All Forum Posts by: Alon A.

@Alon A. where in Columbia are you looking?
west Columbia 

@Alon A. yes, you are on the right track.  So in that city...what do your trusted people tell you about the location of the property?  And if you were to say something like - well, I don't know anybody yet...then our first step is getting to know people.  Or maybe targeting a town/city where we already know people.  I know some parts of California is REALLY expensive...but I would be that there are some towns that are a little closer to you than across the country and that might make it easier to monitor your property or get to know people.  The population of Columbia is about 135,000 people.  So towns in California like Torrance, Roseville, Fullerton, Visalia, Victorville, Santa Clara, Simi Valley, Concord, Corona, Hayward, Modesto...would all be close to the same population and so much closer to you.  I'm sure there are others too.  Just some things to think about.

@Alon A. I'm happy to look at the property for you and give you my advice if you'd like.  I have worked and continue to work with several investors from the West Coast.  There are certainly some pitfalls here, but I wouldn't list cockroaches as one of them.  Humidity on the other hand.... :)

@Alon A. this is often a discussion point for many people who invest out of state - what city/town is best for my profits?  And the answer is ALWAYS - which city/town do you have trusted people in?  I've been an out of state investors for over 15 years.  You may NEVER see your property.  That's an enormous amount of trust to put in a complete stranger.  One misstep and that can erase all of your potential profits.  

For rentals we target 3br 2ba homes that are BELOW the median price point for that market.  You can certainly flip whatever price point you wish, but that's what we do for rentals.  And if you are using people that you have full faith and confidence in - then execute the plan.  That's the most important piece of the equation - trustworthy people who won't let you down.

Hope all of that makes sense. 

@Alon A. Buyers can easily get hoodwinked in a situation like this. Gross living area is what matters most to a lender and the appraiser they hire.  Gross living area aka GLA is your above grade, finished, permitted area.  GLA will determine which comps get used.  Appraiser will look at the basement area and assign +/- value based on comps with similar design.