All Forum Posts by: Jake Mires

Is it possible to use a personal loan as a down payment on a property? Are there any creative ways to come up with the down payment besides cash, or borrowing from sphere of influence? What will mortgage companies allow for down payment besides cash? Thank you!

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Hey all! I'm currently living in Redding, CA. I'm looking to invest, as you could imagine the 1% rule is hard to find here. I'm looking to try my hand in out of state investing, but I'm not sure where. I'm looking for a property about $350,000. As many units as I can get, without sacrificing quality. It will be out of state so I don't want a C, D, or F property giving me headaches. Let me know if you have any suggestions for good cities to start investing, that are safe, clean and have reasonable property prices! Thank you

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Originally posted by @Alejandro Garcia:

@Jake Mires I also hear a lot of negative things about partnering up with people to purchase properties. I am also starting off with my dad and brother and believe the same as you, we can buy more properties and scale a lot faster together than individually.

Yeah I’ve ran number left right and sideways. It makes sense. All the liability is shared amongst more people as well. If there’s a vacancy, that’s less for each person to pay out of pocket. If you have 3 people, as long as you’re buying 3X as many properties as you could normally, then it’s a win!

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Originally posted by @Tom Ott:

Originally posted by @Jake Mires:

New investor here! Me and 3 of my friends are going to be pooling our money together to buy some real estate, we're looking to buy 1 right now, then assuming things go well, acquire 30-40 SFR's. All buy and hold. We all live in California and want to buy out of state where we can get cash flow. Looking for properties in the 60-80K range. I'm an agent in CA so I know my way around real estate. But we want to use a turnkey company to buy through for the ease of it. Ive heard good and bad things. Can anyone legitimately reccomend a good turnkey company? Or provide any suggestions? Any info helps, thank you!

Turnkey can be a great way to go when you invest OOS! What market are you looking at? Sometimes you may want to decide on that first and then find a Turnkey Provider in that market.

Be sure they are a true turnkey company. They should own, renovate, and manage the property all in house. They should not use third parties, unless it is for the home inspection!

Try looking at:

What to Ask When Working With a Turnkey Provider

and

The Best Types of Markets for Profitable Turnkey Properties

Thanks man! I appreciate all the info!!

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Originally posted by @James Wise:

Originally posted by @Jake Mires:

Welcome to the site Jake.

Out of State is cool. Tons of markets in the Midwest will have properties in the range you mentioned. Cleveland, Toledo, Indy to name a few. It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
Make sure your property manager is a licensed real estate brokerage.
Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.

Thank you so much for the info!! This is awesome

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Originally posted by @Robert Schumacher:

Jake Mires Have you checked out SL yet. Keep your eyes open. We just grabbed one a couple months back. I can’t help you with turnkey as we tend to get our hands dirty for the better deals, but If you want to get coffee next time I’m up that direction, LMK

Thank you very much! I'd be happy to get together if you're ever up in this direction that would be amazing, thanks!

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Originally posted by @Caleb Heimsoth:

Jake Mires not sure turnkey is the way to go if you’re splitting it 4 ways.

That’s if you’re lucky 50 bucks a month each in cash flow per property, assuming you’re leveraging.

They thought is woth 4 people, we buy 4X as many properties as any of us could by ourselves

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Look at crime, and city events. A small town can become very popular quickly, just by community involvement. Also, if it is rural, it may need a hub to be steady. If it's within 30-45 minuets to a larger city that is a plus. If there is no backbone to the city, they can rise or fall off of the smallest of incidents.

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My goal is to buy an owner occupied place, live in it for a year or so (while fixing it up) then rent it out. So basically a longer term BRRRR

1 Vote

All Forum Posts by: Jake Mires

Jake Mires has started 13 posts and replied 48 times.

Post: Personal loan for down payment??

Post: Living in CA, where do I invest???

Post: Turnkey advice, HELP ME!!!

Post: Turnkey advice, HELP ME!!!

Post: Turnkey advice, HELP ME!!!

Post: Turnkey advice, HELP ME!!!

Post: Turnkey advice, HELP ME!!!

Post: Turnkey advice, HELP ME!!!

Post: Rental Market Red Flags

Post: Self employed ( RE agent ) trying to buy a house!!!