All Forum Posts by: Alan Kahanu

@Christian L. Yes, the Bay Area is relative to investing in Hawaii. I can only speak the extent of my limited experience which includes purchasing 2 properties in 2010-2011, until reemerging this year to create a portfolio in Indy where i've purchased 2 buy and hold SFH's in 2017; my goal is to acquire 3-5 rentals per year in Indy. There are many markets that could make out of state RE meet your goals. Spend a lot of time researching which market you are comfortable with and is best for you. Build a team through research, referrals (BP can provide some reputable referrals), and a lot of calling. I have a couple of agents, a great local lender, and PM with in-house contracting teams. I plan on having an attorney should the need arise. Title is often provided by the seller, but I am looking to adding one to my team now that my HUD offers require the buyer to provide. Study and know your market area sold and rental comps. Finally stay positive and keep educating yourself. Best to you!

Aloha BP Investors,

I'm an out of state investor looking for your recommended contractors in Indianapolis ranging from minor cosmetic to some structural repairs.

@Brandon Turner i recall you mentioned that your contractor moved to Indianapolis.  Coming from you, I would really appreciate if you could send me his contact info as well.  

Thanks.

@John B.

I forgot to mention another key player I found is a great local lender/bank.  I'm purchasing using conventional 30 yr loans for now.  Hopefully will get to the point where I will use private lenders to finance substantial value added properties.

@Mitchell Rubinstein

@Abhishek B.

@Jeff Wallenius

I haven't made it out to Indy yet. However, with a lot of reading here on BP and other sources I've built a small ground team of realtors, PM and contractor. Over the past 5 months i've made 6 offers, 5 were accepted, I walked from 3 post the home inspection, and closed on 2 that are cash flowing nicely with some built in equity. All have been off the MLS and for the most part turnkey or rent ready.

Thru my readings and analyzing turnkey investments, they don't meet my requirements in working toward the bottom line. i noticed that they will have the TK companies profit built into the price, the proforma often has a lower repair expense %, and none of them factor in CAPEX even on 50-100 yr old properties where it is due. Do your DD and analyze according to your method for what is a great deal. Of course finding great deals off the MLS will be far fewer compared to the bundles that TK companies have on hand, I've searched hundreds upon hundreds of properties and can do a mental assessment of rental comps in a few minutes. Being patient, when the right one comes on the market i can have an offer in within an hour and my realtor on site shortly after.

Best to you.

@Raquel L..   Investment Realty is the real deal. I wish I found them years ago. Contact Shane to see if he can get your units leased, let him know I referred you. (I am not affiliated with them, except as a property owner.). Best to you. 

looks great @Alex!  I hope to do a value add in the future. 

Did you have to pull permits and still close under 50 days?

@Heather Castellano as Michael mentioned, it's easy enough to analyze deals from Hawaii.  After tons of reading, researching, referrals and phone calls I've been able to determine my market to be Indianapolis and have built a small team on the ground since January this year.  I found a great lender, RE agents and property manager.  These have helped me purchase 2 rent ready properties over the past 2 months that are cash flowing nicely.  Out of hundreds that i looked at, I analyzed perhaps a few dozen, made 5 offers that were all accepted, walked from 3 and purchased 2.  Also have contacts for contractors, but have not done any rehab projects yet, i'm still hesitant, not being on the ground to manage progress from afar.  Looking to pickup another 1-3 this year and continue in Indy for the forseeable future.  Did the same for my properties in Oregon and Missouri over the past 7 years.

Welcome to BP @Heather Castellano.  You have a fantastic goal, to advanced for me but I wish you the best.  Hawaii's been too pricey for me, I have my personal home in Kailua but that's it.  Out of state long term rentals has been my strategy to build a portfolio.

@Raquel L.  I have a duplex in Waynesville and fired 2 PM's over the last 5 years.  The first was a total dud, the second one has great communication with me, provides good account reporting and caring for the property, however, they lacked the ability to rent my duplex, maintaining on average a 3-6 month vacancy per side per year.  I assess that the PM/Realty company focuses more on the realty side of their business rather than PM, a lack of effort hurts the property owners.  The duplex is rather new, built in 2012, and priced at the lower end of comps so I've been frustrated at why they couldn't get this rented.  Been searching for a new PM online for over a year and always came across the same PM company's in the area, until recently when i guess i typed a different search word and found a company that's been in the FLNW area for awhile.  Although my agreement with PM #2 doesn't end until the end of April, my new PM (signed agreement with them in March) has already leased the vacant side for a 2 year lease (they moved in this week), and re-leased the other side for an additional year...go figure. This new PM focuses on PM instead of real estate sales and acknowledged early on that at the rent amount it was being listed was at the low end and shouldn't be a problem renting; they were absolutely correct. Seems like a Godsend.  I don't have a history with this company but things are looking much better, hence, why I waited to reply to your post until they proved themselves with getting signed leases. 

@Clay Manship, i'm interested.  Send me the scope of work completed.  Are these pictures after work was done, and is it currently tenanted?  Alan [email protected]