All Forum Posts by: Erin Elam

I purchased. It can do a lot. It has a lot of features and integration capabilities. I think the ChatGBT/ Reba integration will be useful (once I successfully train it). However, it is not too user friendly, there is a learning curve that will take time becoming fluent in the workflow (hence the 127 training categories).

There are several 3rd party services built within the software that are required (not expensive but will cost). You'll also need a business w/ EIN# and a website that matches the business name (for text campaign compliance purposes).

The Spintax feature is also a cool and necessary feature but I have seen this executed much better in other softwares. I like it because it does appear to be a one stop shop for what I use it for, but its gonna take some time to adjust to the workflow.

I used LaunchControl a few years ago which was really good honestly but at the time they haven't developed a mobile app yet, which is what i needed (they now have a movile app.) LaunchControl was also $300 - $500/m I believe which is a much pricier option but using it was a breeze... REIREPLY on the other hand, not so much. I love the price, the built in features, the all in one concept and I will continue to explore it. Honestly, I just was not prepared to ingest 127 pieces of content just to send texts lol (Kinda overkill in my opinion). I want to focus on deals as much as possible and I'm hoping the time I put into setting up and automating my REIREPLY will help me do that.

I hope this helps...

I purchased it when it first came out... I do agree it can do A LOT, if you have to time to learn and train. I remember being up all hours of the night trying to plug in all the If/Then scenarios and responses and triggers and Stops and .... maybe one day I'd pay someone else to keep up with it ... but it that case maybe I should just pay them and skip the platform lol ... also I stopped using it because I got way too weary of texting/calling in Texas after reading about people getting sued and the no statute of limitations that can result in someone waiting years to sue if they get 'solicited' without opting in, etc, etc ... wasn't worth it to pay monthly to just open myself up to getting sued.... But the nerd in me did have fun trying to figure out REI Reply :)

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Bumping .. just came across the same situation. Did you ever get an answer to this?

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Greenville, South Carolina

Quote from @Jake Mercer:

Quote from @Richard Elvin:

I don't have experience with arbitrage, I also don't have experience with Arsenic. One doesn't have to "experience" something to be able to see the downsides, which most arbitrager's ignore.

What happens if STR is shutdown (laws/hoa/etc) and you still have 24 months of a lease left? Break the lease and leave the LL with the pieces to pick up?

What if the arbitrager and the LL are named in a lawsuit? Do you cover the LL legal fees?

One can easily see there's more risk to the LL than the arbitrager would like to admit.

It does seem to be working for you, but you also started right at the STR boom, kinda like someone buying a stock a tech stock in late 90's/early 2k's and telling everyone how easy it is. Or buying houses circa '03/'04 on zero down, interest only, loans, sell in a couple of years, and then tell everyone how easy it is. Point is that 3yrs is very little in REI. Once you've been through a few ups AND downs, then you'll have the experience to say what does and doesn't work.

I do agree with your comment about research, due diligence, and treating it as a business. Sounds like you're smarter than the average bear, err, arbitrager. :)

Thanks for the comment Elvin! I would also say "most" people get caught up in worst case scenarios and never take action! I know quite a few people in the industry that have done well for themselves in rental arbitrage and a few that haven't. I believe that comes with any endeavor. If people receive help, mentorship and guidance with someone with experience, then I would say that is a little more valuable than reading about a topic online. There is reading about pushups and then there is actually doing pushups or working with a trainer on pushups.

I still have ALL my rental arbitrage units to this day and we have added STR properties this year that are performing great! Market selection, value offering, pricing strategies and marketing all play key roles in a successful short term rental performance in todays competitive market. I have clauses in my rental arbitrage agreements that protect me when laws prohibit my business operations further and I have an out in my lease built in : ) That seems like quite the "what if.." scenario. I think if you are a professional and diligent operator then you will have the correct insurance policies, protections/agreements in place. No one in any industry or sector is safe from being sued lol

3 years may be short amount of time, but I think most would be impressed by what we've accomplished and what our understanding of the STR market and opportunity is. Thats 3 years focused on Short term rentals and building a multiple six figure business from scratch. I have much to learn but I would put my knowledge of the STR space up against anyone.

There are 'out' clauses in a run-of-the-mill PSA so that is nothing new ... glad to get encouraging words. It's understandable that people should want other people to be careful and care about others. That's where it comes down motive and intent to me .. has the LL house been sitting for 6 months because no one will rent it LT for that price? RA to the rescue... has the house been on the market for 2 years because the purchase price is too high? RA to the rescue ... of course these are extremes but it's about the principle... these are strategies that are not for everyone. But it's sad when people have to be condescending just because they don't agree ... Bezos started out in a garage ... anything is possible for the person with the right motives and the right support. Agreeing to disagree is still allowed :)

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Quote from @Al Richey:

Hello Fellow Investors,

I've been reviewing my portfolio, and my goals for 2024, and have elected to sell off a few of my properties and focus on larger multi-family (4-plex and larger).

Properties I’m selling include a duplex in Ennis, Texas, four duplexes in Paris, Texas, and three small low-end single-family also in Paris, Texas.

I’m pricing these in the spirit of helping other investors get in the game, so there is certainly “meat on the bone” for the next owner. Please message me if you’d like additional information

Absolutely appreciative for all the knowledge and information available through BiggerPockets. What a great network of like-minded people.

Regards,

Hi Al,

Are these rented or vacant? I'd like information on the duplexes please.

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Denton, Texas

Quote from @Ryan Mainwaring:

We have used hard money lenders to close on 3 deals. Let me know if you would like me to send their info your way

If you still consider these HML's reputable, I'd like the information.

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Adding to this thread.... can someone share what numbers look like when you borrow from a PML for down payment on a BRRRR? I've heard several podcasts including Amy Majoory and the Polites who talk about using OPM for down payments but I still don't understand the logistics when the PML is only for the down payment, but the other funds are borrowed from another entity.

For example: how do you structure the PML plus the actual purchase/rehab loan and still make money? Do you pay the PML only when you refi? Are interest only payments made to both the PML and a HML/bank during the rehab? How/when do both lenders get paid back in full?

Hope this makes sense ... TIA

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Quote from @Cliff Durrett:

I have an REO t/a value of $98k, comps @ $178k ARV
Asking $60k as is
PM me for details, address etc

Interested ..

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Houston, Texas

Quote from @James Wise:

The Clark Fulton neighborhood in Cleveland, Ohio is one of the best up and coming neighborhoods for cash flow investors looking for long term buy and hold investments in the Cleveland real estate market. This neighborhood is anchored by the Metro Health campus and it's investment of over$40 billion dollars into the community. With this massive investment, this Cleveland neighborhood stands a great chance at being the next big area for gentrification. On this episode of The Investment Properties For Sale Show, the HoltonWise team is presenting investors with the opportunity to buy a lead certified duplex that needs some post eviction clean up. Because this duplex was just torn up by the last tenant, it makes for a great Section 8 investing opportunity for the right BRRRR Strategy investor. Subscribe to HoltonWiseTV to learn more about making money investing in rental properties in Cleveland, Ohio.

CLICK HERE TO WATCH THE SHOW

Post Eviction Duplex in Cleveland's Metro Health area | Investment Properties For Sale - 3282 W 48

CLICK HERE to talk to me about investing in real estate in the following cities.

- Cleveland, Ohio

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CLICK HERE for Lender Financing

CLICK HERE for Seller Financing

CLICK HERE for General Contractor Referrals

Is this still available?

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Cleveland, Ohio

Investment Info:

Other other investment.

Purchase price: $193
Sale price: $3,000

Purchased an infill lot in Coleman, TX. Held it for 1 year... put it on CL and FB to try and sell with no real bites. It wasn't until I hired someone to put a sign in the yard that I got the sale,

What made you interested in investing in this type of deal?

The Land Sharks team

How did you find this deal and how did you negotiate it?

Direct Mail

How did you finance this deal?

Out of pocket

Lessons learned? Challenges?

It is possible to get property for less than $1000 ... lesson: send more mail!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

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Quote from @Russell Brazil:

In DC proper, probably 90% of flips are bought right off the MLS. We are an MLS town, not an off market town. PG county has more off market deals, and more as you get closer to Baltimore. However the real money to be made is in DC.

This has flipped in the subsequent decade, with about 75% of flips now being sourced off market.

Thank you for the update on this post/area!

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All Forum Posts by: Erin Elam

Erin Elam has started 44 posts and replied 336 times.

Post: REI Reply - Too Good To Be True?

Post: "Do not mail"?

Post: Do's & Don'ts! Rental Arbitrage as a strategy to get started in RE with today's rates

Post: Selling a few of my single-family and duplexes, focus for 2024 is larger multifamily.

Post: Hard money Lender OHIO

Post: Private Lender Terms

Post: Any buyers for Cleveland TX? Have an REO selling off

Post: Post Eviction Duplex in Cleveland's Metro Health area

Post: 3000% Cash on Cash

Post: Newbie form District of Columbia