All Forum Posts by: Angela Martinez

Congratulations on making moves! As a lender, our team has successfully closed numerous deals in St. Louis, with my team lead personally owning several properties in the area. We are eager for the chance to collaborate with you and explore mutually beneficial opportunities.

I use propstream.

When embarking on your first out-of-state investment, thorough research is key. Begin by understanding the local real estate market, economic trends, and potential growth areas in the target state. Establish reliable connections with local real estate agents, property managers, and contractors who can provide valuable insights and assistance. Consider visiting the area in person to gain a firsthand understanding of the neighborhood and its dynamics. Additionally, be well-versed in local regulations, taxes, and any unique challenges associated with the new location.

Congratulations on entering the realm of investing! Take advantage of resources like BiggerPockets forums, podcasts, books, etc. While I reside in California, I manage several properties in Ohio and operate a Short-Term Rental (STR) in Tennessee. A crucial factor for success is establishing a reliable team on the ground. Once you've found a trustworthy team, the process of scaling becomes much smoother. Best of luck in your investment journey!

The choice between STR and LTR depends on various factors, including an investor's risk tolerance, investment goals, time horizon, and financial situation. Both strategies have their pros and cons, and many investors use a combination of both to diversify their portfolios and balance risk and reward.

Personal Mini pro /con list 

Short-Term Rental (STR) in Tennessee:

Pros:

1. Increased income during summer and holidays.

Cons:

1. Continuous availability for messaging at all times.
2. Dependence on cleaners for punctuality and quality of service.

Long-Term Rentals (LTRs) in Ohio: 

Pros:

1. Modest but consistent cash flow.
2. Property management takes care of most responsibilities.
3. Purchase price allows for quicker scalability.

Determining how much reserves are enough in real estate investing can vary based on individual circumstances, risk tolerance, and investment strategy. While there are general guidelines, such as having six months' worth of reserves, it ultimately depends on your personal financial situation and goals. I typically stick with 3 months. 

If I were to start over, I'd seek out successful real estate flippers and offer my services, whether it's in property analysis or managing property visits. I'd request the opportunity to shadow them, continuously learning and contributing along the way. Simultaneously, I'd focus on the fundamentals, engaging in daily learning, analyzing deals, and gradually assembling a team of general contractors, agents, lenders, attending investor meetups, and more

I would personally conduct a side-by-side comparison between a HELOC and hard money, and then proceed accordingly.

Congratulations on venturing into the world of investing! I'd be delighted to brainstorm ideas with you. A crucial aspect for me is having a reliable team on the ground, including agents, property managers, contractors, handymen, and inspectors. I usually concentrate my efforts in one area to avoid the need to establish teams all over, allowing me to consistently support and foster my existing team.

It's crucial to have a well-drafted contract that clearly outlines the scope of work, timelines, payment terms, and any other pertinent details. Provide a detailed scope of work to potential contractors, specifying the renovations and improvements you want for the house. This will help them give you a more accurate and tailored cost estimate for different aspects of the project. Having a comprehensive contract and clear communication upfront will contribute to a smoother and more successful fix and flip venture.