All Forum Posts by: Ben Halabi

Hi,

I currently live in Massachusetts and planning to invest other states besides MA .

I am planning to invest in real estate in out of state . I was wondering which of the states currently is emerging markets when prices are low and will appreciates in future so that i can invest now  and hopefully 10 yrs from now will have Financial freedom .

is there any real estate company like mynd / homeunion.com etc that you have work with or if you can do yourselves. I am also trying to figure out Property management company who can help 

Any other suggestion for out of the state real estate investment ???

Thank you  

I'm closing on my first Rental property which is out of state. It's a 3 bed 2 bath SFR in Irmo, SC and I would appreciate any PM recommendations!

Thanks in Advance!

Hey all, my name is Charlie Scheiderer and I am a 19 year old electrician apprentice in Columbus, Ohio.  On the side I farm part of my family farm as well.  I read Rich Dad Poor Dad several years ago and since then I have been brainstorming ideas on how to build wealth.  So to start my journey I have been building up capital to start investing in real estate.  I have read a couple books from bigger pockets and listened to tons of podcasts.  To start my portfolio i am looking into house hacking where I plan on using the brrrr strategy and trying to find a multi family home in columbus, Ohio within the next few months.  I then want to keep repeating that process and gain rental properties.  Also, after a couple deals I would like to branch out and start doing a couple flips a year.  I feel that with working with my hands and my electrical background I can get a good chunk of the rehabbing done on my own.  If you all could give me some tips, or ideas, or things you would have done if you were to restart at 19 I would really appreciate all feedback. Thanks so much! I am also looking for some contacts within the area that I can bounce my ideas off of as well or help out if they need some help.

Hey BP family, hope everyone is well. After much research and putting in offers on multi family properties, we (wife and I) finally have a deal under contract, a 14 unit 1 bedroom complex. It's a fixer upper, but have it under contract for 200k. It's partially rented now, about 50% occupancy. Some units are already remodeled and some units are needing complete remodels. l ready have financing lined up with our bank. Using some homes we have free and clear as collateral, so will be a no money down deal for us. Loan will be up to 400k if needed for purchase and rehab. Amortized to 20 years @ 6.75% with a 5 yr call. Our background is in single family rentals, so this is the same kind of deals were used to doing just on a bigger scale. Property will be managed by my current property management company. Goal will be to renovate and do BRRRR and get it under a 30 yr loan, hopefully at a lower rate.

Working on our due diligence phase now, I already know we need to replace the roof, so going to get some bids on that. Property currently has evap coolers and wanted to upgrade to central air. Currently have 100amp service for each apartment, does anyone have experience with running mini splits? Will also pick hvac people's brain about adding a cooling coil to existing furnaces. Will see which is the most cost effective option. Each apartment is roughly 700ish sq ft.

Talking to an inspector that will inspect the entire property and do a termite check for around $1800. How does this price sound? Should i hire a plumbing company to send a camera down the main sewer line? Any other things that are recommended I get looked at during my due diligence?

Property is individually metered for gas and electric, and i would be paying water. What are some tips other multi family owners have done to conserve water in a property? Ive thought about water efficient toilets and aerator faucets and shower heads.

There is currently a very small room that could be used as a laundry room, 2 machines or 4 stacked tops. Do laundry really generate income? Or are they really not worth the trouble after the added expense of utilities?

Thinking about putting the property under an llc. How have owners of multi family gone about choosing a name for their apartments?

I apologize for the long post, just don't wanna miss anything. This is our first big property and super excited about it. Look forward to any tips and insights that I know I may have missed and not asked about multi family that the BP family may have to share. Thanks in advance!

Whereas I' thought about water efficient toilets, and aerator faucet and shower fittings, any input on these?

Which city/region offers the best chance at rental property cash flow in this country? Anybody have any guesses? 

Hello my new BP friends,

First of all, I would like to start off by saying what an amazing community bigger pockets is to hang around at. I am a new investor seeking some advice. I do have experience renting out and managing my parents old home; however, I just jumped in it without any prior research or knowledge about rental property investing. So far I am glad that my parents had trust and faith in me in doing so. After seeing the monthly cash flow, I have decided to jump into the world of real estate investing.

So far I have read the book about rental property investing, written by @BrandonTurner and have done research online. Also, a shout out to Brandon for writing such a great book for beginner investors like me and giving us hope and encouragement.

I currently have around 50k to invest into a rental property. However, it looks like I will need more liquid capital for a newer first time rental around my area; a little nervous about buying an older property to jump into. Thus, I have been looking at out of state rental property investing, particularly in Cleveland and Milwaukee. I was hoping for guidance and advice from my new bigger pocket community friends to help guide me in the right direction.

Thank you so much for those who took the time to read my very first post on BP! I really appreciate it!

Looking for a reputable property management company in the San Jose area. Please DM with the information.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $48,000

Purchased a small single-family home that I rent out.

How did you find this deal and how did you negotiate it?

I found it through a turn-key investment company

How did you finance this deal?

Conventional. PM for my banker's info

What was the outcome?

33% cash on cash return

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would Highly recommend my lender.

My husband and I purchased our first investment property in 2011 in Fairfield, CA. We bought a single family house for $169,100. It is now worth ~$400,000. We are renting for $1,795 and bring in about $200 cash flow each month.

We put our investing on hold while our three kids started applying for college in 2012. Our oldest just graduated in June and our twins are juniors.

During our annual new year's eve yearly planning, we decided the time is right to get back into investing. Since California is currently a tough market, we are looking at small MF properties out of state. We are currently researching where to focus our investments. We have been looking at approximately 20 metro areas with solid job and population growth. Now we just have to narrow it down the right location. :)

Any recommendations would be appreciated. Looking forward to discussing and learning from all of you.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $64,900
Cash invested: $64,900

I purchased this property from Ohio Cash Flow turnkey on October 2019. 2bed/1 bath. 672 sqft. HOA Fee's : $2,424 per year. Taxes: ~$700 per year. Property Management: $954 per year. This is my first property purchased ever. I live in the Bay Area and work in the software technology industry as an engineer.

What made you interested in investing in this type of deal?

I want to work with a turnkey property management where I do not have to borrow money or take a mortgage. This is an all-cash buy. The price point of below $70k met my cash budget for this year.

How did you find this deal and how did you negotiate it?

I browsed the online catalog from Ohio Cash Flow and read the newsletter of the available properties to buy. I did not negotiate this property.

How did you finance this deal?

All cash.

How did you add value to the deal?

Not sure!

What was the outcome?

I get a monthly income from this property.

Lessons learned? Challenges?

This was really easy because I filled out the paper work online. I did not have to make any executive decisions on what to rehab or repair because this was already done for me by the turnkey company. I learned that I should trust this turnkey company to make good buying decisions and renovation decisions.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No. Realtors and lenders were not involved in this transaction.