All Forum Posts by: Tyler Bobo

If you're getting "waves" of showings it's probably not the marketing. Any real buyers will be on the internet, and I'd imagine this is on the MLS as well as all the big national webpages we're familiar with. And like was mentioned already, the photos look great. So it's probably mostly price but don't overlook the power of a good agent.

I'm doing the "12 week year" thing this year for the first time. So instead of annual goals I'm having quarterly goals.

Q1 (ending next week) 
Acquire more property (either below market or with forced appreciation potential) such that my net worth as well as monthly cash flow increases by 5% each for the quarter.
Status: Accomplished. Purchased a discounted note and a distressed 4 plex. Have another distressed duplex pending that I might try airBnB for my first time doing that.

Q2 
Finish my taxes on time this year...
Time to re-visit asset protection (insurance, entity structures, and tax strategies) with qualified professionals. 
Stabilize 4 plex and duplex (if closes as planned) by finishing rehab on both.

Q3 and Q4 are undecided so far. I'll decide on Q3 closer to the end of Q2, yet one thing I know I want to do before the end of the year is refinance the 2 and 4 plex for cheaper money.  I'd like to increase cash flow and net worth again and I'd like to start a subdivision project (possibly a syndication) as well, using the lots to fish for builders for my Realty team.  

If you're asking here instead of your Broker you might have the wrong broker, maybe. Most important thing when starting I think is being at the right spot! Whether that's a great team or a great brokerage, you want to be around high achievers who want to help! I like KW because of the people I work and the atmosphere with more than anything. If you don't feel like where you are is like that, look around and find somewhere that is:) But no matter where you go, it takes a lot of hustle! Use a database/CRM religiously. Talk to 20 people a day about real estate and it will snowball! Take good notes in your CRM, if you're talking to enough people to make a living you're talking to more people than you can remember details on. Someone says they're selling next year, put reminders in your database so they don't fall through the cracks. Just talk to as many people as you can. Social media, door knocking, open houses, and a ton of other ways can help get you there. Decide what you want to do (as long as your not using social media or anything else to avoid live conversations) and stick with a couple strategies. Don't do a small amount of 10 different things. If you do open houses, DO open houses, better and more consistently than anyone else in the area. If you're doing FSBO's, or Expired, do them with everything you're got. Don't dabble in something for a few weeks and jump ship. Commit, and master one arena before expanding into other ideas.
Good luck!

I clicked the link out of curiosity. $2M is a lot of money in most markets, but I don't know about there. Here that would be the highest luxury price point. I couldn't actually find a single residential listing that sold for that price in our MLS's history in my submarket and only 3 in the last year that sold for over $1M.
Your Realtor should set expectations about how much activity you should have, how you should react if it's not being met, or is being met, and how long it should be on the market in that price range.  If you're selling a $2M property without a Realtor and you're online asking questions to people around the world because it's not selling, I'd almost guarantee it's costing you money not to have a top quality Realtor working for you.    (I can help find one if you don't know a superb luxury Realtor, we're not all equal!)
     Generally if something isn't selling, we know our marketing is great (rarely is marketing the weak link anyways these days) it's the price. But is the time on market reasonable for the price range? Maybe.  Ask your Realtor!
     

If you found a good house hack that would be a great start at 19. Look into multi family but also look at a 4-5 bedroom single family that you could rent by the room, that's a great cash flowing model if you're willing to do it. Then as soon as you can, do it again!  Work your butt off and sacrifice through your 20's and there's no reason you won't be able to retire at 30... if you want!

I'm a Realtor and have never heard of an issue buying a foreclosure if we had helped a buyer get into the home and then they lost it.  (I have bought several foreclosures but none where I had represented the previous owners.) There may be rules against it some places or at some brokerages but I don't see why. I don't see it as a conflict.  It's unfortunate when an owner loses a home but once they do and no longer have an interest in it, why wouldn't I be able to buy it if it was a good buy for me?  I personally might not want to depending on the relationship, but there's no ethical reason not to as I didn't have a part in them not paying the bill.
I know on VA foreclosures they do ask if the buyer had previously owned it, or is a vendor of the VA, or if the buyer has bought a VA foreclosure before. I've had buyers check Yes on having bought them before (as some of my buyers are repeat investors) and it's never been an issue but if they were a vendor or something maybe it would be. Not sure.

Are you looking to buy to live or as an investment?  

Also matters if you intend to do multiple on a single lot or individual ones.  And rules will be different everywhere.

    Here if you’re outside the city and there’s no CCRs restricting it you could do multiple on one lot and it would be like a multi family property if you wanted to rent them out. However, if you sold any of them and rented the space that would be considered a MH Park which is way harder to get approval for.

     Doing one per lot and then selling the package or renting is fine so long as mobiles are allowed there.

So again, make sure you know what’s allowed and how to do it where you are at.

“Is college necessary?”

No. No it is not. As you said yourself you got more real education from a few podcasts than in 2 years of school. College is a scam 9 times out of 10.  People who think otherwise are living in a previous decade or generation.  (Notice 9 times out of 10 means that 10% of the time it is helpful, however if you don’t have a very specific reason for it spend that money elsewhere.)

Instead of a typical BRRRR deal where I'd refinance and get my money out, I'd like to get a HELOC style loan but on a 4 plex I'm considering buying, not owner occupied. I'll check my local banks and credit unions as well but just putting it out there, does anyone have a lender who would lend nationally (I'm in Alaska) that might be a good fit?
     My HELOC on my personal house has been a great tool, and even as a second position, the interest is super cheap compared to my private money alternatives. (variable, currently 3.6% or so)    Any suggestions or should I just shop local?