All Forum Posts by: Peter Mckernan

Using and running a CRM is what you need to help the business you have in real estate grow. The automation is helpful to the emails that you send to the text, this is all nice to have along with great drip emails for birthdays, reminders in escrow, and much more. 

This is something you need to find by developing relationships with realtors in that area who have connections with GCs and property managers in that area that have GCs that they use as well. 

These really do not do much these days for people finding most of the listing online; however, you need to be sure that you put one out because any lead is a lead to put in your database to market to. 

There is a misnomer about times to call, it is not always the first one that calls.. It is the one that gets in contact with the person/owner and connects. Some people that they are calling (the owners) might be at work until 6pm so that is when they can answer. There are always stats on what times are the best to call, that is not what I would look at.. I would look at when can you call and actually make the calls, and work on scripts.. Those are the two/three most important things (actually doing the work, persistence, and scripts).

I am always an advocate if you can fix up a property to make it more marketable, that is really the way to go. For your example, making the basement fully operational as a livable space seems like a great value add. If you were going to just do a remodel like a flip and not add living space I would say that would not get you more money. The things that give a rental a value in cashflow are benefits to the tenant in the form of living amities. 

For example of above, there was a person I know, they bought a house for a rental, the square footage was enough to make a 3rd bed out of a dining room, that would increase the month rent by $400.00 a month if they did that.. So they permitted the room as a bedroom and do the work through a contractor for $20,000 and now they get more money today due to livable pace added verse a dining room that was not providing as much value as a rental. 

Agreed with the above, your problem will come when you need to get someone out there on a Saturday morning around 6 am and you are three thousand miles away on vacation. The PM rate in every area is different, in my experience, some are low percentage and low quality and then there are some that have high percentage and low quality. You will need to vet them to confirm they are good for your property. 

It is always great to hear someone coming from a place of giving to gain knowledge. I would check the events page in your area for meet-ups on BP, I would check for local meet-ups in meetup.com, and I would get coffee with as many investors on this site that are in your area as you can to get the ability to showcase what you are willing to bring to the table for them.

contractors should give exact quotes, come in give you a full detailed list of how much it will be to cost for labor and materials broken down. PPSF quoting will not give you the true info you need to make an educated decision.

If you send me a PM I can get you in touch with some companies and foundation people in that area. I used to work up there for years as a firefighter and still sell a lot in that area. 

The foundation is one issue, I agree with the other two comments.. I would get a slab/foundation company out there to take a look at the property and see what the quote is to repair it. This should be 3-5 quotes for you to get an idea of the true number for fixing it. 

The next part is to get a contractor(s) in the door to give you estimates on rehabbing the rest of the place to get it to rent out. You own it so that is a good thing, but if you bought it for 165K and it will take 75K to fix it up you are not in a great position to have a great ROI. I would also verify from a licensed realtor how much rent would be and how much selling it would be.. These will give you the out numbers, and then you can work backwards once you know the repair costs.