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That it is always helpful to know many people, and to stop having tunnel vision. Tunnel vision may cause many to not take action since they are always looking for that one mentor. This is some really important info, thanks for putting this together. I enjoy all the posts I ve read on BP, but I felt moved to comment on this one especially. Anyway, your post makes one think - have I ever just asked? I have gone to reia meetings and didn t step out of my comfort zone to network then and ask either. Okay, it is necessary to take ownership of my weaknesses, get out of my own way, and simply start up a conversation and see where we can go with it. Reading all the excellent posts here on BP, and the awesome Ultimate Beginner s Guide to Real Estate Investing, is certainly a huge step in the 90 loan servicing companies day payday loans right direction, but will not get any deals done.
So, for me - I m loan servicing companies going to follow the steps and advice of all the real estate experts right here, and if I get caught up or unsure, I ll ask my questions here as well and at the same time network to find a mentor or simply a little (or a lot of) guidance. Yes, this is great advice, and a well written post. I appreciate that your current business partnership developed through your mentorship.
I have recently told an investor friend that I consider him to be my mentor, and I try to pick his brain as much as possible.
It takes intentional effort but much more practical than paying a guru, as you said. Through their posts BP members like you mentor an untold number of new investors who are willing to log on, read, engage, and research. Thank you Ned, as soon as I can I will go the REI club here in Salem, OR and ASK for a mentor. I ve been there before, but I ve missed a few meetings, and have not followed up as I should have.
This time I will ask and do better at following up. I feel like I ve shot myself in the foot, but that can be healed.
I don t have any resources (that I have recognized), but I do have time, so I can offer that, and gain experience and skills. May you be blessed in your endeavors for your willingness to help others. Really - this is must-read information for a lot of the new folks at BiggerPockets! Thanks so much for writing this - I ll be pointing people here next time I hear someone ask for a mentor!
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Becoming a part of this great community was definitely a smart decision. To build on another blog that I posted about the ADU strategy, in this blog we will talk a little bit about refinancing once the ADU is completed.
In the 1 800 cash now investing world on BP a lot of people talk about the BRRRR (Buy Rehab Rent Refi Repeat coined by Brandon Turner) and that goes for properties that are in bad shape at the start then get fixed up. This is a twist on that concept, and it brings in the added unit on the property to be completed to complete the process of BRRRR on ADU. An ADU is an Accessory Dwelling Unit, most people have heard of a granny flat or mothers-in-law quarters, loan servicing companies which is the same structure with a new name for it. These have been approved since 2017 in California and are now even allowed on rental properties in each city across California. You can build ground up, or you can convert a garage to make the unit on a single-family lot, or multifamily lot. It gives owners another option or gives investors options when they look at a property that is market value.
Well, this is the beauty of taking on the ADU model verse just buying a house that is undervalued and needs work which everyone is doing these days with the market as great as it is right now. ADUs which are second units add a lot of value to the lot and house that you are buying which means after that this ADU is added then the property will be worth more after this is done. Just like the BRRRR, you are looking to buy a property then rehab the property, and that means either rehabbing it completely including adding the ADU or just adding the ADU. The house can be already remodeled, and then you add the ADU to value-add, which is good option however, getting a home that needs a lot of work and adding an ADU is way better. The process to get the permits and plans together are going to take two to four months, so make sure to have some reserves for the deal. These construction costs are added onto whatever you paid for the front of the house to be rehabbed, so this project in total is a lot more money than an ordinary BRRRR. The value will be higher after all this work is done.
Set your eyes on the value after the work has been completed, as you would in a normal BRRRR.
ADUs allow you to offer market value for a home, do all the work, and then refinance the deal! This is easily something that needs to be looked at as a viable option when getting started and needing to get your money back out of the deal. Make sure all the due diligence is done upfront of the project and know that the project costs will be a lot higher than a standard BRRRR. When you set up your website, you should have a landing page that captures your viewers e-mail address. This way you can loan servicing companies follow up with the potential tenant and hopefully they will turn into an actual tenant. Your website should always offer something of value in exchange for an e-mail address. This can be as simple as an article with tips on how moving into a storage unit works.
Or an article with tips for packing your belongings when you are getting ready to put them into storage. It can be anything you want the goal is to get their email address so that you can follow up with them to encourage them to rent with you when they are ready.
You may even require an e-mail address to get discounted rental rates. Be creative with what you offer but build your list of potential renters so that you can keep your facility as full as possible. When you ask for the e-mail address, have them check a box as to quick and easy payday loans why they are moving so you know which e-mailing campaign to put them on.
Do not be afraid to ask why they are looking for storage. The potential tenant wants to know what size units you have available to rent and how much you charge to rent those spaces. They will get frustrated if that information is not easily accessible. Have your website encourage them to sign a rental contract right then on the internet. Your manager can upgrade them at the property or sell them a moving package once they meet them. The idea is to get a contract signed so they stop looking at other websites. You are going to have a group of people who are just looking at storage sizes paid day loan today to get pricing because they know they need storage in the next month or so.
For these people, you need an e-mail drip campaign. Some of these people may be getting ready to put their home on the market. Some of these people may be moving at the end of the semester. Some of these people may be downsizing or any other number of possibilities. Your job is to be ready to follow up with them so that they day that they are ready to get self-storage, they think of you. When you send out e-mails to your list of potential renters, make sure that you have a call to action in each e-mail. Create urgency so that they do not wait until next week to sign up, get them to sign up with you today.
People who look today may be curious today because they are moving sometime in the next few months.
You want to remind them that your facility is the perfect solution for their rental needs.
Reach out to them over the next few weeks to stay on top of their mind.
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