All Forum Posts by: Connie Bhimireddy

Oh, and lastly, becoming your own agent....Man, it has its advantages and major disadvantages...You better know a LOT of people and be in it for the long-haul, and marry yourself to the same locale for it to make sense - LOL. Yes, you get to see on the other side of the veil, but your hands are kinda "tied up" while you're licensed as far as advertising for deals from sellers as a wholesaler, and as far as advertising for tenants especially...could have legal ramifications is my point.  (You don't get to "leave out" that you're an agent/realtor almost ever, in anything). I'd only recommend 'going there' if you see going ALL IN (full-time), and if you want to really create a local identity/reputation out of it. (I know precious few good-quality 'part-time agents.') Plus, beyond the monetary investment, it's a HUGE time-investment for the multiple trainings in the 'basics,' and forms trainings, continuing education trainings, eSigning trainings, etc that no one tells you about ahead of time...!)

Hi Ryne! Welcome to BP :) 

I look at the various options like this -- provided you're planning on keeping your day job:

- Wholesaling is low monetary barrier to entry, BUT high knowledge/skill, with legal ramifications if done wrong! 

- Rehabs are an unknown can of worms ($-wise AND time-wise) where your first deal could flop and your out, for years...if you're not also in legal trouble.

-B/H SFHomes at least for 3-5years, higher monetary barrier to entry, but fairly low "skill/knowledge" when using a good realtor/PManager.

-HouseHack: Living in your own unit has MANY advantages and protections (loan wise, and housing laws-wise which you do not want to even step and accidental toe over the lines (showing favor nor discrimination). Scott Trench has this fictional story about the finances of his own experience (couldn't find his 1st person account, sorry but it's out there somewhere...or maybe they pulled it offline to get people to buy his book...) And this has many variants: mother in law suites in a basement, a 3 bedroom renting the other 2, a garage apartment, even renting out parking passes if a single home is near an area with tough parking restrictions...! All sorts of "2nd incomes" that offset your cost of ownership could be called house-hacking.  https://www.biggerpockets.com/renewsblog/2015/08/0...

-Other types of Flips: like timber, etc could maybe be an option near you...but you'd HAVE to learn your market and ask realtors where the 'gaps' are. Who's coming to them with specific needs over and over, that they have low inventory and cant meet the need...etc

So my 2 cents is, instead of the big paydays of Wholesaling where you NEEEEED a mentor or training to do it right; instead, consider househacking (even for just 1year) and finding a deal that has existing tenants (with solid track record of course) or buy one that's not fully occupied and vet your own tenants. Either way, your mortgage is likely paid, and maybe even some extra $$ goes to savings for unexpected repairs.  

Hope that helps.

Hmmm. Even if there are...🤔...my mom a pro PM near Pinehurst (@Beckie Pahner) would probably advise against it. She says that property management (well, how most people do it — poorly!) is about as good as the proximity that they live to the properties. Meaning, will the company really go the distance for you? Literally.Will they, say, go back out to the properties to show 3 extra people who have applied last-minute who might be the best candidates if they have someone “good enough” already; trying to get you the BEST candidate or the “easiest, best”... Or will they ensure the filters are being changed on your HVACs as often as they should (which can be important because it’s one option for managers to enter legally, to make sure there’s not other more egregious breaches occurring inside the units like unauthorized pets, etc).

Most managers are in fact humans, LOL, and will act in their own best interests first. She and good managers like her who run their own, small shops enjoy being close by the properties so that when pipes freeze (like they have been ALL OVER NC this week, or when a hail storm comes thru and u have insurance claims in ALL your roofs in one town - yes, true story!) that they can easily get to them all (or their network or handymen can). **Those are the times you really want the BEST managers who can be eyes&ears-on-the-ground for you at all of your properties, themselves. If you have one only manager for all Raleigh properties, and one for all Asheville, and one for all Charlotte for example...can they really be running all over each city when YOUR properties are the ones flooding!? 

If you do if that way, one company for all, I would think it’d have to be a BIG operation with loads of managers, per locale...

Anything to add, Mom? (If u even have time to answer - cause I know you’ve been swamped this week...)

Hi Evan, (I'm local in Morgantown and started to reorganize an investors group here). Came across your thread here and am curious what ever happened!? Did you get the answers you needed and flip it in the end!?

@Ryan Murdock - your comment is spot on with my thinking. I haven't read all the comments in this thread and how it 'ended up' but it's true: Sometimes it just makes sense for the buyer to go directly to the listing agent to up their chances of an offer getting accepted and/or getting a better deal when the sellers' margins are tight.

Hi, We use Attorney Raymond Gatti. Can't say he's your man for sure, but he'd be the first one I'd ask! If he has to he can refer you out and then I'd trust his recommendation.

I am not a lawyer. And you, of course, should act on any direct advice that's not a lawyers. 

To the best of my knowledge in NC, I don't think so. (My mom @Beckie Pahner is our Property Manager in NC...) 

She's taught me that one hour with a RE attorney telling him/her ALL your 1) REI plans (short or long term strategies) and possible plans business like becoming an agent, 2) your fears of what you want to protect against, and 3) your timeline for all this will more than pay for itself!! BUT, Amanda Han's book warns that those entities cost money to maintain(!) and file taxes for even if you make no money in the LLC. So, at the end of the meeting with the lawyer, get your accountant on the line & ask what his/her recommendations will cost.

Then, decide :) Good luck!!! 

Good Morning everyone,

The date is set for our May meeting! Invitation & Details including some suggested articles are below for you to view. If attending for 1st time, please read this document linked below. 

Welcome! Read Before Attending...

Thanks everyone! Look forward to seeing your there! I'll send out a reminder Sunday or Monday to get a head count!

Connie

NCWV Real Estate Investing Group

WHEN:

Tuesday, May 30th, 2017

5:30 - 7:30 pm

WHERE:

601 Venture Drive, 26508

(Office of Touchdown Home Pros)

2nd Floor of Talbots Building

WHAT:

This month it just so happens Connie's mother, @Beckie Pahner will be in town! She has agreed to speak with everyone about her expertise Property Management!  So bring your questions! 

While her brokerage license is in NC and she's unable to speak on specific issues re: WV or Local ordinances/norms, I have asked her to speak about issues ALL landlords can benefit from: tenant screening and selection, Fair Housing issues, when to list a property on the MLS, when to hire out your management, and how? She will also share about her experiences helping many investors purchasing property; so, even if you don't own 'rentals' you'll likely still benefit from attending!

SUGGESTED READING

Article #1, Article #2, Article #3

SIDENOTES:

***No fee to attend***

***Welcome to invite a friend, but please RSVP.***

Email list: If you've hearing of us for the first time and interested in attending, email me directly & I'll add you to the email list! I'll respond also with our group's Google Drive folder where we keep all our Meeting Notes, Resource Lists, our Directory, Deals List, eBooks, and more!

Please know that while the subject matter may be 'heavy' at times, it's an informal group setting. So also, if it's a dinnertime meeting, feel free to bring dinner if you're short on time and can't eat beforehand - no worries! Just happy to have you attend.

cool thanks! 

If you do formalize it in any way like that, you can use Google Drive/Docs/Sheets (handy to have as like a "living document," to allow everyone access to add deals, and resources (like CPAs and Lenders, etc) and so forth throughout the month or if they miss attending...)

Also, if you would, add my name and my mom's Beckie Pahner to your list of people to tag for the June mtg and she/I may attend since we're planning a summer trip then sometime!!