All Forum Posts by: Jacob Wathen

Congrats on purchasing your first rental property! That is awesome :) 

Do you own the property free and clear? Depending on the circumstances I would consider doing a 1031 exchange to get a multi unit property for extra cashflow. Just make sure you connect with a great property manager whatever you end up doing! 

@Jordan Moorhead do you have any suggestions for a contractor in the Twin Cities Metro Area? 

Hello @Eric Sender! I know a lot of people from California that want to invest out of state. Some choose to stick on the West Coast and invest in Oregon or Washington because there is great appreciation value and others invest in the Midwest, Texas, Florida, etc. to get a little more bang for their buck and to get better cashflow. Considering the fact that you would like to find properties that cost 20-25K I would suggest exploring the Midwest. Nebraska and Iowa are great options in my opinion. Let me know if you have any questions regarding specific markets or if you need help connecting with an investor friendly agent. 

I personally love the idea of house hacking but if purchasing with FHA is going to take a couple years that may not be the best option. I would suggest discussing it with an investor friendly agent and a lender. Look into purchasing a property and utilizing a PM company. Just do the research and make sure the numbers work out!

@Justin D. Certain parts of Oregon it is possible to find a SFH for under 150K. The Oregon Coast is definitely an interesting spot in terms of rental income. There are very few long term rentals available so vacancy will not be an issue. Most people on the Oregon Coast in populated and touristy areas typically choose to do VRBO or Aribnb to hopefully get more income but long term leases are also a good play on the coast. There are also areas in the outskirts of the Portland Metro area that would be great investments in terms of appreciation and cashflow.

Interesting property! I will present it to a couple of my clients. Please keep me in mind for future properties in OR/WA. Thank you! 

If she is truly desperate to sell why can't you ask her for a key/permission to enter the home? 

I always assume that the interior repairs will match and likely surpass the level of repair needed for the exterior of the home. Most of the big ticket items you can see from the outside foundation, siding, roof, etc. If there are issues with the roof there may be serious water damage on the interior. 

Many serious investors are used to making offers on homes site unseen or "subject to interior inspection". That should not be a major issue. It just comes down to presenting the property to enough motivated investors. 

If you are going the sales route I would suggest home improvement sales. Roof, windows, doors, bathrooms, kitchens, etc. Whatever is hiring that will get you in a bunch of houses and in front of a bunch of people. I did that for a year and it helped me become a much better salesperson as well as better in social situations in general. It was all about being comfortable being uncomfortable. 

@Michael Pendleton I would explore other options prior to paying for it but it does work fairly well in most markets I have used it.