All Forum Posts by: Desteni Barnes

@Desteni Barnes Sounds like a good strategy and I guess it depends on the ability to find the right deals and knowing the market. Typically, properties under 50K are located in less than desirable areas (at least in Memphis). Not always the case, but just have to be cognizant of location. High turnover due to crime in the area can be a killer to income. Also not ruling out using the BRRRR method to payback the HELOC since these aren't 30 year fixed loans

I’m investing in the South where decent properties are cheap. I’m going to be speaking with agents and property management to see what areas they recommend. I don’t want to be in a high crime area.

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Originally posted by @Justin Hammond:

@Desteni Barnes reach out to experiences investors or agents in the area you are looking in. I know if someone reached out to me for help with ARV, I'd be happy to spend some time putting it together. Sometimes I'll reach out to someone for help with values, and if they are gracious and helpful I'll put a 100$ gift card in the mail for them.

I like the idea that you created value and it’s a win-win relationship. Thanks for the suggestion.

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Originally posted by @Greg Lemmon:

@Desteni Barnes

I know have a bias as I am an agent, but I would recommend you reach out to an agent in those areas. One that is specialized or focused on working with investors. Most agents who do this for a career are happy to help out whenever they can and are not so short-sighted to only do things that get them their next check the quickest. The way they see it is you may need an agent to sell your investment properties at one point and hopefully they can earn your business for when the time comes.

Here in Utah there is really no other way to get accurate data without the MLS and even if you have it you may not know local trends that effect certain geographic areas. It may be different elsewhere, but it may just be the easiest and quickest route to get the most reliable data.

You have a point. I’m newly licensed here in FL And the amount of info I learn when I go to broker meetings are insane. They definitely have the inside scoop. I can agree that it’s the safest way to invest out of state.

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Originally posted by @Susan Maneck:

I invest here in Mississippi. Mississippi is the only state I know where the appraisal is pretty close to its actual value. I've only used a wholesaler once. Most of my buys are foreclosures.

Wait what!! Kudos to MS on getting it right lol

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Hi All,

I want to start out of state investing but I am specifically interested in MS. The problem is I can't look up what nearby properties sold for because its a non-disclosure state so websites like realtor.com, zillow, trulia aren't helpful. I know I could go through a realtor for deals but lets be honest the best deals are off-market. I plan to work with wholesalers for most of my deals. My buying strategy depends on being able to Refi out of the original loan.

Does anyone invest in Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming which are all non-disclosure states? And if so , how do you determine ARV?

Any help would be appreciated.

desteni

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Hmm that's a tough one. I would just use the fact that you can't see the property as a negotiating strategy with the low offer. You're airing on the side of caution. I would also put an inspection contingency to make sure you're not out your EMD if something comes up.

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Originally posted by @Bryan Malone:

@Desteni Barnes Thanks for posting. I had a similar question about this because I was looking to use a LOC for my first deal. I couldn't decide if I should use the LOC on a cash offer for SFH rental (bearing in mind the property would likely be less than 50K) or use it as a down payment on a conventional loan for a more expensive property.

We have the same idea and scenario. I would be investing in a property that was <50K. I was thinking more along the line of using the LOC for multiple down payments or cheaper properties for more leverage. This would amplify my ROI.

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@Sid Montero following...all great questions!

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Originally posted by @Jenifer McGroarty:

We did half our home with AC4 rated vinyl from Floor&Decor. Looks like wood and holds up great.

Thanks for the detailed response. Very helpful for us newbies starting out.

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@Jaysen Medhurst i appreciate your input. Yes, definitely I plan to BRRRR out of it (9% interest is not cheap money...!! but way better than HML terms + fees). I was worried about showing the "paper trail" to the bank on where the money came from. I know some banks focus on the money source and don't like when the money is borrowed from a relative. I didn't know how they would view LOC down payments, but I am happy to know the option is acceptable.

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All Forum Posts by: Desteni Barnes

Desteni Barnes has started 6 posts and replied 22 times.

Post: LOC down payment on a convention loan

Post: Determining ARV in a non-disclosure state

Post: Determining ARV in a non-disclosure state

Post: Determining ARV in a non-disclosure state

Post: Determining ARV in a non-disclosure state

Post: Purchasing property Unseen

Post: LOC down payment on a convention loan

Post: Newbie Purchasing Tenant Occupied SFH

Post: What type of flooring would you use in a fixer?

Post: LOC down payment on a convention loan