All Forum Posts by: Dan Portka

@Salim Mhunzi I agree both suggestions above are your best course of action. If the tenant does in fact violate the terms in the least, make sure you provide written notice to cease. They will then have 10 days to cure the violation, if they don’t then you’ll be able to demonstrate For Cause Termination and end the lease.

Hi @Michelle Herschend,

I'm using the BRRRR strategy and the numbers I get sound similar to yours. I don't use a LLC, I have the homes in my personal name and use 30 year conventional financing. I do know there are commercial lenders that will lend to LLCs or under your personal name with 30 year terms, you just might need to find one in your area. There's so much competition right now that you likely won't beat out what other investors can pay using a 20 year loan (since they'll be running numbers using 30yr)

Check out this post, it lists the top mentioned books in the BP podcast. Lots of great reads here - many are business and mindset books but those are equally as important as books on real estate fundamentals.

https://www.biggerpockets.com/...

Alabama has a few markets that are popular with out of state investors. I'd start by narrowing it down to the market you'd like to buy in, then start reaching out to Agents and Property managers to build a team. I'm buying in Birmingham from LA, feel free to reach out if you ever want to discuss.

@Myles Blackwell Just my 2 cents - what ROI will you get with the ADU ie how much will it rent for and what will it cost? Compare that ROI against what you can get elsewhere (including your option B).

A) From my understanding you can use a 203k or Homestyle loan as a refinance and include renovation costs into 1 loan. I know a lender in socal you can speak with if interested let me know.

Yes its possible! This is a great way to buy a fixer and get some built in equity through a quality rehab. Look up FHA 203K loans. There are also conventional reno loans as well. Both have low down payment options. Sometimes the trouble is finding a lender that works with these programs. Luckily, HUD has a lender search tool (link below) that will show you which lenders have done 203K loans within the past year - just make sure you click the box at the bottom "203(k) Rehabilitation Mortgage Insurance Program"

https://www.hud.gov/program_of...

Hey @Anna L.

There are some creative strategies and down payment assistance programs available - look up GSFA. I have a few out of state rentals and they actually help me qualify for a higher loan amount. I’d be happy to discuss further, reach out anytime :)

@Luke Rorech

I like that idea! What types of local organizations are you looking at?

Investor friendly agents of BP,

I’m a new agent in socal and plan to do so part time on nights and weekends. Being that my time is limited I want to niche down my target client as much as possible to keep things efficient. As an out of state investor and aspiring house hacker (I’m actively looking myself), I’d like to focus specifically on working with clients with a similar mindset as myself. Whats the best way to find buyers interested in a house hack? I’ve considered and am open to just about anything - social media, direct mail, webinars, blogs, meetups, writing an ebook/guide, etc

Thanks,

Dan

I spoke with an agent yesterday about an off market listing in Hueytown he sent over to me the day before. He had already stopped taking inquires about the property because there was so much investor interest and he already had offers over what he was asking for it. As an out of state investor, I prefer the B class Birmingham outskirts/suburbs - in general you have nicer neighborhoods/homes, better schools, better tenants, etc. Hueytown is solid. Parts of Bessemer can be rough, just make sure you're doing your due diligence before buying.