All Forum Posts by: Trenton Miller

@Neil Alonzo Can you add me to the attendance list?  

Is the property cash flow positive the way it is currently structured?  The first thing I would do before even considering repairs would be to find that out.  I also listened to a BP podcast the other day and one of the dialogues that stood out to me was to find all the reasons to NOT do a deal.  If this deal doesn't make sense because of repairs, don't do it.  

Huge congrats on the first deal & welcome to the forums!  Be sure to reach out and ask lots of questions.  This website is rich in knowledge and experience.

@Dustin Carpenter BiggerPockets also has local meet ups posted for Southern California in the Networking section.  

Are you referring to communication with tenants?  Agents/Brokers?  Potential deals?  I have always found that email is the easiest for me.  This way there is no he said she said since the communication is in writing.

A major brokerage such as Coldwell Banker, Keller Williams, RE MAX, ect; in my opinion would be attractive.  They will, or should, provide you with the most flexibility.  Go interview with multiple brokerages in your area and ask if they expect you to attend meetings and such.  A book I would highly recommend reading before going is My First Year in Real Estate by Dirk Zeller.  It will answer a tremendous amount of questions for you.

As far as hidden fees go there aren't ever hidden fees. If you understand the terms there shouldn't be any surprises. You will have to pay local association fee's, MLS fees, eKey fee's, brokerage fee's, ect. so account for that in your monthly budget. Also, remember larger annual fee's are due for local associations once every year on top of monthly expenses.

Also congrats on your exam, and best of luck!

Simply connecting here on BiggerPockets is a proactive step in the right direction.  In fact, my first real estate deal came through networking on the forums!

Have you considered contacting a commercial broker to assist you?  He or she will be able to provide a list of closed transactions you can use to compare the subject property.

That's exactly what CapEx is for, reserves. There is no rule stating that you have to look at this as a percentage. However for analyzing deals in general a percentage is easier. You can tailor this number to meet your needs and goals as well.

My train of though on this is just because one rent may be higher than the other, a proportional amount should be put towards CapEx reserves for each property.

@James Orr  I have been considering doing this much more lately.  I would love to connect and pick your brain on how you started!