All Forum Posts by: Roger Vi

@Peter MacKercher @Ellis Washington Thanks for the responses guys! Will be reaching out to both of you this week, talk to you soon!

Thanks for responding Ben! Will be sending you a PM shortly...

Looking for agents EXPERIENCED WITH MULTI-FAMILY INVESTORS in the following areas:

Texas: San Antonio, Austin, New Braunfels, San Marcos

Missouri: St Louis

Florida: Tampa, Bradenton, Sarasota, Lakeland

If you are that person or know that person, please respond here or through a PM. I am planning to buy in 2017 and am looking to build my teams in the areas above.

Also, can anyone tell me if West Hollywood Park a good place to have a small meetup outdoors? About 6-10 people. Mainly, I'm worried about outside noise and a place to sit.

Thanks!

HEY PEOPLE IN LA / HOLLYWOOD!!! 

What are you doing Monday 6/20 and Tuesday morning/afternoon 6/21?

I'm from Washington State but am heading down to LA / West Hollywood this Monday / Tuesday with my business partner. Our business is not real estate related, we actually build Private Label brands to sell. 

So we have some free time in our schedule and would be interested in talking to some real estate minded people during our trip. Monday night we are meeting with a small group to chat about private labeling. You are all welcome to join if you are interested in learning about a business that is non-real estate related. We will be in West Hollywood area, PM for details.

Tuesday morning 6/21 we have nothing scheduled until 3PM. I am posting here to see if there is anyone heavily involved in real estate that could take some time out of their day to meet with us and exchange ideas. I am a small-time landlord in WA state (5 units) looking to expand. We are both investing long-term in RE and just enjoy hearing other investors' plans and ideas.

We are not looking to sell you anything or ask for money. We are 24/7 entrepreneurs and would just love to meet some people down in LA next week that do the same things. 

Monday 6/20 and Tuesday before 3 pm 6/21 is when we will be in the area. Anyone interested, please let me know!

I look forward to meeting you soon!

@Yousef Reda No I decided to walk away from that deal. Too much extra hassle for not enough benefit in my opinion. I could see it working well if you have a good system for roommate style rentals (student housing, house-hack).

@Marcelo Bellinaso

No experience in Marysville but I keep an eye on the 4+ unit properties that sell. I know there is plenty of rental demand up there and the population should continue to grow. I really like what they are doing with Tulalip casino/mall area. 

I will also add that I have seen more opportunities for cash flow in my price range looking in Marysville than any other city I have considered (Snohomish/Skagit/part of King). The properties just end up being in the worst looking parts of Marysville. With some work, I think there are gems waiting to be found in Marysville. I just prefer Everett more.

Good luck if you look there! Please let me know what you find!

@Aaron Nelson Just a few tips on pinpointing the rent prices.

When doing estimates for possible investments, STAY CONSERVATIVE. If you see 3 of the same size/layout properties listed for 1100/1150/1300, I always assume 1100 is realistic and anything more is icing on the cake. 

Rentometer, zillow, and other sites are great for getting a general range. They aren't great for pinpointing an exact rental's current/future potential. I believe you have to look at the most current data to get reliable estimates, especially in a market that is changing as much as ours. At the same time, be aware of seasonal bumps.

Actually call the listings you see. Sometimes they demand too much and will drop the price as soon as you call. Also, pay attention to rentals that are listed and prices are dropped after not being rented.

Stop by the actually properties and take a look. It is very common for rentals to hold open houses when they are available. I take a look at every one I can to take notes on amenities, condition, and layout of home. Real estate rarely looks exactly like the pictures. 

Pay attention to Washer/Dryers and who pays the water, sewer, and garbage. In Everett, my experience is the apartment landlords usually pay W/S/G while the single family tenants pay W/S/G. This can be a $400 monthly swing per unit. Washer/Dryer in unit is worth $100+/month to almost any tenant. I also believe it attracts a much better tenant pool.

Hope this helps!

@Marcelo Bellinaso Just wanted to add some insight. I grew up in South Everett on the other side of I-5 and currently live North.

Proximity to an airport may make traffic bad and add a little noise, but I don't think it hurts the rental demand in that area at all. If anything, I think it helps. Many of the newer apartment complexes are being built around Airport/99. Paine Field is also planning to offer commercial flights in 2017. 

Reliance on Boeing jobs will always be a concern in Everett. I don't think it is as bad as it used to be. More and more people are living in Everett and commuting 30-60 minutes to work.

Long commute to Seattle/Redmond becomes a short commute when you ask the thousands of people commuting from Arlington, Lake Stevens, Monroe, etc... If your primary market is people working in Seattle/Redmond, I would try to buy roomier homes with yard space. People come up to Everett to afford what they can't afford in Seattle/Redmond. That is a trend I believe will continue to grow for years.

I agree with the comment that the economics change once you reach North Everett, but have you looked into that area? I personally prefer North Everett especially if you are investing for cash flow. I personally don't see much in South Everett that is any more than a pure appreciation play (I look at anything under $2 million). You will have to buy and sell at the right time to make any money. I am not against this strategy but I think it is very important to be aware of the situation before you enter it.

In North Everett, I find it easier to get something with cash flow and as good of a chance at appreciating as any South Everett neighborhood. PM me for more details.

Hope this helps!

@Aaron Nelson Welcome to the site! It seems you have a general idea of what you want to do and are ready to take some actionable steps. While it is wise to network and build your connections, I think you will build the useful knowledge just shopping and comparing what's in the markets you wish to enter.

Meetups are nice but it really depends on who shows up and who you feel can connect to you. A sure-fire way to start on the right track is to go straight to a lender and see what you can get approved for. 50K will not buy you a house in the areas you've listed, but can cover the down payment and closing costs for many homes. If your income/credit situation is decent, you should have plenty of options in that price range. First step is to talk to a lender and get pre approved for a purchase. You can PM me for local lender recommendations. Ive shopped around last few years and have a good feel for many of the big/medium names in the area.

Once you find your maximum purchase price and talk a little with the lender on what to expect for closing fees, then it is time to find an agent. If you haven't found an investor friendly agent at this point, no worries! While an investor friendly agent can possibly find you good off-market deals, I don't think you should depend on it. The way I see it, a seasoned RE agent specializing in investor clients probably has plenty of big money clients lined up to buy their deals before they find them. In this market, you get a lot of new agents claiming to be investor friendly simply because you are an investor and they want to make your sale. I had a recent agent tell me he works with investors all the time and he just helped a couple secure 47% cash on cash return on an owner occupied condo in Mukilteo. I asked for details. He had NO EXPENSES factored because the building was "pretty much brand new built in 2010." He also counted principal payments as cash on cash return. So be very careful who claims to be an investor in this area, the UP market makes everyone look smart for a minute.

Before investing time in finding off market deals, I would scout the MLS lisitngs for a few months just to get a feel. Redfin is my favorite site but Zillow works just as well. You can set alerts so that you get an email every time a home goes for sale, sells, changes prices, or has any other status change. You can draw boundaries on a map and only get the listings from the exact neighborhoods you want. It really is a great tool and after tracking purchases for 2-3 months you will know what is a relative good/bad deal without having to spend a dollar.

At this point, you will have a clear understanding of what is / is not possible and can set/adjust your strategy from there. It will be clear what you need help with and what you can figure out by yourself. This will make it much easier to find lenders/agents that fit your strategy.

Hope this helps! Good luck on your search!