All Forum Posts by: Chris Collins

Rod Khleif calls his failures/mistakes "SEMINARS" because he always learns from them.  I say at this point, listen to @Ingrid J.  Your first deal doesn't have to be a home run, and probably won't be! But get in the game, make some mistakes, score some cash flow, and figure it out.  The beauty, is that real estate is tangible, its an asset, its physical. Its not stocks that can drop out from you at any second.   If something breaks on your property, you can fix it.  Trust your analysis and make a couple offers, see how that feels.  Then buy something!

BTW, @Joe Ellis are you looking at SFR's or multifamily?

Great to see some solid advice and breaking down numbers here. GO TEAM!

Here's a site I use as well for TX properties.  You can also input other zip codes

https://smartasset.com/taxes/texas-property-tax-ca...

For that matter, this one projects closing costs in the area

https://smartasset.com/mortgage/closing-costs

x CHRIS x

Since you said you can't fly out there anytime soon, I would recommend pulling up a large printed out map, and scheduling a call with @James Wachob

My personal experience: I flew out there, and he and his team drove me around the city for basically an entire day. Of course he wants to be the person to sell you properties and that's one aspect, but besides that, what I was most impressed with, was his genuine love for the city and his knowledge of seemingly every nook and cranny there. I must have asked a thousand questions, and he answered them all. It was very clear that he has invested time (and his own money in his own rental properties) into the area and knows it intimately, from SFH to Multifamily.

I'm sure there are other people in the area that have similar passion, but that's who I can personally vouch for.

Does anyone have a property management company do the leasing portion (showing the property, tenant screening, lease paperwork), and the you take over the 'day to day' landlord responsibilities?  (Maintenance calls, lease renewals, collecting rent, etc).

Specifically looking at out of state scenarios, where I can't be there to do the showings, and would also like the legal expertise of a PM who deals with contracts and lease agreements in the area/knows what a good/bad tenant is for the area. 

Looking at paying a fee for that leasing service, then saving the 8-10% on the management.

Just wasn't sure if this is a practice anyone has used, and what your experience was with it? Good idea? Bad idea?

Thanks in advance,

Chris

@Jared Carpenter

You may or may not have listened to all these, but I found Michael Blank's podcast to be indispensable in 'getting comfortable' in this space.  If nothing else, listen to the first 5-7 of them, so you get the basics.  Learn to 'speak the language' and how it all works, so when you walk into meeting with potential investors, you can hold your own at the table.  

http://www.themichaelblank.com/podcasts/

I'm excited to hear what you do in the coming months, how you achieve your goal, and how scary/not scary it is for you. GO GET EM!

@Michael Blank

Thanks @James Wachob actually got this resolved it looks like for now (with Aaron).  So, onward and upwards!

Hi Aaron Bernbach and welcome. Good work diving in and making a decision to get into real estate. Best of luck to you.

I have a great free site but it's on my laptop's bookmarks. Send me a PM and I'll try to remember to send it (I'm on my phone at the moment).

Just keep in mind that your credit score for a credit card is different than your credit score to lenders. For instance, a 745 credit score by experien when your tying to get a new Visa or Car loan, could be a 707 to lenders. They weigh things differently and have different criteria. Just so you're not surprised.