All Forum Posts by: Andrea Lane

Garret, What state are you in?

Mike

Are you purchasing the property as your primary property or a residence? Is the loan in your name or an LLC? What state are you looking to purchase in? If this is not a primary residence or LLC I can give you a list of HMLs that may be able to help you can see if any of them can help (I am NOT a broker nor do I get a referral fee).

Myles,

We use appfolio, it is a good product and allows easy plugs to other products.   It will work in any state.

Ben

Although having national statistics is OK and learning what the expected trends may help overall.  Each market is different.  The price points can change from one block to the next, the zoning laws are particular to to area, the crime stats and school districts differ,... .  You should understand the particular market you are looking to invest in.   Based on feedback from some of my investor friends, Philly is a great market with allot of potential.

Good luck.  If you have any specific questions, feel free to reach out.

Zander

My quickest deal (not the most profitable) took me 2 visits to the owner (1 block from my home), one network meeting and 3 days from purchase to sale.  We bought at $220K and sold at $330K.  What about you?

Frank

I like turnkey rentals (I am prejudiced, I have a turnkey company).  As with everything in real estate you need to do your due diligence. First investigate the market(s) you want to be in, or investigate the turn key company you want to use. Are you looking for cash flow or appreciation?  Are you looking for build to rent, totally rehabbed properties, or lower priced cash flowing properties.

There is allot of benefits using a turnkey company, and you mentioned some of them.  There are a few more you may want to consider.  If you are in a tenant friendly state, you may look were the laws are more in favor of the landlord. If you are in a high priced market with high taxes, you may consider a location where you can get more for your money and have lower taxes. Lastly, if you want to be a landlord and get the benefits, but do not want to be concerned with tenant trash and toilets, then turnkey may be for you.

Please fell free to reach out if you have any questions.

Have you contacted the water company?

I don't know any lender who fronts EMD. Hard money may work after you get the deal under contract. The benefit of using a GOOD hard money lender on your first deal, is they will vet the deal and make sure the numbers make sense.

Have you done your due diligence, and do the numbers make sense? Do you have the money to close on the deal?  Are you looking to wholesale the deal? 

Trent, 

Unless you understand the real estate laws and zoning in Mexico, I would try out my first rental in the states.

FYI, I only invest in the US, and was thinking about Mexico and that was the advice I was given. 

What is your reasons for having business partners?  Does someone have money or more expertise?  How well do you know them?  Do their goals align with yours? How long have you each been in business.

I have great partnerships with multiple people. but I have also had partnerships that went south. Be cautious before you jump in.  Make sure your strengths compliment each other and are not the same.