All Forum Posts by: Charles Pallas

@Jacob Pereira @Michael Hayworth thank you for the heads up on the foundation issues. Do investors typically avoid these houses or do you typically just negotiate the repairs with a lower price point on the property? Or do you prefer having the seller repair prior to you buying the property? I can imagine the price to fix foundation issues runs rather high.

@Antonio Cucciniello congrats on your move! I am definitely interested in hearing more about your move to Austin and your investing experience

@Jordan Moorhead thank you. Any books you can recommend? I would like to start reading up on the landlord laws in the coming months

Thank you @Bruce Lynn. This is great information that I can work with and things for me to consider. 

Hi,

I currently live in NJ and have put in a transfer with my company who has business units in Texas. I received a call from the Austin, TX business unit about a position that will be opening later this year. From my conversation with them, I should be moved and settled in by end of 3rd quarter. Once settled in, I am looking to buy a rental property, aiming for a 3-4 unit building to get started. This would be my first rental property ever. I have a few questions about Austin:

1. How did most Texas real estate investors on here begin? Was it by house-hacking? Or did you go right into larger apartment buildings?

2. What is one unique part about investing in Texas that a new investor should be aware of?

3. For people who own 3-4 unit properties, do you manage it yourself or do you have a property manager?

Thank you in advance for any information you can provide!

-Chuck

Interesting points! WI being an example of an area that already has it is probably a good indicator of how RE investing will continue to look going forward as mentioned above. Thanks for your input!

Hello All,

Looking for opinions. Based on the recent executive order signed by The President that allows for families to choose which school they would prefer their kids to go to, do you believe this will affect real estate investing? Curious if anyone believe this will open up more markets to invest because now if a property is located near a less than desirable school, families are not limited to just that school.

Looking forward to hearing your thoughts!

@David M.

Thank you for your help! Yes I would definitely be taking out a mortgage for this first house so I'm looking at estimating approximately $15k in closing costs? I guess it makes sense to be conservative when using the calculator. My concern is if I'm too conservative with the costs, I may lose out on pursuing a deal that's actually may be good.

@Shawn Mcenteer thank you, that's around the amount I have been using in my calculations so I'm glad to hear that. I'm looking for medium to turnkey. Not sure how I would fund a complete gut at this time, although not opposed to it as I move forward with my real estate investing journey. Based on my current savings, 20% down would even be tough on some of the properties I've seen because it wouldn't leave any money for a rainy day. Unfortunately, the nicer homes are more expensive and the monthly payments minimize the cash flow in my calculations when assuming less than a 20% down payment (assuming mortgage insurance as a cost).

@John Walter thanks John. I've watched a few webinars and I typically follow what Brandon inputs but the closing costs he places are usually lower than 3% from what I've seen which is why I was confused, but thank you for this information!

@Marlen Weber Thank you!

@John Walter Trying to avoid the Newark area. Preferably looking for a more suburban area if possible. Overall, been looking in multiple locations, specifically Monmouth, Middlesex, Somerset, and Morris County. I would like to know what you typically input into the "closing costs" section of the Rental Property calculator on BiggerPockets. I feel I may be estimating these costs incorrectly, which is throwing off my Cash on Cash ROI percentage in the models.

Hello!

I am currently looking for advice/tips on buying a multifamily home in NJ, preferably a duplex or triplex, in which I can house hack. As many of us know, the NJ market is competitive and can be expensive. This will be the first house I will be purchasing and although I could likely find a single family home within my budget, I do not want to postpone my real estate journey and would prefer a multifamily. I am also trying to buy something in a decent area where crime is relatively low for I will also be living in the house. I began reading the book "Long-Distance Real Estate Investing" which is very interesting, but for my first home it makes most sense for me to buy in NJ for this will be my primary residence and my current job is in NJ. 

Any advice from others who have gone through the same experience would be awesome and much appreciated! In the meantime, I am trying to read up and practice with the rental property calculator tool to get more familiar with analyzing properties.

Thank you,