All Forum Posts by: Lelith Walker

Your local reia, real estate meetups, real estate mastermind groups

I invested out of state but I did not relocate.  If you want to go that route you probably should do a lot of research and networking first before taking the plunge.  If you need to stay close to family and friends then I would probably look into a states nearby that was hiring people in the same field that I work in.  Next I would go to the census and see what the employment, population, avg income, taxes, incentives, eviction laws, etc are going to be.  I would look for their local real estate meetups, reias, and city planning offices to get a feel of what neighborhood is popular or on the come up.  Plus it helps to know the local laws and contractors out there as well.  Two other groups who know a lot are taxi drivers and police officers.  If you buy them a donut, pizza, or cookies they will be your friend for life.  Plus they know about where the crime is that the papers don't always know.  They also know about new developments too.

Out of state

I did not find any deals.  I only had two months left and that criteria does not work in the state that I live in.  I did travel out of state to see if I could find something but it takes time to network and build a team in another state.

How much are you going to rent it for? 

I bought the course two years ago and found it very informative.  However, I did not like that they took so long to get back to me (1 mos) which left me hardly any time to find a deal and also I found the parameters unrealistic for the amount of time allotted.  Below is what they require

Partnering with Dave...

1. If the student puts money in and Dave puts money in then it’s a 50/50 split

2. If the student puts up all the money but wants Dave expertise then it’s a 75/25 split

3. If Dave puts up the money and the student finds the deal it is 25% student/75 Dave split.

@Nicholas Almgren up and coming are D and C class neighborhoods that will be B class in 2-5 years and eventually A class in 10 years hopefully. The government will normally offer incentives to businesses and homeowners to invest there.  Banks will also start to provide special loans with reduced points as well.

You had me with the title of this post, but you lost me when you state you want 6k on a 2200 sq ft home. I think 10k is reasonable. Granted I do not know your market.  Unless you are offering to buy the material yourself?

I agree with you Chris M., but I did it less than 20.  I took half my tax refund check and put it toward the mortgage principle.  When I did not get a refund I would put at least $5000 towards it.  I also paid Januarys payment in Dec. 

i go by what is the most expensive things in a house to replace and the number is normally between  5000-10000 in an emergency fund.  This number varies because the cost differs per state. 

Whether you choose to move to a cheaper state is your prerogative. If you move you might have to find a new job and I do not know how easy that will be. You could stay in your area and look for up and coming neighborhoods. Your state or city real estate planning committee (each state has a different name like planning and urban development or planning and economic development or city planning commission) has meetings that are free and open to the public. Try to attend one to see what the target areas are. These neighborhoods will have cheaper homes. You could also go to several community boards in your area as well to give you an idea of where to invest locally. If you go out of state you should visit the planning committees of that city as well for the same reason. Otherwise go to the REIA or real estate meetup group in that area and network for info. Some board members of those groups are dedicated in doing research on location.