All Forum Posts by: Amby Bhagtani

I have a tenant who is already late on his payments but he was smoking in the property and caused a fire. The total damage is close to 5k. The property manager informed me 3 days late and said that he doesn't have renters insurance and we will ask him to pay extra per month. This doesn't make a lot of sense to me since the tenant is already behind on his payments. What options do I have to recoup this money?

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Hello Friends,

What websites and criteria do you'll use to find new markets? I have heard population growth, combined with income to rent ratio & crime rate is a good start. I am trying to establish a framework here to help me scale. Any thoughts would be appreciated !

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Quote from @Remington Lyman:

Quote from @Muhammad Rehan:

Experts, I am looking for some pointers which areas to target for my 2nd rental property. I am based out of California.

$$ Range = max 250k

Down payment = max 25%

Goal = Positive cash flow

Below are the areas i have done some research on so far.

Fayetteville, NC

Like the fact that there property taxes are low, hence the rental comps vs expenses (mortgage + property taxes + hoa + insurance etc) are kind of breakeven or slight positive cash flow is possible. Assuming 7.5% mortgage rate.

Pflugerville, TX

Property tax is high but austin suburbs seems to have potential of growth due to major techs moving in the area. Rental comps vs mortgage not quite giving positive cash flow with high rates.

I also have areas like memphis, columbus, oklahoma in mind but haven't done thorough research on these so far.

Can anyone advice what other areas (or best from the above list) to look for within my budget and goal in mind.

Appreciate any pointers and happy to connect with local agents/investors.

I am interested in investing in Columbus. I currently own approximately 100 residential properties and a few commercial properties here.

wow congrats Remington !! :)

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Is Bay area still appreciating in MF? I know SF is because my family owns a lot of homes there, but I wasn't aware of MF appreciation

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San Jose, California

if the PM can't handle this change your PM, they need to be able to have this discussion with the tenants directly.

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Rochester, Minnesota

Quote from @Jimmy Lieu:

Quote from @John Kirby:

Hello BiggerPockets community,

First-time poster here!

My wife and I are amateur property investors, and over the next year, we're aiming to get more serious by purchasing several small multi-family properties. Here's a rundown of our current financial situation and REI experience:

Current Properties:

Short-term rental in the mountains of NC:
- Owned outright
- Grosses $2-4k per month
- Valued at $400k
Condo in Charlotte, NC (long-term rental):
- Owned outright
- Rents for $2.9k per month, cash-flowing $2k per month
- Valued at $350k
Primary residence:
- Located in NC
- worth $800k, owe $200k

My wife is also a minority partner in an investment group that specializes in BRRRing foreclosed properties. She handles acquisitions, renovations, and rentals for the company and has flipped around 15 properties to date.

Financial Situation:

Cash Available for Investment: $200k
Equity: Willing to tap into the equity in our two rental properties for additional purchases.
Income: ~$250k

Our Plan and Questions:

We're based in NC but are considering purchasing multi-family homes in the Midwest due to significantly lower property prices and perceived better cash flow opportunities. However, we have several questions and would appreciate the community's advice:

Midwest Markets - Which Midwest markets offer the best value for investors and present good growth opportunities?
Agent Search - Should we find an agent in each city/market we are interested in working with?
Financing - Should we secure financing before identifying a property or vice-versa?
Lenders - Is there a preferred lender for multi-family housing that's owned by out-of-state investors?
Scaling Ownership - Given our available cash and equity, what strategies would you recommend for scaling our property ownership efficiently?

We'd love to hear your thoughts and experiences! Any insights or recommendations would be greatly appreciated.

Thank you!

Hi John, I personally recommend looking into the Columbus OH market. I'm an investor here myself and moved from Portland OR to Columbus OH to start real estate investing here. So many companies are moving and building out here like Intel, Google, Meta, Amazon, Honda, etc. and the population and job market have been growing! Great macroeconomics overall. Anything you buy here will appreciate like crazy within the next few years. My OOS clients absolutely love it here because they can still find 1% rule and cash flowing deals at a cheap price - $120k-$180k. My best advice is to work with a realtor who also invests, can give it straight which one is a bad deal/good deal, and can plug you in with their systems and network of lenders, GCs, and PMs. Happy to connect and answer any questions you may have.

Thanks - let's connect.

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Quote from @Pandu Chimata:

Quote from @Amby Bhagtani:

Quote from @Pandu Chimata:

Quote from @John Kirby:

Hello BiggerPockets community,

First-time poster here!

Current Properties:

Short-term rental in the mountains of NC:
- Owned outright
- Grosses $2-4k per month
- Valued at $400k
Condo in Charlotte, NC (long-term rental):
- Owned outright
- Rents for $2.9k per month, cash-flowing $2k per month
- Valued at $350k
Primary residence:
- Located in NC
- worth $800k, owe $200k

Financial Situation:

Cash Available for Investment: $200k
Equity: Willing to tap into the equity in our two rental properties for additional purchases.
Income: ~$250k

Our Plan and Questions:

Midwest Markets - Which Midwest markets offer the best value for investors and present good growth opportunities?
Agent Search - Should we find an agent in each city/market we are interested in working with?
Financing - Should we secure financing before identifying a property or vice-versa?
Lenders - Is there a preferred lender for multi-family housing that's owned by out-of-state investors?
Scaling Ownership - Given our available cash and equity, what strategies would you recommend for scaling our property ownership efficiently?

We'd love to hear your thoughts and experiences! Any insights or recommendations would be greatly appreciated.

Thank you!

Great question. I am in the similar boat and planning to expand to other areas to scale up.

how many do you own right now Pandu?

I currently own two SFR properties in CA. I also do flips and just sold on flip in July. Now I am in escrow for another potential flip. I am planning to do more buy and hold, but in little medium to large scale. I can bring in investors.

Let's connect? Can you send me your number?

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Quote from @Chris Seveney:

@Amby Bhagtani

Thanks 🙏 appreciate it.

Here is my next tip:

There is a search function on here that you can also search to seek answers.

No need to thank me again.

Making progress genius nice work 😁 😁

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Quote from @Chris Seveney:

@Amby Bhagtani

There are 4,245,236,494,484,484,637,415 posts on bigger pockets about moving properties to a LLC

Great job genius :)

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Quote from @John Mocker:

Amby,

Don't forget that the Insurance policies need to be changed to the LLC. The LLC is the new owner of the property so a policy that is just in your name is not providing any coverage.

Be aware, the change in the policy will go to your mortgagee so if you were not going to inform them, the policy endorsement may alert them. Similarly, if your insurance is escrowed, when the policy renews they may also be alerted to the change.

If you are looking to lower your Liability by this change, have a discussion with your attorney about the things that need to be done to avoid someone "piercing the veil" of the LLC. Things like no comingling of funds, sepparate checking accounts, ...).

Thank you John !

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All Forum Posts by: Amby Bhagtani

Amby Bhagtani has started 35 posts and replied 112 times.

Post: Fire in the building

Post: Websites and Criteria to use to find a market

Post: Need advice regarding which areas to target for out of state investing

Post: Small Multi-Family market in Bay Area, CA

Post: Tenant property in public areas

Post: Multi-Family Scaling Strategy

Current Properties:

Financial Situation:

Our Plan and Questions:

Post: Multi-Family Scaling Strategy

Current Properties:

Financial Situation:

Our Plan and Questions:

Post: Ohio LLC - Move existing properties to LLC

Post: Ohio LLC - Move existing properties to LLC

Post: Ohio LLC - Move existing properties to LLC