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All Forum Posts by: Gregory Schwartz

Gregory Schwartz has started 120 posts and replied 849 times.

Post: Out of state, sight unseen investing

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

I blindly signed a 8 year contract with the USMC that has turned out all right. This seems less risky than that. I feel comfortable with the team so far and have had good recommendations from BP members. 

Win or lose on this deal I'll keep you all up to date 

Post: Out of state, sight unseen investing

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

Thanks for the support. I do have a high risk tolerance due in part to being relatively young (30), having stable income (military) and setting my personal finance/retirement on autopilot with a course set for a comfortable retirement at 65.

@Ruthber P. I appreciate the guidance. In all other aspects of this deal I plan on taking the conservative route. More than anything else I want a proof of concept for out of state investing, so that I can continue to take advantage of the best markets.

This first property will be in Huntsville AL.

Post: Out of state, sight unseen investing

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

BP,

Kinda freaking out a little, just made my first offer on a property from 700 miles away in a town I've never been to, on a quadplex I have no intention of ever seeing in person. To clarify this would be my first investment property. Basically, I'm taking a leap of faith, using lessons learned in "Long-Distance Real Estate Investing" to hopefully build a passive income stream. 

Hope my research pays off.

Basics on this first deal... 

Quadplex (Four x  2 bed/ 1 bath)

Asking 170k

Offer 155k

Rent per month: $1640 (market supports $1800-2000)

I'll try my best to provide updates on my huge success (or major flop)!

Post: Huntsville, AL long distance investing

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

I appreciate all the advice.

@Annie Dickerson , I've heard some really good things about Rocket City. 

Post: Management and agent combo

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

when it comes to long distance investing, how do you all feel about having your agent and management under one company? 

I feel like it could make communication easier and helps ensure the agent is investor friendly. But it takes away from some of the checks and balances provided by having 2 separate entities looking after your “best interests”. 

Post: Huntsville, AL long distance investing

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

I am currently reading and attempting to implement the lessons in David Greene's book "Long Distance Real Estate Investing". I have struck out locally but feel confident I have built the skills needed to recognize and analyze a good deal. Thanks to "Set for Life", I am also in a good place financially to invest my hard earned money.

The Huntsville area appears to have steady growth, employment opportunities and generally favorable rent to home value ratios. Now I'm trying to find a trustworthy and reliable team starting with a good agent and property management company. Do you have any suggestions? 

My goal is to find a purchase a 4-plex with a standard mortgage that will cash flow $100 / door.

Thanks for all the help and great advice as I continue this quest. 

Post: MHP owners in Eastern NC

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

I'm looking for some advice from a local park owner in the eastern North Carolina area. Specifically, I am concerned about finding a capable property management company that will be willing to manage a smaller park (5-10 unit). The large majority of the parks I'm finding are park owned homes and I don't have the flexibility in my schedule to actively manage the maintenance on these parks. 

Thanks

Post: NOI calculations when analyzing a small park

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

Thanks for the fee back. Unfortunately I think the seller and possibly my broker are over valuing this property.  11 of the 12 MH are park owned and in rough shape. The owner is claiming maintenance cost is less than $1000 per year for each home. Based on some rough numbers the park is worth 200k max but hes asking 550k. 

Post: NOI calculations when analyzing a small park

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

Im analyzing my first MHP and the seller didnt include property management as an expense when calculating his NOI. Even if it will be self managed do should I still include management cost as part of the operating expenses? From what I can tell he is over valuing the property based on a unrealistically low operating expense. Keep in mind this is a small park (12 trailers).

As this process continues along I'm sure I will have more questions so I thank you in advance for your patience. 

Post: Nearing 1,000 College Student Tenants: Here's what I've Learned

Gregory Schwartz
Agent
Posted
  • Rental Property Investor
  • College Station, TX
  • Posts 877
  • Votes 918

@Will Gaston , this thread made me day trip about my days as a college kid renting 2 blocks from 5 points on Lee St. Our only criteria was to get as close to the bars as possible, and we definitely paid for this convenience.  And yes we also broke a window or 2 while we were there.

Great thread, you've inspired me to focus my search close to UNCW here in Wilmington, NC.