All Forum Posts by: Terri Haley

@Mayalina Depas

It depends on what you feel you need out of the broker. From what you mentioned, you may want to look for one that offers GREAT mentorship and training. Usually that comes at a price of a lower commission split. 80/20, 70/30 or even less % to you until you feel comfortable. I came into this field having been an investor, so I already had "some" knowledge of the game. BUT.. there is SO MUCH as for required documents, rules, laws, ethics, processes and procedures, that you may find yourself on a daily and HOURLY basis saying things like, "What the heck does THAT mean?" Or like, "Ok, I'm supposed to do this step, but HOW do I do this?!" I am referring to the MANY procedures, processes and software programs available to us that we have to use in order to get anything done. And then one day the brokerage will say they're using a different program than the Realtor Association provides and you have to use that one now. So... again I would say find one that will HELP and GUIDE you. Most Realtors give up within a year and I totally understand why. I'm still in it and don't plan to leave mainly because I am an investor too. I want the tools and also to help fellow investors. And yeah, let me know if you want a referral. I'll try and help guide you if you wish.

@Megan Deppe

I use the Simplisafe for indoor security and just opted for the water leak detection as well. The system is connected to a central station that calls me if the alarm is triggered. If I don't answer, they send police. I use the Ring cameras for exterior security. When I signed up for Simplisafe, they did not offer cameras yet. So, I set up interior cameras separate from the security system and they're connected to wifi. So I can log on and see what's happening if the alarm gets triggered. One evening, I didn't pull the backdoor shut tight enough. I got a call from Simplisafe central station, checked the cameras... saw the issue. It's really cool. I've stayed at other STR with same camera system. When indoors, just unplug them for privacy.

@Megan Deppe

When I did all the long-distance landlording back in 2004, etc... all these gadgets didn't exist--haha! But NOW... Yes, I've got the Simplisafe system with water heater (or anywhere) leak detection--cool thing is you can place the sensor anywhere, Ring doorbell cameras, Ring exterior cameras, keypad entry WITH the physical key option for WHEN that battery dies, WiFi thermostat (Nevada Power offered it for free). And of course the lockbox. I use the Sentrilock box so can change the code from afar and also get notification every time someone accesses it.

@Victoria Hill

Hi Victoria! Definitely read some good books, including some already mentioned above. When I started (2002), I listened to a CD set a friend gave to me: Carleton Sheets. It was good and helped me to get started. What REALLY got me started was joining REIA clubs. I even joined one 3 hours away from where I lived. Vegas was getting overpriced, so I expanded my investing out-of-state. Ended up with 15 SFH properties. Here's some stuff I learned: 1. Never pay above-market price

2. Learn how to run the numbers. 3. Run the numbers. 4. Run the numbers again. 5. Be analytical, never emotional 6. Listen to advice, then double-check that advice 7. Be wary of some people at REIA meetings. Most are there to help; some are there to prey on you. 8. Build a spreadsheet that covers ALL of the costs of a property before and after purchase. 9. Set boundaries / requirements for each property. If it doesn't meet these requirements, move on. 10. Analysis Paralysis... it does exist. I analyzed for about 2 years before making the jump. All the above, I learned personally, by jumping in and doing. Got a lot of scratches, bruises and even bled a bit. But it made me all the wiser. Go for it!

@Kaylee Pratt

I am now a real estate agent, but before getting licensed, I bought several properties with the assistance of a few agents. They weren't exactly good with the numbers, but they were responsive, flexible, and sent decent listings for me to evaluate. After being burned by listening to one agent's opinion of rents on a certain property that I bought through him, I quickly moved on to a different agent and ran the numbers myself from that point forward.

@Jonathan Greene

@Nicole Heasley

I appreciate your replies. I've had several requests from people regarding MF properties. I thought that I was missing something... and I can't help but be brutally honest when I talk real estate, so I needed some second opinions to help verify what I am seeing. I've only owned SFR and still really enjoy the advantages!

Thanks so much!

@Leonel Aquino

Hi Leonel!

Absolutely, I can set up with some information. I'll DM you for specifics.

#terrilynnhaley

I am perusing the MLS here in Las Vegas and researching Multi-family properties. I have noticed that per unit, rental income is higher for SFR than the multi-family units. I understand the concept of having just one building to deal with in MFR's, but you still have to maintain and repair all interior aspects, i.e.: plumbing, HVAC, etc... The rental income per unit in the MFR's ranges from $200/sq ft to $400/sq ft LESS in MFR's than SFR's. Will you please share your insights / opinions on why would you invest in the Multis as opposed to single family residences?

@Erik Pacpaco

That's a great question for a CPA or an attorney. I'm not either one of those, but I do agree with the above comment about carry-over loss.

That being said, I work with a non-profit in Las Vegas that may be interested. They're trying to keep youth musicians here active and engaged through this epidemic lockdown. If your favorite charity won't accept land, then this non-profit will consider.

Will you send me the parcel number?

@Christina Hall

Absolutely! If you wish, I can share market data on a weekly/monthly basis. I watch it every day! 🙂 Just let me know.