Perri Rogers (Perri Rogers – FB) is a real estate agent with New Western Acquisitions in Nashville, TN focused specifically on the resale of distressed investment real estate. Perri works with developers, investors, and buyers’ agents to find the best investment properties in Nashville & the surrounding areas. She is a trusted resource in the area and has had quick success in the industry because of her professionalism, way of building relationships, and desire to help build new avenues of income for those she is helping. Full-time sourcing and selling properties to investors, along with being raised by an investor/agent, Perri has picked up some things along the way about how to be successful. See below to read her top 5 tips to be successful in the investment real estate game.
How will you source your deals?
This is especially important in the market that we are currently in. Deals are harder to come by, so a trusted source will be vital in acquiring investment properties. In Nashville, for example, inventory was at 5,381 at the end of January 2021, down all the way from 9,410 the previous year. There are slimmer margins available and it is increasingly competitive – houses on the MLS are showing historically low days on market and many are receiving multiple offers over list. Wholesalers and agents alike can add a ton of value in this way and remove some of the stress in supplying deals.
Consider your source of information
There are many opinions out there about the best way to assess properties and ultimately build your real estate investment business. It is important to carefully consider each source of information and gather different perspectives from people successful in the industry. Getting started, a lot of it is just trying things and learning from your own mistakes. Be open to learning, growing, and hearing from different people about their strategies and tips/tricks. Just be careful to not get stuck in the rut of listening to one source of information, especially if that source is only incentivized by their growth and not yours (ie. seminars, real estate “gurus”, etc.). Ask the right questions and seek out the right people.
Know your market
Knowing your market is what separates a good investor from a great one. Especially in the current competitive climate, decisions have to be made quickly in order to secure a deal. This means knowing a deal when you see one. As the market shifts, investors have to as well. For example, in many markets investors looking for rentals go off of the 1% rule – they want to get 1% of their all-in cost on the property per month in rent from a tenant. However, in quickly appreciating markets, a rule like this can prove prohibitive and even keep an investor from experiencing immediate equity. This does not mean there is not money to be made there, but rather that old rules can become obsolete quickly, and expectations or strategies may need to be adjusted to remain competitive.
Build the right relationships
Relationships are everything! Contractors, lenders, agents, wholesalers… the list goes on and on of professionals in the industry that an investor should build rapport with. These people can be incredibly beneficial to an investor if the right relationship is built. Having a team of people with trust built over time will streamline processes & make the entire experience more enjoyable. In the same way that working with difficult people can make the entire process a headache, working with professionals you genuinely enjoy and trust can make it so fun! Building this team out requires some research and trial and error in the beginning, but will definitely be worth it in the long-run.
Find your niche
There is so much opportunity out there, it would be easy to spread yourself thin as an investor. If you can hone in and focus on one strategy, area, type of investment, etc., and truly perfect your tactics before expanding, it will save you from some stress. In the beginning, research and see where you want to start. While it’s wise to ultimately expand into different markets, start with just one city or even a pocket of it & get familiar with it. There are many ways to get creative with financing and keep your money moving. Many start with flips to build up some liquidity and then expand from there. Get a pulse on what you’re financially able to do, pick a strategy, and just get started.
The best way to get in contact with Perri is by calling her directly at (205)370-3021 or by emailing her at email@example.com.