All Forum Posts by: Charles Clark

Quote from @Matt Wan:

Can I purchase a property using a traditional mortgage without being physically present for any part of the process? A relative who does long-distance real estate investing told me that I have to sign the final loan document and the transfer of ownership document in person. Is this true? 

If the state matters, I'm interested in Connecticut

90% of our clients is OOS investors and our business process is tailor-made for them. We help run the numbers, set up showings and video record them, and load up everything in a Google Drive folder. They look at the property when they are able and can write on the property at that time. How we protect our buyers is with the inspection, appraisal and financing contingencies. These are three phases in the buying process where the buyer could walk away from the deal. If you find something wrong with the property after you have an inspection, this is the point where you can negotiate the price or have the seller fix the problem. Appraisal is where if the value of the property didn't meet the value of the loan, you can negotiate the price to lower it. Financing contingency is there if you can't get the loan at the amount you thought, interest rate is raised or your payment changed higher than you put in the loan could give you an out. Obviously, you should work with a good agent, lender, and home inspector to assist with each phase to ensure you are getting the best deal. To answer your questions, you don't have to present for any part of the deal. I have investors who never saw their property in person for almost a whole year or more because they have the right team in place. Get the right team and you will only have to worry about paying bills and collecting cash flow.  

Quote from @Torrean Edwards:

Early in my investing career, I had some success, but then the crash happened. It took more than a decade but I am excited (and terrified) to re-enter the fray.

After dipping my toes into the market, I have battled against my paralysis and taken the leap. I have a property (fix and flip) under contract, but now, shoot, the REAL work begins.

I am located in Milwaukee, WI, but my property is in a near suburb of the city. It was a VA foreclosure and in an incredible neighborhood. Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure. I have some guesses as to what the problem may be, but I need a good, investor-friendly plumber.

I will also be doing all the cosmetic things you can think of: paint, flooring, bathroom reno, kitchen reno, so I am open to carpenter or design suggestions.  

Also, I am considering alternative financing options (beyond Hard Money). If anyone has tips or suggestions, I am more than open.

For better or worse, I am taking a leap. I am hoping the Bigger Pockets community can help. In fact, it was the community that got me this far! 

Thank you everyone.WIiling to share more details if people are interested! 

"If you are not living your dream, then you are probably doing by yourself". I live by this motto because you can not do this alone. This is a team sport. To many people get in real estate thinking they can do it all by themselves and it is not possible. Get a team to help you through every aspect of the deal. Finding the right GC, broker/real estate agent, and property manager is key in most deals. If you are fixing and flipping then you wouldn't need a PM, but every deal an investor is looking to purchasing that is a value add strategy, you need a good GC and broker/agent. Your team is the most important thing you can acquire first before any investment your purchase. 

Quote from @Zachary Young:

Hi all, I am looking into buying my first rental property. As with many others I'm sure, looking for guidance on affordable cities that still provide a solid return / cash flow. Preferably looking for properties under $200k, but up to $300k. It will have to be out of state since I live in a HCOL location so I am open to anywhere in the country, but most of my research has taken me to the midwest (e.g. Cleveland and others) and some spots in the southeast (e.g. Huntsville and others). However, from my research, it's extremely difficult to find any cities where the properties cash flow other than places like Cleveland which has its own set of drawbacks. Cleveland almost seems like the best option because of the affordability and rental demand, but worries me due to the high property taxes and lack of population and economic growth. For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses. I also have no problem doing some sweat work to build equity in the beginning as well. I just want it to work and be a positive experience because I know that will keep me motivating to continue investing and building my portfolio.

What are some cities that might provide cash flow, but remain affordable? Does anyone have better insight into the cities I named? How can I best find undervalued properties in desirable locations?

Undervalued properties are everywhere in the country. I don't think that should be your focus. Your focus should be finding the right team to help you build your real estate business. You can find the best deal in the world, but if you don't have the right people helping you buy, rehab, and manage then it will become a bad deal. Find your team, then find the deals, and you will be successful. My team only focus on investors from fix and flips to fix and hold, we can assist with your strategy, buying the property, and then managing it after you close. Let's talk to see if Milwaukee, WI and Raise the Standard Real Estate is a right fit for your goals.

Beleza
 

Quote from @Shawn Ackerman:

Hello Zachary,  You are correct in looking at the Mid-West for cash flow.  I have been in Milwaukee WI for quite a while as investing in my backyard in NY is cost prohibitive. good luck on your journey!!!! 

Shawn, we should connect. I run Raise the Standard Real Estate in Milwaukee, WI and we focus on investors servicing them from building a strategy, completing the transaction, and assisting with property management duties. We don't just help you buy investment properties, we help you build a real estate business. I look forward to hearing from you.

💰 Ready to Fund Your Real Estate Dreams? 💰

Join us for our Real Estate Investment Group Meet Up on Wednesday, January 15th from 5:30 PM to 7:30 PM at the Next Home My Way main office (5151 S Howell Ave).

This month's focus: FUNDING YOUR DEALS!

We'll have expert lenders on hand to discuss:

• Various loan products available to investors
• Securing the capital you need to close deals
• Navigating the financing process with confidence

Plus:

• Networking opportunities with fellow investors and lenders
• Motivation and inspiration to take your investing to the next level!

Can't make it in person? Join us online!

#realestateinvesting #milwaukee #funding #realestatefinance #loans #propertyinvestment #networking #investors

I will be attending the BPCON 2024. Everything is booked, but was hoping to connecting with some individuals before the conference. It is nice to start conversating with people before we get down there so we can make the most of our time. I am a broker in WI and looking to find OOS Investors looking to invest in the Milwaukee, Racine, and Kenosha area. I will be down in Mexico a couple days before so if you would like the opportunity to meet, hit me up. 

Raise the Standard Real Estate LLC

Charles Anthony

Quote from @Michelle Martin:

Looking for a reliable property manager to manage 2 multi-unit properties (3 unit and duplex).

Bom dia Michelle,

First, I want to thank you for investing in our city. Secondly, I appreciate you investing in 53206. Even though it has a reputation for being a rough neighborhood, we need investors like you to take a risk for a high reward.

I work with OOS investors to assist them with managing their investments at a distance, and I have a few contacts to assist you on your PM search. Please contact me if you would like to talk.

Beleza
 

Teams Built to Dominate” by Rod Santomassimo, CCIM is a good book, because real estate is a team sport. This exceptional book goes beyond the mere task of assembling a group of exceptional individuals; it delves into the realm of effective leadership. Consider it your ultimate guide to being successful in commercial real estate if you aspire to discover unconventional methods to cater to your clients and expand your enterprise.

Truly worthwhile business publications should possess the power to inspire, challenge, and enlighten readers on how to elevate their own performance. And this book achieves all of that, while also presenting invaluable opportunities to implement its teachings into your business.

For Property Investors, the Price of Homes Is Still Not Right by Will Parker in the Wall Street Journal stated, "...Realtor.com said 2023 was on track for the largest annual drop in investor buying activity in at least 20 years...". The article went on to share results about how small investors plan on purchasing the same amount or fewer properties in the new year than they did last year. 

With this article's national view point of the real estate market, but I am curious if that is the case in a local market like Milwaukee, WI or any other mid-west city. Are investors buying less or buying different? As an investor, I would think you would change your strategy when the market changes to adapt to the environment you find yourself in. 

I thought it was a good article to read to get a better understanding of how the real estate looks from a different view point when investing in real estate. Let me know what you think of the article or your opinion of the current local real estate market. 

Beleza