All Forum Posts by: Cheza M.

If I were in your shoes I would no longer think this is a simple matter of miscommunication or changing systems. Did he send you any kind of proof that the funds have been debited from their account, or is he just saying that to appease you and buy time? Is this PM in charge of paying any bills for you? I would be wondering if those bills are actually being paid.

He hasn't sent me any proof but I'll try to ask for it. Tenants pay the utilities.

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Hey BP community,

I’m having a problem with wire transfer. My property manager was supposed to wire the rent to me every 15th of each month. When I checked and noticed that I didn’t receive anything I emailed him about it. He told me to that it might be because they switched to ACH that’s why it’s having the delay. They switched to ACH like 2 months ago and it was working just fine in the last 2 months, so I’m not sure if it really is the problem and it also shouldn’t take this long to process.

3 days ago he emailed me saying that it’s telling them on their end that the funds have gone into my account already, i emailed him back telling him I don’t see it in my account. I suggested that they should switch back to the previous electronic wire transfer he was using or an alternative one if ACH is what’s causing this issue. I emailed him again yesterday with a screenshot of all the wire transfer i only received from thier company, which clearly doesn’t show/include this month’s.

It’s almost the end of the month and I’m stillwaiting for his response. It can just be a bit troublesome to think that I might have to deal with this issue again next month. What do you guys think? Have you had this kind of issue before with wire transfer? How did you handle it? What do you suggest I do? Thank you in advance!

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Quote from @Chris Webb:

You are asking for advice and I will share with you a direct quote from an investor friend of mine who is doing a BRRRR now. "It is alot more work than I expected!" I would advise against it until you have a few turn key properties under your belt. I see BRRRR as an advanced strategy rather than a first time investor one. Others may disagree, but that is my opinion. Best of luck.

I have 2 turnkey properties at the moment although I just acquired them recently. I was wondering how will having turnkey properties help you learn to do BRRRR? Because I'm a total passive investor since I'm not really managing them myself and just collecting cash flow.

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Quote from @Andrew Postell:

@Cheza M. you have some good comments above. When I lived in NYC...I invested out of state. My first properties were $30,000 properties. You couldn't find those anywhere close to NYC. But the reason I chose a specific market was because of the network of people I knew in that market. My market was Jacksonville, Florida. Sure, there were other markets that had better "numbers" but when you invest out of state you need people you can trust implicitly. What if you never even saw your property? Yeah, it's that level of trust. So lean on who you know more than if that market has better numbers than this market. That's what I would suggest. Hope all of that makes sense. Thanks!

How do you find those people you can trust if you don't know anybody out of state but want to invest in a specific area? I thought about trying to look for a partner who'd be willing to do the managing part and I'll provide the capital, but then at the same time, I'd like to learn the process myself with a mentor who can possibly guide me step by step of how he'd do it. Like does he go to websites such as propstream to look for distressed properties? Then what's next after you made offers, got accepted and bought it? You ask your contractor to begin fixing it up? I know these are silly newbie questions but these are the basic questions I was hoping to know so I could understand the process better.

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Quote from @Eric Goldman:

I have a lot of friends and clients that BRRRR out of state. they developed and maintained a team. agent, contractor, property manger and lender. Get a team together take care of them and they will take care of you!

How do I begin building my team? Do I start looking for an agent first then ask for recommendations? And what do you do from there once I have my team? Do you then discuss about your plans of doing BRRRR? How exactly do I take care of them?

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Quote from @Jonathan Greene:

You sound pretty new to investing. So, if you dial it back for a second. If you want to invest in a tangible asset that you can see and touch, why would you want to do your first deal out of state? If the prices are high right near you, there are still investable areas everywhere within 1-2 hours a drive. Working full-time and looking OOS usually means you are looking for something more passive. Taking on a stand-alone asset with limited knowledge will lose you money and open you up to trusting the wrong people out of state. What's your goal?

I am very much new to investing in real estate, but it's not going to be my first deal if I buy another property. I bought my first turnkey property last year and just closed on another one last month. My goal was to acquire 20 rental properties in 5 years (4 properties per year), but it may be harder to achieve it if I just buy turnkeys. That's why I thought about trying the BRRRR method because I want to scale up quickly up but I'm aware that it's not going to be easy doing BRRRR, especially from out of state. Hence, why I'm hoping to get some advice from experts who/s possibly also living in an expensive market and doing BRRRR out of state.

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Hi BP community,

I've been thinking and wanting to do the BRRRR method out of state, but I'm not sure where to begin. Is it possible to do BRRRR even if you're working a full time job and live out of state? Would it better to find a mentor who can teach me the steps and process of doing it or a partner?

1 Vote

Hi Community,

I have a questions regarding the appraisa fee. I was supposed to close for a property, but ended up backing out. The lender did the appraisal. But since I’m canceling the deal, do I still have to pay for this appraisal fee?

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Quote from @Joe Miller:

Congratulations! This is a loaded post with good questions.

Is this property an off market that you locked down or is this off the MLS using an agent? You do not negotiate your purchase price if the appraisal comes in lower. (If you are doing a cash offer or a high down payment this next part does not apply) If the appraisal comes in lower the bank is only going to give a mortgage for the appraised price and not the purchase price which can kill a deal fast.

People will write in their offers something called an appraisal gap which is to help with this. Say the offer has a 20k appraisal gap- the purchase price was 200k and it appraised for 160k. The bank will only loan on the 160k so the buyer will pay 20k out of pocket(new purchase of 180k) and the seller will either have to accept it or kill the deal.

You do a home inspection right after going into contract but before closing. I typically see within 10 days of acceptance. Have the home inspection done AS SOON AS POSSIBLE.

It's a property that I chose from a list of properties that a turnkey provider is selling. I haven't done inspection yet. I was actually going to call back the seller since I missed his call but I'm not sure what questions I should ask him. Like do you ask him about the roof, hvac, etc... do you ask him about why he's selling the property? And the info of the property management company who's currently managing it? Do I talk about the occupancy and tenant licenses? Not sure if those are the questions I should be asking the owner. Would you have some suggestions?

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Quote from @Seth Young:

Ask them for the scope of work for the renovations.

The turnkey provider put in the Brochure that it was rehabbed on Feb 28. Did you mean confirm everything that was done to the property during the inspection? I'm sorry if I'm understanding you wrong

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All Forum Posts by: Cheza M.

Cheza M. has started 26 posts and replied 71 times.

Post: Issue with wire transfer

Post: Issue with wire transfer

Post: Advice on BRRRR out of state

Post: Advice on BRRRR out of state

Post: Advice on BRRRR out of state

Post: Advice on BRRRR out of state

Post: Advice on BRRRR out of state

Post: Appraisal Fee after backing out

Post: Questions to ask seller before purchasing rental property?

Post: Questions to ask seller before purchasing rental property?