All Forum Posts by: Charles Renn

Hi @Heather M. L., I'm slightly biased, but before I joined @David Greene and his team, I read "Long Distance Real Estate Investing" and it stoked my fire. 

The Bigger Pockets Podcast is a great resource for inspiration and direction.

Reach out if you'd like more info...

Hi @Cheryl S., can I ask, do you own where you live now? Not that you have to own your own home to start, but I'd recommend thinking about house hacking prior to out of state investing to lower your monthly expenses and start building equity. 

Hi @Cheryl S., there are always deals to find, even with the moratorium. Don't get me wrong, it adds another level of deal finding, but find yourself a seasoned agent in your area of interest and make sure they know their numbers. While it's hard to find vacant properties, they exist, as well as sellers who just need out of a property for one reason or another. Last, get familiar with your tenant laws, eviction laws, etc. Even if you find a great agent, you should know how to navigate these issues and start building your team; lawyer, accountant, property manager, agent.

Hope this helps!

Hi @Aakash Patel, have you asked your lender if they can fold the closing costs into the financing? Not all lenders offer this, but it doesn't hurt to ask, if you haven't already. Another strategy is to negotiate seller credits towards closing costs. 

Best of luck!

Hi @Benjamin Higgins, sounds like a great investment you have on your hands. My question is what's your next move? Do you own the place you are living in now? Is your goal to build a portfolio or "flip" properties for cash on hand?

If you're looking for my first impression, I'd keep the condo, take out equity, and buy another one.

Hope this helps!

Hi @Parker Ludlow Imrie,

I'm down here in SoCal, but my team has been in the Bay Area working with house hackers for years. I can put you in touch with one of my partners if you're interested. Our analysis includes many of your concerns. Please let me know if I can help further.

Hi @Brian R.,

Looks like you have a lot of good feedback here. If I can add anything it would be to lay out your goals first. While house hacking is possible ask yourself questions like: How long do I want to live in this home? Do I plan to sell in a couple years or hold and rent? Do I want to add value to the property and build an ADU or remodel units, or step into a turn-key property?

These are just a few questions. Our team also has an agent in San Diego. If you'd like another set of eyes on the market, let me know! 

I'd also throw a property manager in there once you're ready. A good one will have a good feel for the market and neighborhoods if you aren't local.

Hi @Jose Valdez, try out rentometer for rent estimates. Regarding other fees it depends on the condition of the property, but anywhere from 10-15% for capital expenditures and vacancy. Management can vary but try 10% of monthly estimated rent. Best bet here is to call around to the companies and ask. Management companies are also great resources for insights into neighborhoods and market conditions.

Let me know if I can provide further value!

@Phil Pat, great question. I will start by saying yes it is a good time to invest. My caveat is that you build your team around you before jumping into multi-family. Since this is your first investment start by reaching out here on biggerpockets or any networking hub you have to get your team started. Key pieces are real estate agent, contractor and lender. Since interest rates are low, money is cheap, and even a smart investment in a single family home that you live in and house hack will get you on the path to wealth building. Let me know if I can provide further insights.

Hope this helps!