All Forum Posts by: Carolina Selva

Hi!! As an out-of-state investor, t's been SO great networking with BP members from the specific markets I'm interested in. I feel great about the teams I'm building and now ready to move to the next step. Some of the folks I'm working with through BP have recommended local lenders, but I'd love to get pre-approved by a lender that can operate in any of my markets (Cleveland, Capital region/NY, Syracuse, Chicago, Philadelphia). My main reason is I'm worried about multiple credit checks lowering my score. Am I trippin'?

Otherwise, does anyone have a good lender they've used that operates in all 50 states (or at least the ones I've mentioned here)? I looked at Lima One, which was mentioned by one of my team members, but the negative reviews got to me.

To clarify: I'm a buy-and-hold investor looking for MFR's with little (cosmetic) to no work needed - already cash-flowing or cash-flowable. Looking to pick up at least two in 2020 and ramp up in '21.

Let me know what you know. :o)

1 Vote

Originally posted by @Aaron Zimmerman:

@Carolina Selva Mark’s podcast is really great. I’ve learned a ton from it - lot of gems.

Just be aware of local laws. It’s very important.

Agreed, Aaron!! I've recently started listening as well. And yes, the laws can be dicey, which is why I need a knowledgeable team.

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Originally posted by @Brie Schmidt:

@Carolina Selva - What areas are you looking to invest in? Most investors here specialize in specific areas and that experiences is relevant to that area, and not applicable to other areas.

Great point, Brie! And part of the reason I'm looking to connect with folks and find out about their areas. I'm looking for B/C neighborhood buy and holds, cash-flowing or easily cash-flowable as rentals. Prefer multi-family, but would consider SFR as well. My son will be going to college in the North Park area, and I recently heard on the Straight Up Chicago Investors podcast that may be a changing/worthy area to look at.

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Originally posted by @Mark Ainley:

@Carolina Selva Always happy to connect in person or even now via zoom. Reach out anytime or check out our Chicago Podcast where you can find some key Chicago players to meet with.

Thank you Mark! I'll check out the podcast ASAP and reach out as soon as plans firm up. :o)

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Originally posted by @Joseph Konney:

If you're buying with depressed rents and looking to do some cosmetic updates and get market rate rents, there is a good chance that current and paying tenants will balk at the new rental price. For that reason, I'd go for an empty place or be prepared to hand out 30 day notices unless less you plan to update upon regular vacancies.

I've been through a number of evictions and regularly end up needing one after a new acquisition. It's part of the business. There is still a lot of artificial government support in terms of keeping businesses afloat and boosting unemployment pay. It's hard to say how stable the rental market will be after those programs fade.

Here in Chicago/Cook county, we can't yet evict for failure to pay rent. Hopefully by the end of next month we can.

You might not have as many tenant issues where there are strong demographics, but you will tend to have better cap rates on the weaker demographic areas. It's a risk/reward to consider. I strongly recommend MFR in any case. Typically, the bigger the better.

Thank you for your input Joseph!!

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Hi Friends,

So....as an out of state investor investigating my next market, Chicago has made it to my short list. I've been warned. And warned. And, I've also heard from some Chicagoland locals on BP not to believe the naysayers 100%.

Since I'll already be in Chicago for a few days this month, and since I understand the importance of building a strong team that understands the market well, I'm wondering if:

1. Folks in Chicago are safely "meeting" during COVID-19

2. If any Property Managers, Real Estate Agents or Turnkey providers are interested and available to meet with me.

By the way, Chicago appeals to me for several reasons - not the least of which is that my son will be attending college there (which is why I'm coming there this month!!!)

Let me know, Chicago peeps, and if you're so inclined - give me some recommendations while you're at it.

Carolina

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Originally posted by @Marc Poulin:

A little back story of myself, I work out of town. This year alone I have been home once for about 5 days. I only get paid when I'm away from home so if I'm home I'm not making money to pay my bills. I would like to get to a point starting out where I don't feel like I have to work as much just to pay my bills, and finally get to the point I can get out of line work completely. Some of my short term goals is to just get going buy my first property, get my foot in the door and learn the the do's and the don'ts of the process. What I am hesitant about is pulling the trigger and what the process is once I find a place I'm interested in.

Hi Marc! Welcome, and how exciting to be starting this journey. Quick question: since you are away from home so much, have you considered renting your current home out as a STR (on Airbnb for example) while away?

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All Forum Posts by: Carolina Selva

Carolina Selva has started 9 posts and replied 40 times.

Post: Multi-State, Investor-Friendly Conventional Lender You Like?

Post: Multi-State, Investor-Friendly Conventional Lender You Like?

Post: COVID Considerations for New Buy and Hold: occupied or not?

Post: Multi-State, Investor-Friendly Conventional Lender You Like?

Post: Rental Property Investor Will be in Chicago 8/19-23 - Networking?

Post: Rental Property Investor Will be in Chicago 8/19-23 - Networking?

Post: Rental Property Investor Will be in Chicago 8/19-23 - Networking?

Post: COVID Considerations for New Buy and Hold: occupied or not?

Post: Rental Property Investor Will be in Chicago 8/19-23 - Networking?

Post: New and need help getting started.