All Forum Posts by: Steve Rozenberg

best thing you can do is get involved and engrained here in the investor forums. Read as much as you can and take the webinars and other classes that are offered. Before you ask for mentorship which can cost you dearly both in money and time. Make sure you have a solid base of knowledge so that you are not learning while the clock is ticking. 

Just my thoughts and opinion

You will learn, that the ONLY way this works is through massive action. That means hearing and saying NO more than YES. You will learn much more from the losses than you ever will from your wins. I would suggest if you failed at getting a deal, then go back and analyze why this happened and what you could do differently next time. 

Just as success leaves clues and trail for you to follow, so does failure. There are many many lessons and gold nuggets from your failures if you're open to learning them to make yourself better. The question is if you are truly wanting to learn and willing to put in the massive effort it takes to be successful in real estate. That is something only you can answer

@Mario Cuartas Failing our way to Millions: Building an Empire

I think you are making a lot of assumptions about tht business model.

At one time I owned over 40 low income homes and my Management company that I owned managed over 150 of those types of properties.

Management company that I owned managed over 150 of those types of properties.

I can tell you that they are very time intensive and very mean to the Heavy. It is a tough business model any city you go to.

I actually wrote and published a book about my experience of owning them and losing thousands of dollars in the process.

i’m not saying they don’t work, I am saying that if you get into that business model make sure you understand what you’re doing and have the right expected outcome 

First thing I would do as others in here have stated is figure out "WHY" you are doing this. Once you know that and you know your end goal then you work backwards. The goal has to have a finite destination and time limit on it. For example you may say your goal is 20 houses in 20 years (paid off) earning $20,000 per month.. (20,20,20 goal). Now you know where you're going and the timeframe for this to happen. From here you can build out your strategy, for example here you would want to have the 20 properties purchased the first 10 years so that they can use the final 10 years to pay themselves off. This means that you have to buy 2 properties per year which means you have to close on a property every 6 months which means that you have to find a property in 3 months to have it on the market and rented the following 3 months. And the properties need to have a final cashflow of $1,000 per month after all expenses are paid. This will dictate where you purchase and look for properties based on that number alone. My point is that you always start with the end in mind and work it backwards, this creates the strategy (Buy and hold, flip, Wholesale, Notes) which will be driven by the tactic (SFR, MFR, Mobile homes, Short term rental etc) I always coach people and explain that the property is actually the last piece of the puzzle not the first. Hope this helps

First thing I would do as others in here have stated is figure out "WHY" you are doing this. Once you know that and you know your end goal then you work backwards. The goal has to have a finite destination and time limit on it. For example you may say your goal is 20 houses in 20 years (paid off) earning $20,000 per month.. (20,20,20 goal). Now you know where you're going and the timeframe for this to happen. From here you can build out your strategy, for example here you would want to have the 20 properties purchased the first 10 years so that they can use the final 10 years to pay themselves off. This means that you have to buy 2 properties per year which means you have to close on a property every 6 months which means that you have to find a property in 3 months to have it on the market and rented the following 3 months. And the properties need to have a final cashflow of $1,000 per month after all expenses are paid. This will dictate where you purchase and look for properties based on that number alone. My point is that you always start with the end in mind and work it backwards, this creates the strategy (Buy and hold, flip, Wholesale, Notes) which will be driven by the tactic (SFR, MFR, Mobile homes, Short term rental etc) I always coach people and explain that the property is actually the last piece of the puzzle not the first. Hope this helps

It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.
I used to own a company that managed almost 1,000 single family homes before I sold it.
Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.

Questions to Ask prospective management companies

1. What are your average days on market for vacant homes?
2. What is your average rent amount for all properties managed?
3. What is your average work order cost for the owner?
4. What is your average make ready cost for the owner?
5. Are all my invoices uploaded to my owner portal?
6. How do you advertise your vacant units?
7. Do I receive video of my pre and post make ready?
8. Do you have a setup fee?
9. Do you upcharge on maintenance?
10. When do you make owner payments? How often?
11. Are you a Certified Property Manager?
12. Are you a member of NARPM?
13. What is your Guarantee?
14. Do you provide move in and move out reports
15. How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
16. Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
17. Do you provide monthly newsletters to your tenants
18. Do you hold investor education classes to help me become a better investor
19. Do you have single point portfolio based management services?
20. How many properties do the owners actually own themselves?
21. What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
22. How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

I would be Very cautious how you handle this because you could be violating a fair housing violation as well as a discrimination class.

very cautious how you handle this because you could be violating a fair housing violation as well as a discrimination class.

I would make sure I have my qualifications written down and I would not deviate from them ever. If you have qualifications and they do not meet them you’re very simply cannot accept them because you can be considered discriminating against other people or if you do not except them and you except someone else they can see you for discrimination.

Have your qualifications written down and if they do not meet them then they are not accepted 

First thing I would do as others in here have stated is figure out "WHY" you are doing this. Once you know that and you know your end goal then you work backwards. The goal has to have a finite destination and time limit on it.
For example you may say your goal is 20 houses in 20 years (paid off) earning $20,000 per month.. (20,20,20 goal).
Now you know where you're going and the timeframe for this to happen. From here you can build out your strategy, for example here you would want to have the 20 properties purchased the first 10 years so that they can use the final 10 years to pay themselves off. This means that you have to buy 2 properties per year which means you have to close on a property every 6 months which means that you have to find a property in 3 months to have it on the market and rented the following 3 months.
And the properties need to have a final cashflow of $1,000 per month after all expenses are paid. This will dictate where you purchase and look for properties based on that number alone.
My point is that you always start with the end in mind and work it backwards, this creates the strategy (Buy and hold, flip, Wholesale, Notes) which will be driven by the tactic (SFR, MFR, Mobile homes, Short term rental etc)
I always coach people and explain that the property is actually the last piece of the puzzle not the first.

Hope this helps

First thing I would do as others in here have stated is figure out "WHY" you are doing this. Once you know that and you know your end goal then you work backwards. The goal has to have a finite destination and time limit on it.
For example you may say your goal is 20 houses in 20 years (paid off) earning $20,000 per month.. (20,20,20 goal).
Now you know where you're going and the timeframe for this to happen. From here you can build out your strategy, for example here you would want to have the 20 properties purchased the first 10 years so that they can use the final 10 years to pay themselves off. This means that you have to buy 2 properties per year which means you have to close on a property every 6 months which means that you have to find a property in 3 months to have it on the market and rented the following 3 months.
And the properties need to have a final cashflow of $1,000 per month after all expenses are paid. This will dictate where you purchase and look for properties based on that number alone.
My point is that you always start with the end in mind and work it backwards, this creates the strategy (Buy and hold, flip, Wholesale, Notes) which will be driven by the tactic (SFR, MFR, Mobile homes, Short term rental etc)
I always coach people and explain that the property is actually the last piece of the puzzle not the first.

Hope this helps