All Forum Posts by: Dyanne C.

@Matt R.

 Thank you! 

Thanks Jay! I am very interested in reading it.  Sent you an email regarding the e-book.

Very happy I found this thread since I am seriously considering investing in a turn key property. 

What are the major red flags to look for to sort out duds? From a few of the posts it seems the common tactic to manipulate numbers is low ball maintenance and taxes to make the cashflow seem more attractive. Another part of the "due diligence" would be to verify the type of neighborhood the property is in. What else should new investors look for?

Right now the companies I'm considering are all companies I've seen posting actively on BP.

How many of you will be at DREIA meeting next week?

It'll be my first event, and I may look into BREIA as well in the future.

I've noticed many of the auctions are cancelled as well, however I'm still curious how these things work. If we are supposed to pay off the full amount the next day that means we can really only do the deal in cash or possibly hard money. Seems like it would be impossible to get something financed for an auction.

Also, what is the final judgment amount and how does it affect the highest bidder, I've seen properties with assessed values of 150k and judgement amounts of 350k!

Wow, thank you everyone for commenting. I really appreciate all the input.

@John Farrell I agree and that was one of the reasons I felt a little uncomfortable, but then again I also find it difficult to go to another city every time I see a potential deal. Sure I can make a list but who knows how long deals will stick around. I feel like I want to see things in person but eventually will need to do things remotely for practicality.

@Ali Boone Nice! I've wanted to pick up and relocate away from Miami, but I'm stuck because of work. Maybe when I get the investments off the ground I'll have more flexibility to move around without chasing work. ;)

@Will G. I hadn't even thought of port st lucie. When I decided to invest outside Miami I simply started researching towns I had visited or knew people who lived there. Figured that would be easier than 100% internet research. But now I can look into a new area as well. Thank you!

Thank you @Larry Fried

That was exactly the type of information I was looking for. I definitely don't mind traveling to get a feel for everything at first, but its good to know you can eventually do everything remotely since it will be difficult to travel while I still have my 9-5.

Thank you for the response @Maxwell Lee

Right now I was planning on contacting the listing agent for the property I am interested in, however my concern is he of course won't be unbiased. I definitely plan to drive up during for a  weekend to have a look at some of the properties and neighborhoods myself.

I'm going through this as well now. I have been finding all the properties myself but at this time I have no one in the area to work with, my first thought was to start by contacting the listing agent, if it goes well I can continue working with that same agent for future properties.

Since for me it'll be a 5 hour drive (Jax) I'll definitely need a property manager to help with the majority of the time. I was probably going to try to get a referral for a PM from whatever realtor I work with. This really sounds like the type of route that will probably lead me to a few duds but I have no idea how else to start at the moment.

I am interested in hearing from others how they started to invest in other cities/states. Who does your walk through? Do you have to hop on a plane for every closing? It seems like something that would be very difficult to do through just phone calls and emails but it seems like many people have managed to pull it off with the assistance of local PMs and contractors that can do repairs.

I live in Miami and I am interested in investing in Jacksonville, so worse case scenario if I need to be present at the property for anything it'll be a 5 hour drive.

Thanks!