All Forum Posts by: Tyler Bobo

1) Make a list of all the investment strategies you're interested in that you'd consider doing. (fix and flip, fix and hold for renting, buy turnkey for renting, wholesale, lease option sandwiches, buy and sell on owner finance, privately fund other peoples deals, etc, etc)

2) Decide if you're considering local or not local investing. This may depend on where you are.  Investing and making money in real estate works EVERYWHERE yet it may be easier, especially for beginners, some places more than others.  And if it's not where you are, choose a market. I think investing local is best for most people, but not everyone.

3) Start analyzing deals in the market you're going to invest in, compare those deals to your preferred strategies in section 1.

4) Buy stuff.  Don't let your emotions decide for you.

5) This isn't really the last step, it may be the first, middle and last and always.  Join real estate groups and talk to other investors.  Keep listening to stuff and watching videos and learning.  This isn't a get rich quick deal but if you stick with it you can totally build amazing wealth over time, that's hard to match for most people without real estate.  Find a mentor or someone you can call to help analyze deals. Don't be afraid to partner with someone who has more experience. Stay in front of and around people who are like minded.  

Good luck.

Not exactly sure what your question is.  Here where I am if a property is just a lot and block and you want an address like 123 Main street you call the borough (we have boroughs instead of counties) and request it.  Same if you want a change, like if you're on the corner of Main and 1st and have an address of 123 Main street, but your driveway's actually off 1st and you want an address on 1st street because the delivery guy can't find you, you'd call the Borough (county) and request that.  Hope that helps, good luck:)

Option 1: Careful putting all your eggs in one basket. I'd do a lot of research and make sure to put in at least 2-3.

Option 2: You said near by.  I'm not in the Bay Area, but I would be scared myself to buy 1-4 units in a market that seems so ridiculously expensive. If I did, I'd want to make sure it was super cash flowing, so that if the value of the property dropped, and the rental income dropped a lot, I'd still be ok.  Think that's ahrd to find "near by."  Also, never buy a property that only cash flows if you self manage.  If it cash flows, and you decide to self manage to make it cash flow more, that's great, but if it doesn't cash flow without you it's probably not a deal.

Option 3: Same opinion as option 2.

Option 4: I like this one, but refer to option 1 about doing plenty of research and not putting all eggs in 1 basket.

Option 5: (You missed this one so I figured I'd throw it in for good measure) Real estate notes, probably not in the Bay Area (though possibly if you got lucky)  You can pick a market not so inflated that still looks solid for appreciation and population growth and fund a fix and flip buy or possibly a builder (both shorter term hopefully) or a fix and flip to owner finance guy like me for a longer term safer returns.  Depends on what return you want and how active you want to be, and how long you want your money invested.

Option 6: Buy land and resell on owner financing for 50-100% above the purchase price.  Great idea. Works all over the place.

I know you only gave 4 options but I figured while I was a roll I'd run with it.  Good luck.

Full disclosure, I didn't look at the numbers you posted well... I clicked because of the mixed use of the building.  Every market is different however when I purchased a mixed use building I had a hard time finding residential tenants who wanted to be near (above actually) the commercial stuff, and the commercial tenants wanted to be able to make noise even late into the evening if the workday got long.  So we had a hard time keeping out vacancy rate as low as we thought we'd be able to...  So my advice is to keep that in mind when you're looking or rental comps (even if it's rented now) to make sure you factor for a potentially higher vacancy rate than other properties if you can't find solid comps that are similar to yours.  Good luck.  

Look at the Airbnb in the area you want to invest and see what the difference is in rent, versus the difference in price in that area to purchase per unit in your area for 1 or 2 units.  Then you might have an idea if 1 or 2 unit properties "generally" work better.  Then... keep an eye out and spend time/energy looking for deals of both.  If duplexes "usually" work better but you find a nice single family at a great deal then go for it.  Good luck:)

So on the podcast Brandon talks about people who say there aren't enough deals and asks them how many deals they analyzed and how many offers they sent.  My strategy has never been the shotgun approach like that on offers. I usually write offers when I know they'll get accepted or at least am pretty sure we'll be able to come to terms after a couple conversations.  A lot of times if I'm talking directly to a seller we can kick numbers back and forth and be completely to terms before we put it on paper.  

So... this year I have 2 main goals, one goal on my sales side as a Realtor, and the other, as an investor my goal is to invest a certain amount of private money into personal deals.  To do this I've decided to write an offer every week.  This is outside my comfort zone because it will require me to send stupid low offers every 7 days if I don't have a better one.  

So I've written offers on 3 properties this year so far, sent them really low, negotiated to reasonable range that I'm sure I'll still make money, and am pending on all 3 of them.  

Anyone else want to play along? 49 weeks left, about.

Thanks May.  I was trying to do some with a certain threshhold of equity or properties valued in a certain range, but Alaska is one of the few Non Disclosure states, so much of the information available in other states is not available in AK, since it's private info.

I've only ever sent direct mail to specific houses I've seen were vacant or otherwise was interested in.  And I've had pretty good results with that with just hand written letters and envelopes, with a fridge magnet.  I've bought several properties and listed a few as well as a Realtor. 

I'm buying lists now of multi family and absentee owners for my area, and will probably send to between 3-600 people several times a year to grow my business for sales as well as finding potential investments for myself.  

Question for those who've done this and tracked results:  Do you think I'll be better off sending to More houses, less times, like 600 prospects twice a year, or are results better to send to less people, more times, like 300 prospects four times a year?  

By sending to absentee owners and multi family owners the target is like, burned out or accidental landlords. 

Thank you:)

Your original post was 9 years ago but now it's a hot topic! Hope you're having a great Year so far.  I'm in Wasilla, and do a lot of investing and am also a Realtor so if anyone wants to connect hit me up!

Chris S, they shouldn't be able to file for the PFD since they moved, however that doesn't mean they won't lie. I'm sure that never happens (I say while rolling my eyes.)

Holly, I'm not aware of being able to put a lien on someones vehicles here without there permission, and when they moved they likely sold their vehicle and flew out.  I did put a lien on someones vehicles before while lending them money and using it as collateral, not too difficult but had to have there permission.  If there's another way to lien it without there permission in AK anyone is aware of let me know:)
     And... these tenants were inherited, they were paying good the first 2+ years and I didn't have them through Cozy because they were used to paying with money order and I didn't press it. So when they fell behind I didn't even notice at first. Oops:/ I need to keep a better eye, or rather, make all my tenants pay the same way moving forward so it's easier to keep a better eye.

Thanks everyone, have a great New Year!