The SFR Show

In this episode, Tyson Schuetze & Ryan Widener from Auben Realty tell us what we should know about investing in the Augusta GA market. Learn about the particularities of the market, from both the real estate agent and property management perspective. Learn about the return metrics, who you are competing with and what makes this market special.

Augusta Presentation Link: https://drive.google.com/file/d/1kLKtIshCvtPXbDgKKC7neH5zsmU72tT8/view?usp=sharing

---

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

Pierre:

Hey Everyone, welcome to the remote real estate investor podcast. Today we have host Tom Schneider and Mark woodling, covering the real estate markets of Augusta, Georgia and South Carolina. Today we brought in two experts Auben Realty’s, Ryan Weidner and company founder Tyson Schuetzy. And they're going to be speaking to us about the markets from a real estate agent and property management perspective. So let's jump into the episode.

 

Tom:

Tyson and Ryan, welcome to the remote real estate investor. Great to have you guys on.

 

Tyson:

Thank you for having us. We appreciate it.

 

Tom:

Yeah, so we got a lot of great stuff to cover today, talking about the market. But let's go ahead and begin let's talk about a little bit about your experience, experience as an investor, as a property manager, as an agent, all that good stuff and how you guys got into it? Sure.

 

Tyson:

Well, I started off in in 2009, originally got into real estate around 2006, I was living in New York City and trying to get into investing there working as an agent. And one of the things I realized was the the market was going to be a tough nut to crack, you know, the minimum sort of cost of entry to get into any rental property was a million dollars. And so I was really struggling trying to figure out how I could become an investor and start investing in real estate.

 

And started actually investing in Syracuse, New York, it was one of the closest markets that I could find where I could find the the yields that I want the cap rates, good cash flow. But it was also a five hour drive further north. And I didn't feel like Syracuse had the best market dynamics in terms of future growth, job growth. It wasn't number one on the radar for where people were moving, you know, when everything I was hearing was about sort of Southeast and southwest migration.

 

So long story short, I had a friend who was a successful apartment complex owner investor in Augusta, Georgia, and offered me the opportunity to come down here and learn underneath him for a couple years. And so I moved down here, didn't know if I was going to be here, you know, a couple months, couple years, and ultimately really sort of fell in love with the market and the potential. And so that was in 2006. And so I was kind of practicing my craft primarily flipping houses initially, because this was the glory days when everybody was a genius. And you could slap a coat of paint on the house and sell for $10,000 more 2008 rolled around, and there was a kind of rude awakening of what we were going to do next. And what I was going to do next.

 

I was fortunate enough that most of my flips, were an entry level price points. And so I was able to transition them into rental properties.

 

Tom:

Did you have that in mind? I'm curious in doing your flips, you know, I've heard that story from a couple of people where you know, the roof falls out from pricing. Did you have that in mind going into like your flip business like that this could transition? Or was it just sort of organic as the the

Last year we hosted a debate over what is a better asset class - single-family rentals (SFR) or multi-family rentals (MFR). In this episode, we look back on the performance of our portfolios over the last year to see which asset class performed best.

---

Transcript

 

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Emil:

Hey, everyone, welcome to another episode of The Remote Real Estate Investor. My name is Emil Shour and I got my co hosts with me today who are

 

Tom:

Tom Schneider,

 

Michael:

and Michael Albaum.

 

Emil:

And today we're gonna be doing a little bit of a look back episode. So we're slowly crawling out of the pandemic and we're going to do a look back at our single family rentals and our multifamily rentals and we're going to do a comparison How did each do during the pandemic? Alright, so let's hop into this episode.

 

Alright guys, before we hop into this theme, let's let's do quick updates. Always love hear what's going on in your portfolio. So Thomas, kick us off what's going on, man?

 

Tom:

What is going on? So not a whole heck of a lot I mentioned before have done a bunch of refinancing and big milestone, it's a new month. So the new payments came in a little bit thinner on the old cash flow because those loans are a little bit bigger, but the interest rates are a little bit lower, but net a little bit of a higher payment. So you know, getting getting used to that and still in acquisition mode, underwriting properties doing all that I'm doing the work like doing the investing work. So Go Bears? Yeah.

 

Emil:

You're in a couple markets. Right, Tom?

 

Tom:

I am. I'm in three markets, Atlanta, Pittsburgh, and Orlando, Florida. So debating adding a new one, but I don't know, I'll probably take a note from a meal and just densify densify. But I don't know we'll see. You know, I'm not limiting myself right now.

 

Michael:

And are you looking at multifamily Tom or single family?

 

Tom:

Looking at both. I am looking at both. I mean, I don't want to steal the wind from the episode but single family has been awesome. So you know, and it's simple. Great. Probably 70 30% I go 70 70% I go single family some more. But we'll see.

 

Michael:

All right. All right. All right.

 

Emil:

You anticipated my question I was gonna ask if you are going into marquee already in or if you're looking at new markets, or what's kind of your next step. So good anticipation.

 

Tom:

You know, it's such a funny double edged sword with appreciation is awesome. You know, you have these properties are appreciating value, but it's it's time for Acquisition time. It's like, oh, man, everything's appreciated a lot. There's still acquisitions to be had, but not not like the good old days. good old days, Wild West.

 

Emil:

I feel like, every real estate investor will say that for the end of time, just like the good old day like it. We're gonna be like, Oh, man, remember and remember in 2020 or 2021? Gosh,

 

Michael:

I was so cheap back then. Yeah.

 

Tom:

Here's the thing is the good old days, like always, like, I mean, we're probably in such a weird time where it's been, you know, hockey stick for a little bit, is it but it seems like it's always like four or three years ago, like we look back three years ago. Oh, man, that was great. And he looked back three years from now. Oh, that was great. Like, I think we're in a particularly weird time. But I know the good old days is always just a few years ago, no matter where,

 

Emil:

Unless you're in 2011 2012. No one was looking back to 2008 2009 2008 2009 thinking, Man, those we

Kori Covrigaru from PlanOmatic joins us today to share the importance of marketing your properties properly. Whether you are selling or renting your place out, things like professional, photos, 3D tours and a basic floor plan can diminish the time your listing is on the market, get you over market rent and mitigate the costs of vacancy.

https://www.planomatic.com/who-we-serve/single-family-rental/

---

Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and isnot intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Tom:

Greetings, and welcome to The Remote Real Estate Investor. On this episode, I'm joined with

 

Michael:

Michael album,

 

Tom:

And today we're going to be interviewing Kori Covrigaru who is the co founder and CEO of PlanOmatic. PlanOMatic is the biggest in fastest full service property insights and marketing service provider to the single family rental space. Alright, let's do it.

 

Kori, welcome to the podcast.

 

Kori

Thank you. Thanks, Thomas. Good to be here. I'm excited. I've been pumped for a while.

 

Tom:

Awesome, awesome. So before we get into PlanOmatic, and cool stuff that you're working on there, let's learn a little bit about yourself.

 

Kori:

I grew up in Ann Arbor, Michigan, shout out to the Huron River Rats.

 

Tom:

Is that a triple A baseball team there?

 

Kori:

Yeah, may as well have been. My business partner was on the baseball team. So I'll have to ask him but know that for some reason they thought it was cool. We have the Ann Arbor Pioneers and we have the Anne Arbor Huron River Rats. So Ann Arbor doesn't have its priorities straight when it comes to mascot.

 

Tom:

River rats must be really popular because in Sacramento there's the like they have a of a river rat team anyways…

 

Michael:

Isn’t it the River Cats? I don't think it’s the river rats.

 

Kori:

So we got to get the river rats and the river cats together.

 

Tom:

Wonderful. That's wherre you grew up.

 

Kori:

Yeah, I grew up in Anne Arbor two brothers. So we were three boys growing up. Went to actually played soccer at SUNY Buffalo for a year transferred to Western for a number of reasons. Western Michigan that is and then kind of migrated around the country. As we founded PlantOmatic ended up in Colorado, which is where I'm now married to my brilliant beautiful wife, Taryn and we have two boys six and three jack and Max. I'm the CEO here at PlanOmatic. So that takes up the majority of my time. Otherwise, I like to be outdoors. You know, like to cycle mountain bike camp, snowboard, ski, you name it. I'm pretty outdoors guy. Like spend time with the family travel. I speak two languages. I speak Hebrew fluently. I have my parents to thank for that. And yeah, that's that's me in a nutshell.

 

Very cool. And before planOmatic was that like pretty much started right out of college or what? What led you before PlanOmatic? And then we'll talk a little bit more about kinematic specifically.

 

Kori:

Sure. Yeah. So in in college, I had been connected with a friend of a friend of a relative to help out with a photo and floorplan company, and did that for a while helped them out and decided to license that software and build our own company planOmatic plan medic was born we each put 500 to three partners put $500 in the bank each. And that's where we are today. Still wholly owned, full bootstrapped company. But at some point, yeah, we went off on our own and expanded the company from starting in Florida to California and then kind of everywhere in between. But that's that's what we've been doing. I never really had a resume. I understand that the marketing teams working on a one p

Single-family rentals (SFR) are having a moment, with significant momentum in rent levels and values. Build to rent is the gateway drug to SFR, with new groups entering the sector left and right. Aggressive assumptions and favorable deal terms are necessary to execute a portfolio transaction. Considering this, how do investors get in on the action in such a competitive market? Roofstock's VP of Business Development, Clayton Wyatt has answers for you in this episode.

---

Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Michael:

Hey, everyone, welcome to another episode of remote real estate investor. I'm Michael Albaum, and today I'm joined by Roofstock, VP of Business Development, Clayton Wyatt. And Clayton is going to be talking to us today about some of the things investors need to be aware of, and things they can do to win portfolio deals. Alright, let's get into it.

 

Clayton Wyatt, thank you so much for taking the time to join us today. Really appreciate it.

 

Clayton:

Yeah, happy to be here.

 

Michael:

And so I would love if you could give our listeners a little bit of background on who you are as an individual and what your role is at Roofstock specifically.

 

Clayton:

Yeah, who am I as an individual, I don't know if I want to bore the audience. But I mean, I'll give a little bit of background, you know, came from real estate, private equity and investment banking, you know, background, you know, Rich and I both spent a lot of time at Jeffrey's covering the single family rental space, including, you know, waypoint which obviously Gary was the the CEO of and, you know, all the way, way back to when waypoint was ramping up to go public. And we ended up merging them into, you know, a spinoff from Starwood into a public reit, and, you know, covered them as a public company. So when, you know, rich, and Gary and Gregor had co founded Roofstock, I stayed behind and had done some, some read coverage, mostly in the residential space, but also started a cover, you know, some prop tech companies, as we started to see more of these technology companies getting into the real estate space.

 

And so, you know, groups that were like an Opendoor, or an Offerpad, or, you know, Point or Unison, or some of these mortgage companies really starting to see a lot, a lot more of those, those groups come into the space, because residential is a massive asset class. Right. And so similar to, you know, Roofstock there was there was a big Tam available for for groups to cover. So it's been a little bit of time there. And then, you know, finally got an opportunity to come over to Roofstock, about three years ago, and primarily spending, you know, my time in the in the business development team, which, you know, obviously, we handle the portfolio transactions, but also a lot of the, the JVs and interesting relationships that we've got going on there, including, you know, the recent announcement we had with JLL, that made an investment into rootstock, and then obviously, we set up a joint venture with them and with the acquisition of stessa. So I would say, majority of time spent there, but also, you know, at a at a corporate level, you know, any any capital markets activities, so rather that's, you know, US structuring, you know, debt or equity, but also on the investment services side, where we have clients coming in that are looking for advice on putting credit facilities in place or debt products, spending a little time there with with the broader team.

 

Michael:

Right on.

 

Clayton:

Does that work for an over

Dana Dunford with Hemlane Property Management joins us once again to share 3 more rules to effectively manage your properties. From building a solid local team, aligning incentives with both PMs and tenants, to loving the process - these rules will help remove the painful aspects of owning multiple properties, save you time and money, and bring an element of enjoyment into your wealth-building journey.

---

Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Michael:

Hey, everyone, welcome to another episode of remote real estate investor. I'm Michael Albaum and today I'm joined with my co host, Tom Schneider. And with us today is a very special repeat guest Dana Dunford, co founder of Hemlane property management. Today, Dana is gonna be talking to us about three additional rules that remote landlords need to be aware of and should adhere to when investing remotely. So let's get into it.

 

Michael:

Dana Dunford, with Hemlane, so great to have you back on. Thanks for joining us.

 

Dana:

Yeah, thanks for having me.

 

Michael:

No, it's always always a pleasure.

 

So we had you on a prior episode, and you were talking about some tried and true rules to be mindful of when investing remotely. And if you just want to give us a quick recap, for those of you that may not have listened to that episode, or caught that episode, and then we'll jump into a few additional rules that you're gonna be sharing with us today to ensure a successful remote real estate investing experience?

 

Dana:

Yeah, great. Thanks. Um, so as far as remotely investing, that's kind of the future right, that the best investments aren't in your backyard, you go on to Roofstock and purchase a property. But now a new trend that we've seen, is this whole concept of remote landlording? How can I manage my property from anywhere and like you, Michael, be on the road, and still have access and data to what's going on with your rental property?

 

Michael:

Yeah!

 

Dana:

Um, so what we went through and and what we discussed was, um, what are the kind of first two corner stones to being successful with remotely a morning, investing out of state and then being able to manage it. And the first two rules we talked about one was, you need to be professional, you need to treat it like a business, it is a business, buy a property on Roofstock, get your LLC set up, right.

 

Make sure that you don't treat it like, Oh, this is just a friend who's going to be living in this property. And I'm going to give them my personal cell phone. Um, so that was the first rule we talked about. And then the second one was, obviously the operations making sure you're on, you're on top of it.

 

You know, everyone kind of goes between, should I manage myself? Or should I hire our property manager? And really, it comes down to you, and what's best for you? And are you going to be on top of it and be able to make decisions? Or do you think you need to send that off to someone else? Who can do it better for you? So anyways, those were the first two. And I'm excited to go over three more rules to remotely unloading today.

 

Tom:

If anyone who didn't catch Dana's clever little remote comment about Michael Michael, if those of new listeners Michael is in his van right now, he's converted, I think a bus or something into a house and he's living the remote living life. So nice little reference there, Dana.

 

Michael:

Yeah, it was actually it was a mobile golf showroom. So it's not anything I had ever seen before. It looks kind of like half Uhaul half sprinter. Not as sleek as a

In this episode, we look at current market trends and discuss how they apply to our portfolios. We discuss whether it's a good time to buy, sell or HODL, is it a good time to refi or put money into a property to brig rents up, or whether or not doing nothing at all can be the best form of (in)action.

---

Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Tom:

Greetings, and welcome to the remote real estate investor. So we're a little bit over halfway through the year when this episode is going out. And what we're going to do for this episode is we're going to take a look at some stats, we are looking at the Stessa newsletter, we recommend everybody subscribed to that newsletter, where they have a lot of great sources of data. And what we're gonna do on this episode is go through the data talked about how it applies to our portfolio, our decisions on buying, selling and everything. Alright, let's get into it.

 

I'd love to hear before we get into it. What's going on? portfolio? All that good stuff. Emil, why don't you start us off?

 

Emil:

Yeah, so I was chatting with Michael The other day I gave him the rundown. But the triplex or St. Louis triplex, we had the tenant leave who I mentioned to you guys, and it's been a month, and we still don't have a bid in hand for renovations for this unit. And so just know, I was a little frustrated, you know, I had to call my property manager on Monday and just be like, Man, it's been a month, like, What is going on? Like, you know, most of you go through turn, it takes like a week or two to get a bid and then you start work. It's been a month and we we don't even have the bid yet, let alone starting.

 

And so I chatted with him, he's let me know that he's contacted like five or six general contractors they work with, and everyone is either on vacation or, or busy. I know right now is just you know, a lot of people are flipping from what I hear from people who do a lot of renovation, it's just really hard to get people in the trades working right now. So just rough man, just rough. Want this unit turn quickly. It's been a month sitting vacant. So that's one month now rent. So I mean, best case scenario, I don't know at least another three, four weeks till this thing's even ready to be leased out. So I feel a little frustrated. Try to be patient. But it's kind of the update right now.

 

Tom:

Is there anything you think you could have done different? Like, I don't know, going back like, a couple months from now? Or do you think it's just just kind of what it is? I'd love your post mortem.

 

Emil:

I think there's always something to learn, I probably should have like, I don't know, lit a fire under my property managers, but a little faster. And just like, you know, the thing, the thing that was tough about this one was the tenant just left so we weren't prepared. It wasn't like they knew when the tenant was leaving. So they'd be able to just go in, do their inspections, look at things send me video, blah, blah, blah. But yeah, I don't think it should have taken this long. I should have probably, you know, the buck stops with you, you know, your property manager, as good or bad as they may be. It's always up to you to kind of like drive things. So it's probably my fault for not getting on them faster and really driving them to to make this happen. So yeah, I just got to be quicker,

 

Michael:

Quicker on the draw quicke

 

Tom:

Quicker on the draw.

 

Michael, how about yourself.

 

Michael:

So the big development project is starting to click into place with a bu

In this episode, Michael Atkins with Harris & Atkins Real Estate tells us what we should know about investing in the Montgomery market. Learn about the particularities of the market, return metrics, the school zones, taxes, common problems, and what you need to do to win in this rising market. Michael Atkins 334-318-0570

---

Transcript

 

Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor Podcast is for informational purposes only, and is not intended as investment advice. The views, opinions, and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Michael:

Hey, everyone, welcome to another episode of the remote real estate investor. I'm Michael Albaum, and today I'm joined by my co host, Mark Woodling. And we're going to be talking to our certified agent, one of our certified agents out in Montgomery, Alabama, Michael Atkins, and he's going to walk us through everything our buyers need to be aware of when they're investing in Montgomery. So let's get into it.

 

Michael Atkins, thanks so much for taking the time out of I know you're very busy schedule to join us today. Really appreciate it.

 

Michael A:

Yeah, yeah. It's nice talk to you guys.

 

Michael:

And you are down in Montgomery, Alabama, right?

 

Michael A:

Yes, sir.

 

Michael:

Fantastic. And I know that Mark, and I know a little bit about your background, but for all of our listeners who are new to would love to hear a little bit about who you are, where you're come from, and what your background is in real estate.

 

Michael A:

Yeah, so um, I got my real estate license pretty much as early as I could. And so I've been practicing for about 15 years. But when I started, I had a lots of hair, looked like a kid, no wrinkles on my forehead. And, you know, out there trying to advise people on buying and selling real estate and so that here's this kid trying to tell us what to do just didn't go over very well.

 

Michael:

I know how that goes.

 

Michael A:

Didn't have a whole lot of clients. You know, I ran across these folks that have owned about 20 houses. And they were looking for a new property manager. And they're like, Hey, you know, if you'll manage our properties, we'll buy houses through you. And I was a, I guess they found a great sucker for that. Sounds like a great deal.

 

And so I had no training, no experience, no, no, property management software, I just got like a box of keys. And, you know, hey, go have at it. And it didn't take very long for me to figure out like, Hey, I gotta figure out some some kind of system. And so I started operating with -inaudible- was buying them more properties, picked up some more investors. And this was kind of at a time when, you know, probably everybody that's buying a house right now would love to about bought everything on the market at that time. Most investors I ran across, didn't know what an Excel spreadsheet was, you know, the house looks great. Yeah, I'll pay cash. Let's just buy it.

 

And we're negotiating 5-10 $20,000 under list price. And there was no real strategic math problem that we're doing about purchasing properties, what we can rent it for. It was it was just kind of hey house looks nice, good bones, rent it for around this number. Sure. It sounds great. You know, so got up to about 80 properties, I was managing about 80 by myself. And it was a, it was a lot to do then it just felt like I was going from one emergency to the next of you know, hey, these people haven't paid rent, we got to start the eviction process. Oh, by the way, $1.38 over on this account, so it means I made a mistake someplace else. So I need to spend the next three hours figuring out what went wrong where and then, you know, now we got a bunch of vacancies. So I had to supervi

Chris Naghibi, the Chief Credit Officer of First Foundation Bank joins us to talk about what investors can do to build a solid investor profile and get the best terms on their loans.

---

Transcript

 

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Michael:

Hey, everybody, welcome to another episode of the real estate investor. I'm Michael Albaum, and today I'm joined by my co host, Tom Schneider, as well as a very special guest, Chris Naghibi, who is the chief credit officer for First Foundation Bank. And Chris is gonna be talking to us today about lending overall, and what we as real estate investors need to be aware of. So let's get into it.

 

Awesome, Chris, welcome to the show. Thank you so much for taking the time to come and hang out with Tom and I really appreciate you.

 

Chris:

Oh, thank you guys. Appreciate you guys having me on.

 

Michael:

Yeah, absolutely. So for all of our listeners out there would love to know and have you share a little bit about your background and how you got into the real estate space and kind of what you're doing today.

 

Chris:

You know, backgrounds kind of kind of schizophrenic, I look at my own resume. Sometimes I wonder like how this path has taken me where I'm at. I'm an attorney by trade. We started a bank in October 2007. And somewhere along the way I feel I felt like I fell in love with real estate. I've done it since I was a kid. My father, when I was 14, he handed me a cold call list and told me to call everybody and told me that for everybody, I got to give him an application to give me 500 bucks.

 

Well, the first day I made 1000, and he refused to pay me. But I never stopped falling in love with real estate and kind of the concept of the fact that we all have to know about it. And then I eventually, you know, branched out started a law firm, started my own real estate company, and I still work at the bank. We're publicly traded. And you know, it's just it's been a wild ride. But you know, it's my crazy, crazy background.

 

Tom:

What are some unexpected things in starting a bank? Like I love that, Yeah, we started a bank like what is what are your, I guess, three takeaways that you were unexpected assumptions? Or? I don't know, you can take them any direction. So three bullet points.

 

Chris:

There's a lot of assumptions. Yeah. Well, let me tell you three bullet points about starting a bank. It's hard. It's a lot harder than you think. I think people think regulators like Oh, the SEC, you know, or, or, you know, oh, it's have some little bit of oversight regulators are very strict. When you start a bank, you have to write a business plan out for three years in advance. And then you have to stick to that business plan for three years, except we started a bank in October 2007,

 

Michael:

Great time to get into banking.

 

Chris:

Probably not the best written business plan given the market, we rolled with it nonetheless. The second thing is, is relationships are so vital. You can grow a bank and you can do such a huge thing. But relationships so that choose from a currency, right? Well, if you're starting a bank, and you're trying to build something from the ground up, like any business, a bank is no different. Who you know, and how much they believe in, you really matters.

 

And the third thing, businesses scale differently. And banks definitely scale in a very unique way. It's a slow, you know, grind over time. But money builds money and interest rates are such an pure form of building passive income. And banks make such a huge amount of money from it, but

As remote real estate investors, choosing a new market can be quite the process. Today we run the thought experiment on how we would spend our time if we only had 24 hours in a potential new market to research, analyze and assess the city.

---

Transcript

 

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Tom:

Greetings, and welcome to the remote real estate investor. On this episode, we're going to be talking about not being a remote investor temporarily and visiting the city. So the premise of this episode is going to be you have 24 hours to spend in a city that you're considering investing. What are you going to do? All right, let's do it.

 

Alright, so we have a fun episode today. But before we get into it, my name is Tom Schneider. And I am joined by

 

Emil:

Emil Shour

 

Michael:

and Michael Albaum.

 

Tom:

This episode is a fun episode. We are remote real estate investors. But we're going to take a look, sometimes it's you know, worth the exercise to check out a market that you're evaluating. And we're going to talk about how we would spend that time if we were choosing to go jump into a market and look at things.

 

So we have 24 hours is the rule of this episode. And we're going to talk about how we would spend that. So let's see what Emil, why don't you go ahead and lead us off in this conversation. And again, this is 24 hours to go visit a market. What are you going to do?

 

Emil:

Alright, so first thing I'm doing is meeting with the various people of my team, primarily property manager. So I think the premise here, Tom is I have not invested in this city before, right? So I'm a new investor, considering the city and I'm going to check it out, right? Or have I already invested here.

 

Tom:

That's right.

 

Emil:

And now I'm going to visit it,

 

Tom:

I'm dealer's choice for your case, we're going to have it so you are already invested. And for Michael, he is evaluating investing. So we're going to mix it up a little bit, and I gotta be omnipotent, and get to just kind of jump in and out wherever I want. So, okay.

 

Emil:

All right.

 

Michael:

Like it throws zingers in there.

 

Tom:

Exactly, yes.

 

Emil:

All right. So I actually had plans to go visit. So I've mentioned before I invest in St. Louis, I was planning on going to visit St. Louis, and then COVID hit and that's filled all those plans still on my to do list. But here's kind of my checklist of things to do when I go there. So I have a property manager that I like out there. But I would go and obviously meet face to face with my property manager always good to do you know, so far, it's only been talking on the phone and on zoom or whatever. But I want to get to know them meet the people on their team just put a face behind all the names. So that's, that's one of the things I'm doing.

 

I would also honestly, probably meet with one or two other property managers just to meet them. You know, we've talked about in the past, you know,

 

Tom:

You sneaky dog Emil!

 

Emil:

I just I know, I know, time and I'm just kidding. That's that is smart to do. Here's the thing, I'm not there all  the time. And we've talked about in the past, things happen with property managers, sometimes things work out, sometimes they don't, I'd rather be over prepared. I'm not going to switch obviously, because I like my property manager. It's not about that. It's a matter of just going and doing some extra research and talking to people in case that scenario plays out in the future. So I'm gonna go talk to maybe one or two other property managers that were on my list. Th

Keeping yourself nimble is key to thriving in a dynamic market. In this episode, we cover strategy pivots, multifamily turns and consolidating your vendors to same time and energy to make your life easier.

---

Transcript

 

grabbag

Thu, 7/8 12:44PM • 26:55

SUMMARY KEYWORDS

buy, multifamily, unit, property, lender, pay, rent, michael, bit, turn, deal, months, building, putting, investor, flip, long, strategy, rehab, tenant

 

Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Tom:

Greetings, and welcome to the remote real estate investor. On this fun episode, it's going to be a grab bag of topics, we're going to be talking about strategy pivots, we're going to be talking about turns in multifamily. And we're going to be talking about vendor strategies and getting less vendors and aggregating into single vendors by specific trade. My name is Tom Schneider.

 

And I am joined with

 

Emil:

Emil Shour,

 

Michael:

And Michael album.

 

Tom:

And let's get into it.

 

Welcome, Michael, welcome Emil. I love these type of episodes. Because basically, what we did before recording is, you know, we have a list of topics that we plan to get to. And this one is basically we all had three ideas that we liked a lot. And that we're going to we're going to get into so I'm going to let Michael lead the way on this very first topic, and a really relevant topic. As there's economic changes all kinds of stuff. It's the it's around strategy pivots.

 

So Michael, I'm gonna go ahead and let you start this grab bag, topic number one on the concept of strategy pivots.

 

Michael:

Thanks so much, Tom. Appreciate that.

 

So I think it's really important in just general real estate investing to have an idea of where what lane you want to go down, because as a lot of investors know, there are so many different ways to, quote unquote, invest in real estate. And that can mean different things to different people.

 

So there's the buy and hold their short term buy and hold, fix and flip, BRRRR investing, wholesaling, there's so many different avenues to go down. So I think it's really important to pick one or two and really focus there because otherwise, I feel like you could just get spread too thin, especially when you're new, because they're each Avenue is so deep. And so picking one to learn and going deep, I think is really valuable.

 

So that being said, personal story from my portfolio is I purchased a property about a year and a half ago. And I brought in a cash partner to make the purchase. I was managing the transaction, they provided the cash to the deal on the flip, rather the rehab, and it was supposed to be a buy and hold and the numbers were like outrageously good. We bought it for a song. My agent was then bragging to all his agent buddies about what we paid for the property. And everyone's like, no way, no way. So it became kind of a talk in the town and I had people offer to buy it off me for more than I paid for it day one kind of thing. Because even paying a little bit more, it was still a steal. So I said no, thank you, we're gonna rehab it, we're gonna get it turned.

 

And basically it was a six unit, we bought it for 90,000, which is like unheard of in this market. It was in Cincinnati, and it had one tenant in place that was paying like 400 bucks a month. And the unit break down the unit mix was really cool. And that there were a couple of three bedrooms, a couple two bedrooms and two one bedrooms. And so you're getting a larger unit count and not having to pay much more in terms of per unit purchase for the for the pur