All Forum Posts by: Nathan Platter

Hey @Kevin Deichert,

Start each day with a purpose, just 2-3 little BIG things that can be accomplished within 0-30 minutes each.

Ideas include:

• Setup a Yellow Letter Campaign
• Call 10 property owners
• Set appointments with 4 Lenders (Hard, Private, Bankers,...)
• Comment/post on 3 different BP threads
• Set up an LLC
• Call 3 new tax preparers

You don't need to make major steps, but steps in general. You can only setup so many LLC's and talk to so many CPA's so eventually you'll be doing mainly money-making activities (calls, prospecting, setting appointments) and you'll "end up" where you want to be.

You can do a lot in just 2 weeks!

Hey @Benny Gelbendorf ,

The metric I personally use most often is ROE.

The ones I mentioned are a sample.

Many investors only look at financial data (ROI, ROE, Price/Rent, Cap Rate, GRM, Price per Unit,...) but all of those metrics are cold hard data points. You can find deals that are great numerically but could lose money and you end up suffering frustration because of terrible tenants due to non-numeric information.

Real Estate requires people (Seller/Renter/Buyer/Property Manager/Contractors) and those are less plot-able on a graph.

Just don't want you to get stuck on making a complicated spreadsheet :)

Hey @Jo Faraday ,

Staging a home will help the property sell faster and often support a higher price point.

We always stage our properties to help them move quicker. 

Hey @Benny Gelbendorf ,

I start with my home market (Minneapolis) Keep it simple, if you can't determine if your backyard is good/bad, identifying great/terrible neighborhoods then you can't conquer another neighborhood across the country.

As for metrics, I go with yes/no to simplify rather than a 1-10 grading system.

• Are jobs coming to X market? Yes/No
• Are renters wanting to live in this neighborhood? Yes/No
• Are reputable contractors wanting to do work in this neighborhood? Yes/No
• Am I OK if I get stuck with this property for 10 years? Yes/No
• Do I make money doing this particular deal?

You sound stuck in analysis paralysis. Simplify your thought process and grow your gut intuition, or find others who've got a good sense of your local market and use their knowledge/insight to make those good decisions.

I keep constant reserve of 3% for major improvements.

I'm using Deal Machine. You locate a property and can take a picture of it, add it to your 'Portfolio', and then pick a Yellow Letter backend that will send a mailer to that property as well as get them on a reoccurring postcard mailer.

Absolutely @Andrew Lemmie ! PM'ing you right now.

Hey @Jamie Bolinger

Realty Group MN has a phenomenal system. Several realtor friends work/have worked there and have said A+ things about the fees and opportunity offered.

Good luck with attaining your license (soon)! 

@John Woodrich nailed it.

In Minnesota, the number of days from a tenant vacating a property is between 30-60.

Whether you give the tenant notice July 1,2,3,...31, the tenant can remain in the property up to (and through) August 31st, but must be gone by September 1st.

Hey @Eric Gunderson,

Welcome to the forums! It's great you know where are you in your REI journey and where you're headed next, this is definitely a great place to help newer investors iron out their objectives and also glean form other member's experiences.

Welcome!