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All Forum Posts by: Lelith Walker

Lelith Walker has started 14 posts and replied 250 times.

Post: any good questions?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

How many units?

estimated rehab costs?

How much is it rented for?

How much is the maintenance?

How long does it typically take to rent after vacancy?

upgrades?

features? parking, basement

Is this a flood zone?

Check the furnace and water heater to see the date?

Post: Going to local REIA for the first time!!!

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Some people will be great and other people you can not trust.  It is best to go to more than one meeting to get a feel for the people and develop a relationship and to feel people out.  Do not go strictly by the recommendation of others, or their title, or experience.   

Trust your gut and your own eyes too.  I got screwed out of $8000 by the former marketing director of GAREIA who had 22 years real estate experience and also ministers to women at her church.  The person who is helping me out now has less experience was just a member in another real estate group but a lot more integrity. 

You look at stats on population and employment.  It is best if it is a multi-industrial area too.

http://www.governing.com/gov-data/census/county-po...

http://www.cityrating.com/joboutlook.asp

You might consider crime and schools.

http://www.crimemapping.com/

http://www.greatschools.org/

Some people go to the city planning office to find out what will happen in the future.  Some people will invest in crime infested areas if they know that money will soon be dumped into a neighborhood to improve it.  It is a risk that I have seen work.  They did it in Harlem and they are doing it in Atlanta and Detroit.

Post: Interested in becoming an investor.

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

What you need depends on what niche and strategy that you are going to use.  Its best to pick one that fits your personality and wallet.   You can join a real estate club in your area or attend bigger pockets events when they come to your town and network.  Look for a mentor while there.  Offer your skills in exchange or take them to lunch.   

Post: The states with the largest net growth 2012 to 2013

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Delaware I can believe because a lot of law firms are setting up offices down there. There is a whole area called lawyers row in Wilmington. More people are also setting up their LLC s there as well. Close to DC yet cheaper except maybe the beach areas. Those areas are more expensive than the city.

Post: Discount Supplies

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

REIA members get discounts too even when your membership ends

Post: Tax Liens

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

I put my money into a tax lien pool with comian investments and its been there for 2 years now.  Its doing good but its 5 years to stay.  Joanna Musa recommended them to me but now she has her own tax lien investment club http://www.taxlienlady.com.  

It may be best to speak to a financial advisor that knows real estate who can best advise you on what to do.  Ebere Okoye is the founder of The Wealth Building CPA and does taxes for NYREIA and many investors I know use her.  She may be best to assit on good returns matching your personality and finances.  

http://thewealthbuildingcpa.com/

Post: Looking to buy in area that will double value in 1 to 2 years

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Investing in marijuana might do that. I can't guarantee anything though.  In real estate I think that San Antonio and Detroit will increase in value. 

San Antonio because the bootcamp bases for army and airforce just opened there along with medical hospital.  Technology, energy, tourism, and healthcare run that economy.  Plus it is the last stop for many in the military. More and more are retiring there because it is one of the cheapest military towns in the US.  Plus they have an extensive bus system.  For some reason they are trying to encourage more people to live downtown.  There are homes buy many need to be flipped.  It is cheaper than Dallas which is another great place to invest. They are expanding their train system. Fort Worth is good too because Dallas is getting up there many are moving there too, however, parts are a flood zone so that is why I am not too comfortable.

Detroit, well more so its surrounding suburbs, because some of the new companies that are there are giving living stipends to their employees ex: Quicken Loans. Specifically in downtown and Southfield (suburb north of Detroit). The city is also giving out a lot of grants and loans to developers and new businesses. Check out http://www.investdetroit.com.  In addition, several basketball players, Magic Johnson, Smokey Robinson, Stevie Wonder and Berry Gordy held a press conference about what they are going to do to turn the city around.  They were speaking with the current mayor and governor of the state about the investments they are about to make.  They are building a new train system too.    Plus most of the world supply of water comes from there if I am not mistaken.  They have also recently changed their squatters rights laws to favor landlords.

Post: Fort Worth,Texas Market

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

IMO Having been there I do believe that Fort Worth is starting to grow.  There are a lot of out of state and international investors looking there for investments.  Some locals are moving because they feel the traffic in Dallas in congested.   Personally, I do not think it is congested compared to NYC.  More jobs are already set to come and people may be forced to relocate.

Post: Investing out of your Home State

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Also for partnership and joint venture get a good lawyer with an iron clad agreement.