All Forum Posts by: Obed Calixte

What responses have you received from the sellers in response to them procuring a broker to represent them in the deal?

That's the only way you'll get real answers. 

I can list a number of assumptions but they will hold no water. 

 Look forward to seeing what you put together.

You don't need to be an agent to be an investor. If that is your only reason for doing so, I'd say stay at your current role.

Over 3/4 of aspiring agents leave the industry within the first year. If you are planning to make it your primary business -  you will need to really hustle, have meaningful reserve funds and/or a strong sphere of influence to get the time, money and resources you so desire.

Can you be an investor and work 60 hours a week? Absolutely. Work with the right people and have reserves in place.

Quick thoughts:

1. Confirm with lender what the occupancy requirements are after refinance. 

2. Have you run numbers of the home as a rental using today's rents? Include vacancy/opex/reserves etc. Does it make sense as a rental on 30y or 15y mortgage?  Generally investors want to go with 30y as above comment shared.  If it doesn't work as rental - is there strong appreciation and do you have reserves to cover the difference?

Find a successful wholesaling company near you and work for them. Learning the tools of the trade. You'll make less per deal but you'll have the opportunity to shorten your learning curve.

You mentioned you did not want the tenants to have to use an app. 

Are your intentions that no one has to use an app for text communication? If so, I have yet to see a solution for that beyond having a second dedicated number. 

Every solution I am aware of requires the originator start in app/browser and reply back in app or browser. The recipient however is free to reply back using their native text messaging system.

The question I have for you: How will you remove the technological barrier for all parties to text natively and still track back to a central system, while ensuring only landlord to tenant messages are logged?

If you can figure that, I think you can forget limiting it to a real estate app, you have an entirely new communication protocol/system on your hand. 
 

You may make more headway having your current PMS create/integrate that for you.

For example - Realpage has 2 way texting for comms, rent reminders etc. They should be able to (if not already) incorporate one tap payment via text. 

I get where you're going. Build an MVP and test it out.

One tap payment is not foreign for online shoppers. 2 way texting w/ providers is common. So -- in a vacuum -- I don't see too much in the way of adoption of those features.

With that shared, I envision you'll end up with a tool similar to other DIY/PMC software but with added benefit of the enhancements you mentioned. 

Your target market will be key. Either you target 1)tech or somewhat tech savvy DIY landlords or PMCs that want all the functionality of other tools (stessa, doorloop etc), 2) landlords that already have their tech stack that want integration or 3) low tech landlords 

As an aside: it would be great if only maintenance requests could be captured so easily.  Are you planning to integrate machine learning to identify requests and initiate subsequent protocols?

To drop all or most of your funds into a primary is not a great use. You've done a great job in saving, don't risk it all on one play.

On the financing side- find a reputable lender to get pre-approved with based on your current financial standing. Low/no doc asset based lending options are out there. That'll allow you a clearer picture of upfront costs and monthly payments.

On the property side - what type of property are you currently looking at? Did the buyer financing fall through due to the buyer or the property (ie. condition, insufficient reserves, owner/renter ratio, etc)?

What are your investment objectives?