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All Forum Posts by: Diana B.

Diana B. has started 14 posts and replied 25 times.

Post: In a Mess!

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

Thanks for all your responses. I'm now on the road to getting this guy replaced. Do any of you have any recommendations for Michigan property managers who are working in Midland, Frankfurt and Bay City?

Post: In a Mess!

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

I have purchased 70 units (8 buildings total) over two years from a property manager. He also manages them from me.

A few problems. The main problem is that he doesn't pay rents on time - in the past the rents have been constantly 1-2 months late. Now they are at least 3 months late. He owes me at least $10,000 at this point!

At this point in time, I am not paying any property management fees because I bought the properties from him, but I now realize that this probably encourages him to be more relaxed about the whole thing.

I am currently out of state, and just had a baby 3 weeks ago, so it's not like I can hop on a plane to replace him quickly.

I would like to maintain a good relationship with the property manager, but how do I let him know that I want to replace him without ruining our relationship? Each time I email/call him, he has some promises about when he'll make the next deposit, but it's always very vague.

Post: Appraisals used for Cash-Out Refinance

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

I'm researching cash-out refinancing for some properties that I own free and clear. I've done some poking around in the forums and see the main challenges you have experienced with doing this:

1. Seasoning period: 6 months, and sometimes up to a year

2. Sometimes the the cash-out is based on the purchase price rather than the appraisal.

I haven't found much information yet on the actual appraisal so I have a few questions. My properties are located in Michigan state:

1. Does the appraisal often come out pretty close to the comps? Or is it common for properties to get under-appraised?

2. Is there usually a minimum appraisal value for a cash-out refinance? For example, if I have a SFR with appraisal of only $30K, will some banks refuse to do it?

Thanks for your help!

Post: Estimating Rehab costs from out of state

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

I'm setting up a strategy for investing (buy and hold) out of state, and the one area I'm not clear on, is estimating rehab costs from a distance.

I will be in my farm area to build a team, interview GCs, find trusted contacts and visit properties. However, I will mostly be out of state and I wanted to hear from investors here on how you get a good rehab estimate. 

For example, once you find a property that requires your approximate desired amount of rehab, do you request your trusted GC (or two?) to go down there to give a better estimate before you put in an offer?

Thanks!

Post: Investing in Detroit suburbs - safety issues?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

@Roy N. Thanks for the heads up.

We already have 70 units (pretty much turnkey) but I'm not happy with the way they're run. I will be putting together another post about that next week. I'm looking to take a more hands-on approach to avoid the problems that I had with these 70 units. 

I already have a cross-border accountant so I'm aware of a lot of these cross border issues and the complications with working in the US. This is part of the reason I'm obtaining a work visa to move down to the US in the next half year. I will not start the new investments until we move.

Post: Investing in Detroit suburbs - safety issues?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

@Mike D'Arrigo Thanks! That's the kind of advice I was looking for. 

Post: Investing in Detroit suburbs - safety issues?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

Sorry it came out the wrong way... I come from a very very safe city, and all throughout the forums I see warnings about some neighborhoods in Detroit. From what I've read, the suburbs are pretty safe, but I'm wanting to hear from you as the expert if there is anything I should be aware of. 

Post: Investing in Detroit suburbs - safety issues?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

After some analysis, I've decided to invest in Detroit suburbs (Warren/Sterling Heights) or possibly further out (Grand Rapids/Ann Arbor). 

I will be buying and holding from out of state, but I do want to visit now and then, at least initially as I get set up.

Is there anything I should be mindful of in terms of crime/safety while travelling to these cities? I hesitate to say it, but especially as a woman travelling by herself? E.g. should I avoid flying in from the Detroit? 

Post: Flipping homes in San Diego (locally) or out of state?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

Thanks for your answers! I really do like rentals, so I will stick with that and flip something if the opportunity presents itself. Thanks!

Post: Flipping homes in San Diego (locally) or out of state?

Diana B.Posted
  • Real Estate Investor
  • Vancouver, BC
  • Posts 35
  • Votes 0

I'm soon moving to San Diego for my husband's work and trying to figure out how I can get into flipping homes. So far my experience has been only in rentals, and as a cash partner in one SFH flip in MI state. I realize that San Diego is not ideal for starting out, and I don't have very deep pockets but trying to do a pros/cons and assessment of my options:

Here's what I've come up with:

1. Flip houses locally in San Diego

2. Flip houses further out but still within CA state

2. Flip homes out of state - I would pick either AZ or OH - but this is a challenge as I have two children until 3 years. 

3. Give up on flipping and continue with rentals.

Any thoughts would be very useful. Thanks!