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2019-01-16 Real Estate 101 with Mike Frye | By: Larry D. Hudson

Real Estate 101 with Mike Frye
 By Larry D. Hudson
 
This was a winter’s night (1/16/19) dedicated to starting at square one. Greater Dayton REIA’s education chair Mike Frye headlined a comprehensive presentation designed to interest both new investors and veterans in search of a good review. Real estate investment is a business that requires a business plan and mindset, he said -- a business that requires a team of professionals, including Realtors, title officers, property managers, accountants and more.
 
“It’s a business. You’ve got to work at this,” Frye told his audience.
 
He went on to outline some of the many ways investors specialize in their real estate investment businesses. The specialties include wholesaling (finding ugly properties for rehabbers), rehabbing properties (repairing ugly houses to sell) and landlording (buying, renting and managing rental homes or apartments).
 
“A lot of people say, ‘get rich quick.’ Real estate is ‘get rich slowly,’” Frye said. Landlords, he added, get rich slowly as tenants pay off their rental properties.
 
Some landlords, Frye said, want to be landlords without the duties of day-to-day property and tenant management. Longtime property manager (and Greater Dayton REIA member) Janice Kemmer outlined an alternative during the Real Estate 101 presentation. Her talk included a very long list of duties professional property managers perform – from getting rental units in shape and screening tenant applications to collecting rent, handing maintenance requests, processing evictions – and much more. “When you’re a property manager, you don’t just sit at a desk – at least I don’t,” Kemmer said.
 
Realtor Kathy Frye joined the presentation to discuss how Realtors can help investors business.
 
“You make your money when you buy,” Frye told her audience. Realtors  bring specialized knowledge to help find investment properties at the right price and help negotiate purchases, she said. Realtors help keep purchases on track before closings, Frye said, and they evaluate and market properties investors want to sell.
 
“If you want to invest in a certain area, find a realtor who knows that market,” Frye said. “They can also get you an idea of what the rental markets are like in those areas,” she added.
 
Save the dates May 10-11 for the Greater Dayton REIA Property Evaluation Workshop and Bus Tour!

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