All Forum Posts by: Daniella Sanchez

Hi Matthew, if you want to find the best deals in your area and be notified right away to be in a better position to steal the deal, get connected with an agent who works with investors. I'm an agent in the Chicago suburbs and if you can find an agent as serious and committed to finding the best deals for their investors, as I am for mine, you will be set :) Not only will he/she be your eyes and ears on the market, but it is another way to expand your professional network.

Congratulations! For the sake of conversation and out of curiosity, may I ask what your property is bringing in? Is it enough to cover the mortgage and expenses for the property? Are you finding any issues you didn't anticipate with Airbnb? 

Rylan, 

Kudos on being so young and already finding doors you want to open. I started while in college so I know what it's like being young in the industry. My advice, get a job and ALWAYS make sure you have a steady income. You can dedicate a majority of your time learning REI but it's highly unlikely you will be profitable right off the bat, so be smart and keep money flowing in while you get started in REI.

When you say "I want to do real estate" what are you referring to? Do you want to be an agent? An investor? A house hacker? Another piece of advice, map out a gameplan to get started. Find the path you want to take to get involved. I knew I wanted to be a future investor, so I became an agent with aspirations of becoming an expert in the market, that was my avenue.

This might be worth checking out. They were mentioned on "Stay Here," a show I've been watching that takes mediocre short term rentals and transforms them into very profitable, top of their local market, rentals. This site -----> https://www.alltherooms.com/an...

was mentioned and could be a good resource. 

Not a conflict of interest at all. In fact, you make commission off your purchases/sales :) My goal was always to be a successful investor but I became an agent to expand my knowledge, learn the market and to network. I stand by my decision and am very happy I became an agent, I get to work with a lot of real estate investors too!

Hi there, 

I would say bring experts to inspect the property with you. With foreclosures, it's rare you'll get thorough disclosures. Bringing along someone/people with you can mean the difference of being profitable or being in the red.

I like the idea of turning the garage into a living space. My neighbor has a two car garage with a loft/studio that he rents out to his nephew. Why not try having the best of both worlds? 

Hi there! For the sake of discussion and out of curiosity, why do you think MFRS are few in Sioux Falls? Do you think there's a chance there could be higher demand for MF because there aren't as many? 

The first house I purchased was built in 1955 and I was the second owner so I knew LBP would be found and require correction before closing (I also had an FHA loan). To keep things moving along I asked the sellers if I could paint the property myself prior to inspection to avoid any road bumps. They said yes and when the inspector/appraiser came nothing about LBP was noted.

I understand this is a risk and I could have been out of pocket about $80 but I was sincere with the sellers and we worked together to get the deal closed even though I was purchasing AS IS. 

Also, it's important to know that LBP is not recognized if a coat of fresh or newer paint is applied over it. If it's covered there's not much to worry about. 

I would try to include as few people as possible. The more people you have involved the more potential issues you can run into. Especially if this is your first time working with someone, you don't know how they will act as a partner. If you want to include more investors I suggest talking to an attorney that specializes in real estate. They will have the resources you need to cover all your bases.