All Forum Posts by: Andrew Zannotti

@Sachin Amin Thanks a ton for the reply. I am hoping to BRRRR or at least do some form of value add so I don't have to go turnkey on everything. The area in Texas I live in seems very competitive to so I will defer keep that in mind. And absolutely, with me being out of state and being Gina already as much as I am a great PM is definitely a must, that's at the top of my to fund list.

@Remington Lyman, thank you for the reply. I see that you are Real Estate Agent. If you don't mind me asking how long have you been a Real Estate Agent in the area and what are your observations that you see that would affect an out of state investor? And do you currently invest in Columbus?

Cheers everyone!!!

I am currently looking for an area to start my out of state investing journey and I think for the most part I have the two areas I am looking at narrowed down between Columbus, OH and Indianapolis, IN. Backstory, I have two investment properties so far, one I lived in then turned into a rental and a second that I did a BRRRR on as a proof of concept to learn the process up close and personal in the city that I am stationed in. I'm in the military and currently deployed and I want to try doing the process remotely because I know with me moving frequently its difficult to focus on the area I live in with moving frequently and deployments so choosing one area to focus and build in would be my best bet.

I've read "The long distance guide to REI" and "BRRRR" and I'm excited to begin this chapter of my journey.

I've been researching Columbus and Indiannapolis and from what I have seen they are very similar in most metrics with unemployment being slightly lower in Indianapolis and average salary being a little higher in Columbus. For the most part the metrics and the types of properties I am looking at seems to be relatively the same.

If anyone has analyzed these two areas and decided on one or the other I would really appreciate the feedback. If anyone else invests in one of these areas and would be willing to share that would be greatly appreciated too. Pretty much anything that would help me get a bteer unerstanding of the areas would help immensely. 

I want to specifically look at duplexes that I can complete the BRRRR strategy on with my priamry focus being cash-flow over appreciation.

Thanks a ton in advance to anyone who replies!

V/R

Andrew
 

@David Olson that's what I did that with a duplex there. Purchased for 51k and I think I was all in at around 72K, I did a refi at around 75K on a 15 YR note. Rents at $1100 right now because I inherited a tenant and had some confusion about the advertised rent amount on the side I rehabbed but I should be able to get to $1250 at turnover eventually.

@David Olson I've done 1 BRRRR so far in Killeen and am actively looking for my next to test my ability to do the long distance REI as I am currently deployed from there. I have a realtor that I used for the purchase that bent over backwards to help me out as I did the purchase from Oklahoma while I was in a school and I have use Just Rentals to manage them and they are great and I did the refi through A+ FCU in Killeen. As stated in the thread alot of the prices for stuff is pretty inflated at this point, particularly the newer duplexes and quads and the taxes in Killeen are rough. If you pick the right area and don't mind doing the rehab there are pockets where I think you can do pretty good, at least that's what I took away from my first experience there. If you have any questions feel free to shoot me a message or let me know and I can give you a call when I'm not at work.

@Avery Carl listened to you on show 364 and it was definitely an eye opener on STRs, I hadn't really thought that much about them prior to the episode, with me just starting to work on finding my 3rd rental but now wow, I'm fascinated about the process.

@Bobby Valcin You will find one, I guarantee you if you start just calling local banks eventually one that has a product that you need will pop up, you would be surprised at what you find by just asking them.

@Bobby Valcin I wouldn't even go through a HM lender to do the refi (I'm doing a refi on a BRRRR now and as you said the interest rates are higher). I would recommend calling every local bank and credit union within 30 miles of you to see if they have a product that fits your needs. That's what I did and I found the bank but will do my refi that doesn't have a seasoning period that goes as high as 80% LTV. the banks to do your refi out there you just got to find one, I would recommend asking for a bank referral on the local REI FB page for your area.

@Renee Yarbrough Hard Money, it's a short term interest only loan used for the initial acquisition of a property

@Renee Yarbrough It truly has helped me a ton, not just in REI but in life in general. For my first project I wasn't fully educated on how to use HM, went over budget on my rehab (hoping to still be good on my refi), and it took way longer than expected to rehab. All in all I'm really happy that I did it though because while I made mistakes I learned a ton that will enable me later on. If you don't mind me asking could you share what actually happened that made it not work?