All Forum Posts by: Mark Updegraff

@Phil G. great point on enlisting an attorney! The increase exposure on E&O is the main hurdle.

@Mike Cumbie wow, that is a lot of local brokers!  

@Paul Rowan If you pay for the additional E&O exposure you will create, a licensed broker will most likely sponsor you and let you collect rent as PM for clients. Do you have units lined up to manage?

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As a property manager the broker of record has to be on board. REALTORs at my firm may not manage properties without my consent. This is pretty common. Broker's don't want the added E&O liability of agents trying to rent property. Good agents wouldn't bother wasting their time with this is my market anyway, too many homes to sell. Why work for peanuts?

@Brandon Young yes, save up for a FHA conventional product. In our market we advise first time buyers that want to start investing to purchase a nice asset since you'll get into it for less than any other loan you go for there after. In Rochester they tend to be areas like Park Ave, Upper Monroe, Southwedge, etc. Acquisiton of a 300k multi FHA versus conventional means a difference of 65K. Pretty BIG difference in the amount needed to close.

Beware seller financing w low down, it is usually garbage.   Your best bet is to save up enough to finance your first deal.  

Hey Cole,  You've come to the right spot!  Most folks in RE investment didn't have any formal training (myself included) and so sites like this have become essential for avoiding some of the common pitfalls a new investor may fall into.  The first step will be networking with your local investors group.  In Rochester we have a pretty active group (FREIA) as well as a lot of little spin off factions of individuals that like to get together and talk shop.  Once you've found a group of folks find out how they're sourcing their deals.  You'll find a plethora of experience levels, and many many unique approaches to RE investment.  Soak it all in and see if there is anyone you click with.  Once you've narrowed down your approach a bit it will be time to dig in.  This is usually done by qualifying yourself as a buyer.  You can do this traditionally through a banker, as well as explore other options as you network.  Once you've determined your comfort level and ability to close a deal, start watching the market and asking about deals that your new friends are doing.  You start to get the feel for what is good, and what someone is trying to pawn off.  Never take any numbers from a seller with much weight, always perform all your own due diligence in order to make a smart move.  Once you've got one under your belt, use it for a benchmark and try to beat it!!

Thanks @Douglas Burns  - It was great seeing Courtney at the Techknowpalooza!  It is definitely a right of passage for new agents :D 

We should get the kids together for a play date, I miss Jackson!!

Happy Holidays,
Mark

Thanks @Mark W. , It was Shepard Maxwell and Hail but bought out by Tompkins a few years ago.  My original rep was the best.  She transitioned to Tompkins but is not there now.  

As we close out the books on 2017 and look back I'm proud of how far we've come.  It was a challenging year, and I enjoyed every minute of it.  Hiring and managing people is a most difficult task and it should be done with as much care as selecting tenants. 

I often look to my father for business advice, as he is still my greatest mentor and his age old wisdom always rings true.  We give him credit as the king of euphemisms, as he never ceases to amaze us with them at just the right opportunity.

For new Hires, "You don't know what you've got until 90 days."  While I'm getting better at judging people and performance ahead of time, after 90 days I always have a different perspective than original expectations.  Sometimes better, and sometimes worse.

"Pigs get fat, Hogs get Slaughtered"  - This is true over and over again, so when you meet a Hog, don't worry, his or her day of reckoning will come.  The real estate field is crawling with hogs, almost at every corner.  Don't be a hog, and you'll come out on top.  Those fellow pigs know what I'm talking about.  It is easy to spot a hog, and when you do, don't invest your time or energy listening to their pathetic BS.

"The grass is always greener on the other side, especially when it is growing through $_hit."  I love this one!  You would be surprised how many sheep buy into this mentality.  If they do, they probably were not the best fit, or did not truly embrace the vision.  Once they leave, never take them back, no matter what situation you're faced with.  They're a parasite that hopped onto another host, don't let them back on.       

I want to give a shout out to Michael Gerber and his book the eMyth.  Though my staff probably still thinks I'm nuts, in 2017 I've implemented a lot of the great advice he gives in regards to hiring and organizational structure and it has paid dividends.  For those of you that have not read the book yet, I encourage you to pick up a copy and let it soak in over the holiday.  I know for me, this next week will be about the only time of the year things are not just totally nuts.  I'm looking forward to spending time with the family, reflecting on last year, and letting my mind accelerate into 2018 in preparation for some serious leaps.  I will most definitely be brushing up on eMyth in between catching up on Uncommon Knowledge!  

So, in conclusion.  For 2018 let's get "Busier than a one legged man in an a $$ kicking contest!"

Happy New Year Y'all!

Mark in Rochester NY

I've been using the same insurance carrier for almost a decade and as I've grown I feel like their customer service has declined.  I'm planning to evaluate my current policies for the new year and am wondering who you recommend in the Rochester NY area.

Thanks!

Mark