All Forum Posts by: Peter Mckernan

I would say that a couple of big things for agents and people that you want to come to work at your brokerage and love it..

1. Having information at your fingertips, which may include access to the broker/team lead at any time, or an operations person. This is critical to make sure that the person/people feel that they are supported. This is like a buyer/seller, and they call you as their agent, and you answer (call back quickly to answer their questions).
2. Training, bringing the training, and getting up to par, which is a lot of work, but needs to be done, since for agents to feel that they will be able to complete their offers, negotiate, crush open houses, structure a weird deal, and much more.
3. Technology support, this is big these days with AI coming into play. You need to be at the cutting edge when an agent looks at you for these types of situations.

Great to see you are pushing to do something even more than being in nursing school. There are so many things that you can learn through this forum and books. I would suggest this since I used to be a firefighter for years and left the job early to go all in on real estate.

You need to have a runway, and that means start learning and acting now. This is something that does not happen overnight, but to give your daughter a great life and doing while working and building up a side hustle is hard. It for sure can be done, but the time to build up real estate will take a bit. So, I would do this on free days that you have days off and work on the real estate as a side hustle. One thing that I did was lower the number of days I was working by reducing my overtime I was working and focusing on real estate on those days. That is truly the best move if you want to have a robust real estate career and eventually build it up to leave nursing (if that is the route you take).

No, this is something that could cause significant financial damage to your finances. I would be doing this on my own, with some AI help. For example, you can upload a credit report and prompt it to give you some of the stuff you are looking for in the report.

"How many times has this person be late on paying bills?" "What is the amount of revolving debt do they have?" 
Then I would double-check the work. This is where a lot of people get things wrong, they ask it a question, then do not double-check the work. You need to double-check all the work that any AI platform you are using. 

 Have the contractor assess before moving forward. 

Apps/PM management interface. There are a lot out there, the one you mentioned, Buildium, Yardi and Appfolio all come to mind as leading the industry on  the software for PM ease for owner and tenant. 

I always hit up yelp and get a few off there if no one is giving me a referral. You can look and the lower number of reviews (not starts), but the licensed vendors that have a lower count on reviews since those are people that are licensed but will not charge you an arm and a leg. They could quote the project right and they are lower in costs due to lower overhead. Of course the argument is that they might run away with your money, or do the job at a lessor quality. I would just contact three different vendors off yelp, then get references to call from them to see if you can vet their work (if they are installing for you). A piece of stone should run you $750-$2,000 depending on size, and material. 

Couple of things that you need to be thinking about.. You can always find a deal on or off the market, but the numbers have to be right to you. You need to make sure that they all pencil out correctly and not just hope that they are good, which is where a solid realtor in those areas you discussed with come in handy. 

The thing I would be thinking about too, make sure you don't go with the first person/agent you meet. Dig in and interview a few to make sure you pick the right one. 

At the face value of this, it might seem that there are many different ways a company can get in a place to rack up many different charges. Typically, the PM company will get stuff in writing that is anything over $500.00 or a certain agreed amount. This is for the ease and purpose of not calling you every month about something small that needs to be fixed. If you want to have the PM company to call you on every fix they can do that too I am sure. Some PM companies due uncharge on repair fees etc. so just read the contract accordingly. 

The access to your bank account, is just account number and routing number so that they can intake rent then send rent to you minus PM fees and any repairs in that month. This limits the amount of times you get calls, text, and interpret throughout the day/month for a possible minor fix on the rental. It is really for ease and "passive" income on your rental(s).

For your future use you can also start to use meetup.com and build a following there to use the platform for stuff like a zoom and meetups in your area. Also, as you mentioned the events page on BP. 

I agree with everyone below, you can have banks setup ACH or you can use a PM software service that gets stuff in and then send out payment via ACH