All Forum Posts by: Adam Macias

Currently live downtown Columbus and have about $150k in equity in our house. We would like to move out to the country to get some land and a cheaper mortgage payment so we can invest in rentals. What advice do you have for doing this? Should we pay cash for a fixer upper in a smaller city- can buy a single family for around $90k, live in it while we fix it up and BRRRR, then buy our primary property? Or buy primary property first then find a BRRRR? Or, should we buy a multi-family or single family still in Columbus with the same idea?

We own zero rentals at this point. Brand newbie here. Have fixer upper experience with previous primary residences though. I will also be taking my real estate exam within the next week, so hopefully that will help as we start this journey. Thank you in advance! 

If you were to choose; to renovate  your existing house (complete knock down) to add more rooms and value to the house (with no additional doors to add to the property)? OR wait for the housing market correction and invest your money into buying another property? Can you give me some reason on why you pick it?

Thanks 2022.

@Michael Trueba

Interview. Interview. Interview.

Interview 3 mortgage professionals and see what you qualify for. That is the first step, you can’t shop before you know what you qualify for because you may fall in love with a project and realize it wont work in your financial guidelines.

Also, look for agents that align with your interest. Interview a few and see what is a good fit for your buy and hold aspirations.

The greatest set of questions you can ask an agent about investing….. how many homes have they designed and renovated to maximize ARV. Have they had the difficult conversations with a general contractor and held them accountable? How many rentals have they owned? How do they decide if a property will be more profitable as a short term rental vs long term rental?

You’ve chosen a great city! Good luck. Please reach out if you have any questions.

These threads are always fun because you find out which landlords have never been stuck with a utility bill on move out.

Yes. three reasons, IMO.  1) Property owners are SLAMMED with marketing by real estate agents and wholesalers. I receive postcards, letters and text messages on my personal residence and other rental properties. 2) I have no doubt that more and more owners read/hear the news about the hot market, high prices, etc.  Why sell off-market if you can typically net more by publicly listing?  3) As Scott said, I have many conversations with sellers about their property values and they say the same thing, "Great, but then where do I go? What do I buy?"

I follow a bunch of other local wholesalers and they send me their deals.  I've noticed less and less deals in the hot Seattle-Tacoma markets and a lot more in obscure, smaller towns in our area.  Probably sellers that are less "in the know" about their options. 

@Chris Duffy

If you want to actively buy and sell properties, grab your license.

If you just want to use it for a referral basis, remember that there are ever increasing yearly costs and continued education and it may not be worth the financial and time commitment.