All Forum Posts by: Enrique Huerta

Most places are allowing evictions for tenants that break lease rules. Not sure about MN but you should consult with an agent, manager, or attorney.

As for the parking, I would just tow their cars.

@Ryan Cooley Unfortunately, no. We work with various real estate mortgage brokers - Barry Slatt, JLL, Northmarq, etc. They handle all the debt placement for our team. Also, please note that the terms I quoted are often reserved for experienced agency borrowers. Nevertheless, if you have a good mortgage broker, you can find some solid debt terms. 

@Alejandro Navarro, it depends what you need a lawyer for. As @Katie L., said, there are many reasons to contact a lawyer. If you have a specific need in mind, we can shed more light on that. This is too generic of a question.

1. No

2. No

Confirm with your lender.

Costar and Yardi to gather 50+ unit deals. Then download the owner contact info.

Reonomy is also a relatively cool program.

@Jared Ferguson I think you're experiencing the anti-climactic closing that accompanies most deals. We work very hard on sourcing, analyzing, and buying a deal and it's riddled with small problems. It can be draining. It's reality. Also, it may not be what you expected it to be either and that's okay. I would encourage you to focus on what you're most interested in about real estate investing and focus on that. Also, you haven't started managing the property so give it a few months to get the process started and get the funds rolling in to see how you feel. And take a break. Let it soak in and focus on the good that will come with this deal. Just recognize that it isn't rainbows and sunshine like many investors try to paint this lifestyle as. Often times, REI comes with many more problems and can add complexity to your life. If you decide that is not for you, you can always sell the property and invest passively with others to get exposure to the asset class without having to deal with the headaches of doing so.

Lastly, this is my personal philosophy - Don't base your emotions on anything outside of yourself. Whether you invest or don't invest, you should still be the same person. Make REI an enhancer of your life, not a source of positive emotions (or negative emotions!).

It's just the Title company's fee schedule. They usually have it online too if you don't want to ask them for it. Other fees, including attorney fees, will be on the settlement statement as referenced by the local agent above. 

@Kyle Johnson, both are excellent markets. You said cash flow is more important to you so if that is true I would point you to Ohio. Also, I just have to comment on your "good weather" comment...LOL Phoenix is super hot but I guess it is good relative to Ohio :). To your point, though, Phoenix' cash flow is looking better right now as occupancy is tight and rents are still growing. If you decide on Phoenix, I'm happy to put you in touch with some folks on the management side.

@Brian Garlington hit the nail on the head. You'll generally get stronger cash-on-cash returns in Ohio but Phoenix offers appreciation potential that Ohio can't match (yet). Wouldn't be uncommon for Cash-on-Cash to be 10%+ in Ohio with minimal upside (aka your IRR will be close to your COC return) whereas Phoenix could show a 8% COC return with IRRs north of 15% (meaning greater projected equity appreciation). Personally, I'll take the slightly lower COC to take advantage of the greater back end growth but I'm relatively young and focused on total return rather than cash flow.

Bottom Line:

Which market would you choose and why? 

I would choose Phoenix because it is closer to home, the appreciation potential is very real, the cash flow is solid, the trends are extremely favorable, the operating expenses are lower (insurance, taxes, repairs & maintenance, etc.), and it is a hot market in many investors' eyes which should make your exit easier. 

Which is better for my goals and why? 
See above. I would not underestimate the logistical issues of investing OOS if I were you. Phoenix is closer by air and car and more relatable in that many Californians are moving there and will continue to do so (most likely).

Which market would you choose and why? Which is better for my goals and why? Thank you for your help.

From my research these two areas tend to have

Seems in line. You can always ask the title company for a rate sheet to confirm but the cost is reasonable.

@Ed McIver

Engrave the address and unit number on the key.

“2000-3”

For 2000 Main St, Unit 3, and then keepthem on a ring by building.