!

@Andrew Kerr - I appreciate your input, and obviously have never thought about it from that angle!  That is one area that I truly find fascinating about Real Estate, is that there are numerous ways to be involved with a deal, as long as you are creative.  The problem for me is, I am finding it hard to be creative if I don't have a foundation of standard to work from if that makes sense?

@Account Closed - My apologies, but I do not know who Toby Brown is and this is not his.  With that being said, if there is anyone interested in the contact information for the portfolio I have been referencing I will gladly share, but after the posts here, I am doubting there are any takers!

All of my cards on the table, I am still a "door-less" investor, but have been following the advice of individuals on here and talking to the different property management companies to get a feeling of the market.  Long story short, one of the PM companies I talked to was in the process of selling off his 250+ door portfolio and was down to the final 10 (that are not on the market currently) that are in the Oklahoma City / Edmond, OK area.  

He currently has 4 Duplexes, and 2 SFH in close proximity. It has been said many times on the BP Podcasts to "find the deals, and then the funds." I talked with the gentlemen for about an hr. and finally got the information that it would be listed as a portfolio for ~1MM with a 10.3% COC return. These are all verbal numbers, as he is hesitant to give me anything more until I have been qualified as a serious potential investor (can't really blame him).

I did ask him about seller financing, but he mentioned he had been burned by that in the past and was not interested.  The gentlemen is moving to be closer to his grand kids.

The big question is - How do I take down this fish, or am I way out of my league?  Furthermore, I don't have near enough information to start analyzing this deal, but cant get more information until I can show I am serious.  Its a chicken and the egg thing that I am thoroughly confused about! 

Any input would be greatly appreciated!

@Bryan Pham - Thank you, and I will do!  It is refreshing to see a community that is so welcoming!