All Forum Posts by: Mitchell Luban

@Olivia Loesch If I can be a resource or you want to get together let me know. I am a broker but also started my own portfolio a while ago house hacking so if you're thinking about doing it I have probably done it from house hacking to flipping, and everything in between. 

@Shaun Beck I would be happy to give a suggestion based on what you are looking for. I have my own portfolio but also work with a lot of out of state investors and primarily deal in investment properties. So I know the pros and cons of a lot of the top management companies and I have clients who use a lot of them. They all have pros and cons that line up differently for different people. It depends on what you're looking for out of a manager at the end of the day. If nothing else I suggest you find someone who primarily focuses on management and DOES NOT have a brokerage as well. I would also suggest interviewing several. I would be happy to give my boots on the ground experience if you want to connect shoot me a message. 

@Caleb Reits My experience is that for everyone involved you need to have as much accurate information as possible. I have done a few of these size deals. Serious buyers don't want to waste their time. Treat it like a job because you'll need to sell it several times. To the buyer, inspector, and appraiser.  Buyers buying these are expecting a discount in most cases because they are taking some crappy properties but also getting some decent or even nice ones. I always make sure to do the following to present to potential buyers.

1. Addresses with lease start and end date and rent amount 

2. Unit size (bed, bath, Sq/ft) (Notes tab for useful things such as new roof etc) 

3. Ideally trailing 12 months P/L's 

Buyer is likely getting commercial financing so having all the financial stuff up front just helps cut to a yes/no decision... Or at least see if they want to invest the time based on the numbers provided. 

As far as marketing that is tough I am not a fan of blasting stuff out there but you have to do what you have to do. In most cases deals like this in my experience sellers want a buyer who can close and they are working with you because they think you can deliver that as well as help them get a certain price. 

I am happy to chat if you want to give me a ring I will be around!

@Zachery Gustafson Congrats on getting started. Finding deals is tough your W-2 job is a great way. I would assume your employer wouldn't want you soliciting landlords or clients but I have used you guys for several jobs. Just start having conversations, networking, and let people know what you're doing. Most of the time the good deals won't be on the MLS but a lot of people in my opinion pass on good deals waiting for a GREAT deal that may never come.

If I was you I would talk to a few lenders figure out who has the best FHA rates buy a 2-4 unit. You can take your commission put it into the deal and if the property is rented you could come to closing with very little money out of pocket. If you would like lender contacts let me know I work with a lot of investors and lenders in GR. I have also house hacked a few times when I started building my portfolio!

@Miles Goodwin Like some have mentioned above. Likely you will need to be licensed at least with a real estate license and work under a broker or get your own brokers license. 

I did the very thing you're talking about. I had my own portfolio. Started managing for some clients and started a small management company. The biggest thing that most people don't understand is that management is a lot of work. I think most people think you're overpaid when in reality you will probably feel underpaid. 

The biggest thing I think is transparency. You're handling other people's money. The more concentrated of a service area the easier it will be for you especially in the beginning. At least that was my case. When doing showings, and checking on properties etc.  It will also allow you to keep your vendor list smaller. 

Obviously a good CRM system will be beneficial. We have used Rent Manager and it works for us. I am managing under 100 doors myself with no help besides outsourcing for showings at times. But clear systems and procedures are crucial as well. 

Best of luck with whatever decision you make. 

@Monte Dreyer I have several SFH and MFH's in GR. I am also a broker working primarily with investors. The city makes it pretty hard to convert a single family into a MF. You have to have a larger lot and be able to provide off street parking and then usually get neighborhood approval even if you meet there list of approved requirements. I have seen it happen in scenarios in which a duplex was converted into a SFH for whatever reason then getting it converted back to a MFH.

I honestly have had more luck with SFH in certain areas of the city with extremely high rents. I then only have to deal with one lease, one set of mechanicals, and no tenant issues etc... So not saying it isn't possible. I just haven't seen it be a worthwhile pursuit in most scenarios.

@Stacy Paulson I guess depends what you're trying to do? A lot of options out there. I used to use apartments.com which allows tenants to pay online. I have used Quickbooks. Now I use Appfolio which is a little more integrated and allows tenants to submit requests, pay rent, have profiles etc. I used to do binders as well for years then it got to be too much. 

@Alexis Smith this site is great. Once you get your first property or even before hand the RPOA is good as well for rental property owners. They have classes and a podcast as well. They also do some local meetups with investors weekly and monthly. I find them to be hit and miss but to each their own. 

@William Hunt shoot me a message and I will see if I can help or see what you have going on if I have a connection who may be able to help.

@Teodoro Vecchio Finding the right team is pretty important. In my experience an agent that actually owns properties in the areas you want to invest and who's values aligns with yours is pretty important as well. Someone who isn't going to view you as a commission check. Same thing with a property management company/contractors if you need those types of services. 

You have a step up on some of the out of state investors looking to invest in GR who've never been here because you're from here so knowing the city should help you make a buying decision a little faster or at least dial in a neighborhood. Let me know if I can help or just want chat real estate I have a few properties around town both single family and multi-family.