All Forum Posts by: Zachary Inman

Seems like you have a good case for a loan. Go shop around multiple lenders of varying types (local, national, online, etc). 

Yes, I was having issues earlier too. 

It typically only is effective in the early years because of deferred maintenance and capex. Seems like you have a smooth sailing operation. 

On your first deal, I wouldn't recommend going too far from your home base. The logistics get much more complicated when you can't go visit the property on short notice. 

Double down on Indy :)

Hi Jason, first off - congrats on buying in a hot market!

Cap rate is only one part of the equation, and it's only helpful when comparing properties to one another, and it doesn't include any mortgage or capex. I would see how much equity you would be able to pull out of the condo, then supplement it with cash reserves for your down payment, then rent out your condo. 

Yes, it's possible! You can work with a custodian to use funds from your SDIRA towards an alternative investment, such as a BRRRR. This, supplemented by your HELOC, will give you plenty of dry powder to work with when acquiring the property.

CBRE has good reports.

There's no denying it, being a new realtor is tough! Just keeping positive the first few years is a difficult task.

Here's what you need to do:

Improve your sales skills. When I got my license, I had zero sales experience. I didn't realize how important it would be! But, with so many other options out there for agents, you need to be able to stake your own niche and communicate it well.

Geomarketing. Don't cast too wide a net a first. Pick a few neighborhoods and become the GO TO person for those markets. Slowly expand out, leveraging your expertise and referrals. Drop mailers (if the HOA allows it), targeted email, text, and call, get involved with local events, etc.

Network like your life depends on it. Because it does (okay maybe not, but it's still important haha). The more hands you shake the more deals you'll make! You can only get so good at the transactional process and your pitch, after that it's all about filling your pipeline with leads.

Don't pay for online advertising at first. I see a lot of new agents fall into this trap, with companies promising them 50 hot leads a day while the agent falls more and more into the red. Stick to the tried and true relationship building and asking for referrals until your business is scaled up to the point where it makes sense to start placing online ads.

Get creative! So many agents are doing the basic stuff: mailers, newsletters, emails, market analysis, etc. To stand out, learn how you can uniquely provide value in ways that no one else can. An example: I'm a pretty young guy. In a neighborhood that I was targeting, I went in after it snowed and shoveled over 30 or so driveways (after asking, of course) and then gave the person antifreeze with a note from me. I had a huge conversation rate for that marketing push!

Yes and no. The fixed structure will depreciate at that rate, but often you can separate other parts of the property to be defined as "personal property" that depreciates on a much faster timeline.