All Forum Posts by: Bethany Turon

@Cody Maheu

What are the numbers you are looking for, and are you looking for any set distance from any particular place? I'm trying to stay within an hour from Durham, ideally I would like to flip or BRRR but ok with B&H with a COC ROI of at least 35%/yr.

@Jason Curry

What class are the properties and how many doors?

@Cody Maheu I agree with the above, conventional is better. With less than 20% down, you will have a permanently higher rate with FHA, vs conventional, PMI phases out and eventually goes away. If you're planning to buy and hold, this works best for the long term. As far as being worried about the mortgage if you get pulled somewhere else, this has happened to me before and it's no big deal. As long as you had an honest intent to live there for the minimum time period and are making your payments on time, there will never be attention drawn to the situation. You are required to be able to move into the property though with either one.

I’m also looking in the same areas you are. If you want to send me your specifics I can send you anything I see that could be a good fit.

@David Zall There are actually franchises out there for property management. Just Google property management franchise. If you have no background they will set you up and support you plus help you market the business. If you are super savvy you can have the initial conversations with them and then learn how this business is run and built and then go do it on your own.

@Dan Cerempei

Looks like it’s a growing pretty stable area. Probably pretty solid investment for the long term.

Have you looked at Air B&B rates? Not sure where exactly in town you are, but you can find a projection by going to airdna.co (no m at the end). Sign up for a free account and go into the invest section, put the address into the subsection called Rentalizer.

Being so far away, the one challenge you could have with buy and holding it is finding a solid property manager. That has either made or broken my profitability on these things. If you need tips on finding / deciphering what a good one would be let me know. And keep in mind a good PM can turn into a bad one over time.

@David Zall This is a really cool idea! I haven’t done it but I think that type of rental is really smart. Would love to talk more if it turns out to be a viable option.

@Dan Cerempei I have traditionally held onto even marginally positive previous residences for several reasons:

- You’ve already got really good mortgage terms. I look at this as a long term investment similar to putting into a 401k, where you have an opportunity to still build net worth over time due to appreciation and mortgage pay down that you’re not having to do, plus the tax benefit you get from depreciation.

- Typically these types of homes although they may cash flow less, tend to be in nicer areas, attracting a good quality of tenant, requiring very little R&M, and appreciating much better than the typical multi-units over time.

What town/city is this in? I would look at some of the specifics of the market as well when making this call - Since it is a buyer’s market, you want to look at whether you’ll plan to hold long term (5+ years), because if not, it is definitely a good time to sell.

@James Ritter The only legitimate way to accomplish what you're trying to is to list as a for sale by owner and specify that you are requiring no agents to be involved. You can find an agent who will pay a fee to put it on MLS without representing you.

That being said, it will limit your buyer pool. There are a multitude of reasons that people want to use agents, but when it comes down to it, today, the majority of purchases are made using agents. That being said, I also know plenty of people who hate agents and would happily risk making less not to have to deal with the nonsense - Or are competent at self-promoting so they can get adequate value.

I would share that I’ve sold 5 houses in my lifetime, 3 were sold via buyer agents, 1 the buyers represented themselves (even though I was using an agent), and one I sold to Zillow (somewhat as an experiment). They used a special low-cost agent that handled the paperwork, etc and I believe partially for legal reasons. Those last two occurred in the past 12 months.

@Amy A. I would be interested in the PT role for the L/A group! Send me a message if you think it may be a fit.

@Dan Weber Looking forward to it! Hoping this will work with my schedule this time around, depending on where and when. I work in Lewiston and get done around 5 PM.