All Forum Posts by: Ian Jackson

@Ali Ahmed I'm currently reading long distance real estate investing by david green thats in the bigger pockets store, and its such a great read.(well technically listen). But he basically lays a system out, which made me much much more comfortable with the idea. I suggest checking it out. Its really great. I think you'll get a lot of value of it. There's also like a podcast they have on youtube released when they first published it, promoting it. It's real quick and it'll help get you started. 

What's up man. I'm not personally out in Utah but it seems to be a market that could very much so be of interest to me in the upcoming future. You lucky, you have a lot of people at your finger tips whose brain you can pick. I'd take full advantage of that. Best of luck. 

Currently living in Honolulu. Problem is that it's expensive like California and New York. My mom actually applies for a VA loan so there's a lot of doors open up of what we can do and i was trying to get her in a multi unit. Hire a good property manager, and have the other units provide cash flow enough to pay the mortgage so my mom doesn't have to worry about that anymore. But is house hacking in markets like this even possible? I'm thinking with the BRRR strategy i can buy it at lower enough price where it would make sense to use the VA loan to roll the rehab with it. But is it possible? or am i chasing a pipe dream? What yall think?

I would put away some for reserves. It’ll make you look better to credit unions and banks when asking for loans. I’d personally would go a put use them to put some down payments on properties where the numbers makes sense. Maybe even look into commercial. What @Ryan Howell said is also smart. Instead of just doing a buy and hold, fix it up then refinance and then hold it. I would probably do a mix of that and do a flip. All one at a time of course. 

I wouldn’t advise in these markets. You’ll be hard pressed to find a deal here. Not to say there isn’t any hope in trying, but it’s really competitive and what positive income you can get wouldn’t be as much compared to other markets unless you do a flip but if you do I’d suggest have a good contractor contact. Shop around compare prices. Get what you need done itemized. See what all the labor would cost, compare the prices, and when signing the contract with them make sure to include late penalties to keep them responsible. Run the numbers if it’s profitable then go for it. I don’t imagine it’ll be easy however.

yeah what Jared said. there's a lot of missing variables. Go to Rentometer, and figure out how much it would rent for and figure out all the expenses whichll probably include HOA fees as well. Hawaii's a tough market but run the numbers. Get a CMA from an agent. If the agent had a property manager contact, and it seems like the condo can rent out with cash flow, id start interviewing that a project manager and go from there.

Ill send you a PDF of the numbers that i crunched so you can look at a reference. 

Hey @Matthew John . This is coming from the eyes from a newbie so huge grain of salt. Also, when i crunched the numbers, it was a lot of typical rates, like 4% for interest, expenses etc. So another grain of salt. Your numbers are going to vary depending on what they are. Also, i tried to be conservative especially with rehab costs, because you gotta account for every possibility but if it ARV's at 140, it's possible it could be a good. Maybe not ideal, but positive cashflow and have a decent amount in equity. Enough to put a down payment on another property. I assume your agent ran the CMA on the property and if so, did you guys did compare it with other 3 bed rooms, 1 baths in the area? The risky part is getting it appraised especially with all the rehab on the property you plan to do.

Looking into Clevelands market, was wondering if there were any good property managers anyone would recommend to work with out of state investors? 

@William Doom That's a very interesting thought. Thanks for the insights.