All Forum Posts by: Cody Barna

@Joshua Hataway Yes a property manager should be able to give you an accurate number for rents in the area. It wouldn't hurt to link up with an investor "friendly" realtor who can help you articulate those numbers. 

Hi Josh, it seems like you have the right idea based on the everything you've mentioned. The fact that you plan on holding it as a long term rental definitely makes more sense based on your estimated ARV. I recommend getting multiple bids from different contractors to get a better idea of how much the rehab is actually going to cost. Even if the source of financing you plan on using doesn't require an inspection, I would definitely suggest getting one done even at your own expense. In addition check with several property managers in the area to determine how much rent you can expect once the project is complete. At the end of the day it may look like a good deal due to the properties current condition, however I wouldn't overlook the big factors such as...location, population growth, job market, etc. I hope this helps, good luck everything!

Hi Lolita, when comparing condos to other types of rental properties the biggest benefit is the reduced maintenance on your end. However that comes with a large price tag when you factor in HOA fees, slower appreciation and all of the rules and restrictions that HOAs usually impose. Not to mention it's typically more challenging to get a loan on a condo vs a SFH. I hope this helps, good luck with everything!

No worries Ryan, that's definitely a valuable trait to have in order to build rapport with potential sellers. Sounds like you just need to find the right partner that will mesh well with your personality.

Hi Mark, sounds like you've developed a real good plan for where you see yourself in the next 10 years. House hacking is definitely the way to go, whether it's a traditional multifamily HH or a single family that you rent out by the room. I like the idea of student rentals and have actually considered that myself, if you choose to go that route I would highly recommend calling various landlords in that area as a potential student looking to rent in order to get any idea of what rent prices are. It also helps you determine which locations are desirable and what to except for vacancies if you find a property in that specific area. I would definitely connect with a knowledgeable agent who can give you a better idea of property values and the do and don'ts for student rentals. Similar to all real estate the location is extremely important, specifically the properties proximity to the college.

I think it sounds great, everything flows nicely and it comes off as very genuine. However I would be interested to hear what others think about the deal analyst portion, I feel like that may be to much info for the seller. I wish you the best of luck and I hope this deal works out!

Hi Jess, I would recommend reaching out to Jeff Wybo he's an agent in London ON. I don't know him personally however he's a good friend of Matt McKeever who has a popular real estate investing youtube channel.I hope this helps!

No worries Mitchell, I would definitely speak with a lender to get the exact details, however I believe they give you around 60 days from closing to move into the property.

No worries Angela, sounds like you know exactly what's required in order to achieve your goals. Good luck with everything!

Hi Angela, the first thing I would do is determine your crystal clear criteria, Brandon Turner mentions this in all of his webinars. By doing this you create a check list for the type of property you're looking for, this makes it a lot easier when analyzing potential deals. Another important step is to get your financing in order, figure out how you're going to fund the deal and based on that method determine what it's going to require on your end. Whether that means showing two years of tax returns as a self employed 1099 worker or a W2 employee who only needs 90 days of pay stubs. Figuring out all of these important details is crucial in order to be in a position of strength when you come across a great deal. I hope this helps you get started on the right track of your real estate investing journey.