All Forum Posts by: Shane J. Renard

In our local market, we are starting to see prices coming down on listings. In the last 7 days we have had over 100+ listings and 25+ price reductions with longer DOM (Days on Market). The correction is here. 

@Gabe Goudreau - I always call the local tax assessors office and have a conversation on the purposed tax assessments. They will assist you with a formula. 

Go to your local courthouse and look for the foreclosure listings coming. 

@Garry Hoffmann - Check with a good CPA in your area, and have them advise on the proper steps. Also partner with a good real estate attorney. I have done this, and it goes smooth. 

Hey bud! Might have to custom build that. I have not seen or read anything out there geared specifically toward that. 

First and foremost. Do your homework on a good management company in the local area where you decide to buy. Make sure they handle STR's. Interview their clients. Most management companies do not have a good system in place.

There are deals out there, and it's a numbers game for sure. I only deal with investment properties, and never put out deals that do not return 15%+ ROI. Maybe try other suburbs. What are your marketing efforts thus far?

Does seem suspicious. Tread lightly. What does your gut tell you?

If I was starting all over again, I would shadow someone in the local area. Work for free to learn and be mentored by them. Help anyway I can. Ask to trade my time for theirs. 

Investment Info:

Small multi-family (2-4 units) commercial investment investment.

Purchase price: $75,000
Cash invested: $75,000
Sale price: $75,000

A large multi family lot, that I am building a large high end Duplex on. Then I will condo this duplex and sell, and move onto the next property.

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

To build a high end duplex, then condo this duplex and sell each half to an end user.

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

Builder partner. I was going to buy the entire subdivision but he passed away unexpectedly. Now, I have this one lot and will build it out and sell the two halves.

How did you finance this deal?

Cash

How did you add value to the deal?

Building on the land.

What was the outcome?

In the process

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

Myself. I am a developer.