All Forum Posts by: Casey Miles

Welcome Mercury. Good luck and if you have anything in the east valley let me know.

Casey

It really depends on your comfort level risk wise. You'll make more $ leveraging the 150k than you will paying all cash on one property. With that said, there is a peace of mind value to having a property paid for. In general leveraging is the name of the game when it comes to rental properties.

You'll want to search for portfolio lenders in the areas you want to invest. I've had luck with local/regional banks. I'm note sure if any do stated income loans anymore but they do consider the cash flow of the properties. DTI is an issue for a lot of investors.

Good luck!

Thanks Matt. I appreciate the reply, I'll look into those you named. I honestly can't remember if any were pitched when I took my classes, I've slepped a few times since 07...

Do you happen to know what those guys charge per transaction?

Thanks,

Hello Everyone,

My experience is in buy/hold real estate and I've been investing since 2010. I went to RE school back in 2007 but chose not to get licensed. I'm not new to RE but to being an agent I am. For now I'm looking to only use my license for my personal use and maybe working with the occasional investor. I'd like to continue buying buy/hold properties as well as get my feet wet flipping.

I'm looking for suggestions on where to hang my license and any associations I need to join? The agent I use now says I have to join an association of some type? I'm not looking for a national broker, I don't need their marketing or office. I'd like a flat fee broker (I understand there's monthly fees as well). 

Can you guys give me some suggestions as well as the pros/cons of the "budget broker".

Thanks in advance, I do appreciate it!

Casey

Hi Rob,

I'm in the same boat as you. I'm going to disclose and move about my business. Initially I'll only use my license for my personal purchases, etc. I'm curious as to what others have to say.

First, congratulations on your first rental! It's exciting regardless!

Legally they, the seller, owe you for any deposits collected despite "being unsure where the deposit is". I've experienced an issue where the seller said the tenant used the deposit towards rent at some point. In this case I was able to verify this with the tenant so I didn't make an issue of it.

Your position is different because the tenant moved out and the seller could say they're keeping the money for past rent. In either case it's not worth digging your heals in over $350, and if it is, you've bought the wrong property.

I'm in Mesa. If you need any local help let me know.

Best of luck!

Hey Drew,

What verbiage and stationary type did you use? Please keep us posted on your results!

Good luck!

Hi Jason,

I'd cut your teeth and get over the learning curve on something local to you first. If after a year or so you get hooked maybe look into more lucrative markets. I've been investing in buy/hold properties in Phx for six years. The margins are getting thinner here and I'm considering other markets now.

Stay local for now.

Casey

Hi Ryan,

I too have never filed on my personal property and just now have filed my first on a rental. I've owned rentals since 2010. When I contacted my agent she seemed surprised that I've never had a claim on any of my properties leading me to beleive most people have them with more frequency. 

Personally I'd have the agent quote the same coverage @ $500 and $1000 deductibles and do a quick ROI on the difference between the two premiums. If I make my money back in <4 years I'd take the higher deductible, >4 years the lower the deductible.

I use State Farm for my single family and duplexes and Farm Bureau for my fourplexes.

Hope this answers your question,

Casey

Hi Hannah,

It's seems like you're leaning towards buy/hold investing versus flipping. I'd look for value add MF properties in which I would use the loaned $ on repositioning. After I've increased the properties income I would refinance and pay off the private $.

As others have mentioned, 10% can be hard to overcome on a typical buy/hold.

Personally, with not having any other fees associated with the private $, other than the 10% interest, I'd use it to flip SF homes until I've built up my own $ to get into buy/hold properties. 

Good luck,

Casey