All Forum Posts by: Alex Franks

Sent you a pm as I do not turn on bp much now a days. Just limit my time in the office or on computer. Instead staying more involved with our projects ( boots on the ground ) literally.

Thanks 
Alex Franks 

Originally posted by @Vince Ivanov:

@Alex Franks are you still invested in rentals in Charlotte? How much did it cost to build the quad and what kind of rent are you getting? I am really interested in getting a quad in a nice area. 

In general what kind of investment do i need to make in order to generate 2-3k of rental income from a SFR(s) in Charlotte? At this stage i am more interested in stable cash flow and moderate appreciation. Looking for an area where everyone wants to live and i can always find good tenants.

I was  one of the main folks in his online work out groups as well. Going from weights to calisthenics was a great change for me. Reading his book and following his story. Feel better, stronger than before but no pain from heavy lifting. I decided one-day last year to shoot for 2000 push-ups. I was at 1834 and stopped when my wife brought me home dinner. Yet it's a great book and a great lesson in pushing our bodies past what our mind thinks we can achieve.

Originally posted by @Jay Hinrichs:

@Alex Franks  gave me that book and I read it.. I am a little long in tooth to do those hard of work out regimes but i passed it down to my grand son will see if he resonates.. you know these kids these days are really lacking becasue phys ed in schools is not what it used to be.

Working on a blog as I type this to you. The five most important factors for out of state investors should consider doing. I also add in from 2009-2013 I was part of a turnkey company. So I am speaking from experience and what went right and wrong with our team.

Ask locally where investors around you are buying and why. Google Meet up.com do a 30-mile search around your house. Attend the local meeting, you can get a wealth of knowledge there.

This is my quick list of what to do or ask in no certain order. Keep in mind its not just the state you pick. It really depends on the teams you work with. This is the short version.


1: Meet the teams
2: Get referrals
3: You have your Real Estate goals written out ( business and life goals )
4: Personally view all stages of teams projects. ( finished rehabs, pre-rehab and ongoing rehabs.
5: Property management most important and who it is and their system.

Hope this helps. If I were to refer some one memphis invest @Chris Clothier 

@Jay Hinrichs

@Jay Hinrichs might have some strong referals for you in mutiple markets

 @Engelo Rumora amazing guy in this business and runs a great program for investors. Alot of other great teams but some just stand head and shoulders above others.

Sincerely 

Alex

Originally posted by @Craig Williams:

Currently live in San Francisco and would like to purchase rental properties in other cities. I have looked into a few cities denton tx, kansas city, and columbus oh. Does anyone recommend a city to get started? 

Go to as many local meeting as possible. Ask around where folks are buying and why. Let the folks around you help you as well. Find out which teams they preferred and why? What markets are they investing in an why? Just know at some point you will want to fly out and meet folks as well. Yet referrals are one's strongest statement on these teams. That eventually you will interview at some point.

Hope this helps

Alex 

Originally posted by @Morgan Yang:
Hey guys,

I’m totally new in the world of real estate investing and have some extra cash in hand that I’d like to invest. However, I live in the Bay Area and the real estate market is just incredibly expensive here. I’ve been listening to a bunch of the bigger pockets podcast and I know David Greene talks a lot about his core 4 when investing in other states 1. Real Estate Agent 2. Lender 3. General Contractor 4. Property Manager. My question is how do you establish a relationship w a trustworthy general contractor/property manager from afar? Does anyone have any thoughts? Would love to hear it! Thanks!

I will send a private message on some good local folks to speak to in the Carolina's

Alex

Originally posted by @Bobby Nalua'i:

Hello all. This is my first post here. 

I have been investing in single family residential rentals since 2004. To date, I have 15 properties, and many of them are approaching zero balances on their mortgages. In addition, price appreciation has been solid over time so I have at least $700,000 of equity in all of the properties.

I want to make the move into commercial real estate, and I want to use the equity in some of the single family properties as the down payment. I prefer multifamily, but I wouldn't be opposed to NNN retail.

One issue that I am trying to figure out how to deal with is the fact that there are very little attractive multifamily properties in my area (eastern North Carolina). There are, however, smaller apartment complexes around the country in places like the Midwest that have decent Cap rates. So my questions to all out there who have bought out of state multifamily properties before are, how do you begin this process? Do you actually visit the properties, and if so, how many times? Does your lender typically do a decent investigation into the rent rolls to verify the cash flows are reliable or are you responsible for doing this? Should I avoid any property that is managed by owners and stick to ones managed by third parties? 

I also wonder if it makes more sense to use 1031 exchanges or to simply refinance and take cash out of the existing properties and keep them.

These are just some of the initial questions I have. I look forward to any discussion on any of this.

Thanks

Bobby

Google Meet up.com real estate groups 30 minutes from your home. Find local folks who are buying out of state and why.

@Ceasar Rosas I would look at his group As I stay on the email list.I will make it one of my trips up that way. Being from NY and most of my partners up that way. I am up that way quite often except when it is cold.

Ask away if I can help 

Alex

Originally posted by @Napoleon Georgatos:

Members of BP,

I'm a rookie at REI and I would love to increase my level of education on the subject in order to have my first deal done by September 2019. 

That being said, I live in New York City and as we all know, the prices here are out of reach for a rookie and I'm looking into other markets with a lower cost of entry into the game. 

For those experienced with long distance deals, what resources do you use for your market research in targeted locations? Granted, some of the metrics I believe are important to factor include:

1. Population growth
2. Rent demand
3. Job availability
4. Market comps

These are clearly important metrics, but at the same time it seems like I'm missing a few key factors. I'm seeking secondary markets to large cities with manageable commute times to areas with high job demand. This model is reflected of my current situation living in the outer boroughs of New York City. C to B- neighborhoods. 

My question to you is what else can I and should I be looking for and where can I find that information? How reliable are Market Growth Reports on Zillow? Is the Census a good resource to use for macro trends in population growth?

I appreciate in advance the help and advice.

@basit Siddiqui

Good information

Originally posted by @Basit Siddiqi:

@Alexis Smith-Frady

I will chime in from a state perspective.

Florida does not have a state income tax. However, you may potentially be required to file a NC or GA non-resident tax return. 

North Carolina has a flat state income tax of 5.499%
Georgia has an income tax ranging from 1% to 6%