All Forum Posts by: Jacob Morris

I am looking for any recommendations for property management company's in the Toledo, OH area. Are there any to avoid? Any that stand out above the rest? I found a lender willing to give 30 year notes with 25% down for 4.9% (still going to shop around to make sure its the best offer). Once I can find a decent property manager I feel like I am ready to dive in this long distance investing. Any last minute words of wisdom? Thank you in advance for any advice. 

Jake

I have started reaching out to hard money groups to see if they are willing to take on new investors. I wanted to get involved in real estate but wanted to explore every option including joining a group to be the "bank". So far one company has messaged me back with their pitch of 17 years of never missing a months payment to investors. They require investors to bring forth 200k and offer 7% annum. If over 1Mil then 8% annum. How do you know what a good company is? Red flags to look out for? I have been/will continue to do my own research on the topic but would love to accelerate my knowledge through BP and the people with all the experience. Please let me know or PM me your thoughts! Thank you for any advice.

Keep us posted on this thread what you do! I am in the same situation but in Korea for a couple years debating if i should do something long distance or wait till i get back

@Michael Dingle congrats on finishing college. I’m not an expert on real estate..... not even a beginner yet. Just started learning about it. However, finishing college back in 2013 and having a solid job has aloud me and my wife to pay of all our debt and start looking into other investments now. I don’t say this to brag but to say that having a job and learning to budget has been a great learning experience. Your ambition and drive is awesome. *** to answer your question*** getting a job that pays your bills and helps you start saving is important. With your drive you will excell at what you do.... even if it’s a “boring job” it will allow you to build up some reserve to start making RE purchases. Then the next, then the next, you can always get your RE license on the side and if you end up working part time transition into RE? Good luck I can’t answer many RE questions but I’m about 5 or so years ahead of you after college and can answer other questions you might have.

@Jeff Hassler Welcome to BP! I am new to the site as well. Learning a little bit each day a lot of very experienced people here. I hope they answer your questions

@Shadonna N. Possible if they set up an allotment. Takes more work on the SM end which is why it probably is a rare occurrence

@Joe Villeneuve thank you for that explanation

@Sam LLoyd the loans I qualified for online with my credit score were around 4.5% some around 5% a couple around 4.3%. You have several interesting points. I guess my initial plan when analyzing this was to only loan for the asking price of around 115k then rehab comes out of pocket but obviously still counts toward the COCROI. Redoing the numbers if rehab costed 30k still return 10.27% on cash invested. Do most people get a loan that includes their rehab cost? I don’t plan on purchasing this property as I am due to move and be out of the country here soon, but when I get back into the lower 48 I am planning on taking more action on potential deals.

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Could use a new roof, siding, windows, and paint on the inside. currently renting for 650/unit x 2 = 1300 a month. After all these repairs thinking it could go for 750-800 maybe? i'm guessing $20,000 in repairs. what do you guys think?

@Joe Villeneuve "Micro markets" i understand the term but probably not the application. Do you mind expanding a little more on this? We are most interested in starting out with SFH or multi (2,3,4).