All Forum Posts by: Chinyere Orie

I would imagine it would be hard to screen tenants, keep up with maintenance, check on the property, and manage repairs and tenants while out of state.  I'm sure it's doable, but much harder than having eyes on the ground (i.e. a trusted property manager or someone there who represents your interests).

I would have a local attorney draft the contract for sale if you don't want to use a realtor. And make sure the EMD is held in escrow and the terms are in writing; never hand over money to the seller directly because until you do a title search, you don't know if they are the true owners. Also, unless there is real competition for the home, $10K is too high of an EMD.

Yeah, I would wait until they pay Feb. rent and then remind them in writing that you have a certain amount of days subsequent to them moving out to assess the damage, get estimates and return any remaining security deposit.  

It's refreshing to hear that you've had a great experience with turnkey providers.  I've read up on turnkey providers here on BP and it seems like most stories are negative.  I think the difference is, you stuck to your criteria and may have exercised more due diligence.  This is definitely something I'll keep in mind when thinking of investing out of state.  Wishing you continued success!

I would keep it for now...the market is hot and it's extremely competitive out here for properties that barely cash flow, let alone properties that can be described as a "cash cow."  

I don't think there's ever a "right" time to buy...it all depends on the numbers.  I wouldn't let what those investors said discourage you.  For every one investor who had something negative to say, I'd bet there are 3 investors out there doing tons of business now.  Plus, just because someone is an "investor" doesn't necessarily make them a good one.  Just keep your head in the game, be patient, and do your due diligence.  You'll be fine!  Good luck.

She's wrong when she says the seller doesn't care about it...the type of financing is definitely a factor when a seller is accepting an offer, along with other things such as the time in escrow, the inspection contingencies, etc.  Of course, most sellers care about the bottom line, what the walk away with after closing.  But the type of financing definitely matters.

I recommend using your Facebook...participate in local FB groups, post daily, engage with people.  Be yourself, be genuine/authentic.  Try not to "sell yourself" or market your new license, but you can mention it periodically.  Eventually, you'll expand your network and people will want to work with you or refer you.  Good luck!

Hang in there!  This happens periodically and no doubt, it's frustrating.  But don't let it discourage you.  Good luck!

It depends...some brokerages charge monthly fees and you keep 100% of your commission minus an admin fee, some require a piece of every deal you do, and some have a mixture of both.  If you've done deals before and you're familiar with the buying/selling process and don't need much training, I would interview several brokerages and choose the one with the cheapest option.