All Forum Posts by: Scott Rogers

@Steve Rozenberg  I get your points and in a way you are correct that I am being lazy. I have properties in several areas that seem to cash flow well and was looking for a short cut way to pick the best one to invest in.  I still think having information from as many sources as possible will help but will continue to do my own due diligence before I decide.

So I am looking for turnkey rental properties in a few cities around where I currently leave.  On a whim I decided to e-mail a couple of the local property management companies asking for advice on the locations, house configurations and rental price points that seemed to work out best.  Is it naive of me to expect responses?  I will eventually pick one of these companies to manage my rentals so it would be future business.  But on the other hand I am thinking that they might want me to end up in a non ideal situation so they can come and rescue me.

Any thoughts are appreciated.

Scott 

@Kyle TiptonI have been doing the numbers for a college town in my area and they do look fantastic on paper. I can buy a 5 BD/2 BTH 2000 SQFT house for sub $100k and charge $400 per room for students.  The problem is that it's not an original idea and there is a major over supply of housing.  As others have mentioned it can work out because every location is different.  Just do your research and make sure it's a viable option for your area.  Also account for high turnover and higher wear on the units.  Best of luck.

@Joseph Hammel  I know associated bank is there.  I have talked to them about conventional loans in my area and the rates seem in line with other lenders.  They do have a commercial footprint but don't know much about it.

@Jason Lund  Great meeting Jason, thanks.

@Evan File I have heard good things about Blue Frog and Titan but have not personally used either. 

@Christian Nachtrieb Will done BRRR

@Joseph Whitney Walk through at least 50 houses, attend at least 2 REI meetups and talk to at least 10 people that are in the game. Worrying about LLCs and such seems to be step 10 in the 15 step process.

@Scott Pearson  Yes, that is the hardest part of the game.  Gathering un-biased and accurate information related to rent history, expenses and demographics.  A lot of the sites and individuals are motivated to sell the property so they can't be un-biased.  You have to do your own legwork to confirm that your deal is really a deal.  Try to find impartial parties like property managers and other investors who own similar properties in the same area.

Scott Rogers

@Alex Smith  Great job.

@Gerald Boone  Get 2-3 of these done with short term money and then maybe a bank would lend against the portfolio.