All Forum Posts by: Jake Tansanco

Trying my luck here. Are there any private/hard money lenders who can close digitally via RON (remote online notary)? So far, everyone I've talked to requires a wet signature. Some title companies allow for it. I'm wondering if any lenders can do the same.

I'm a US citizen who moved to the Philippines recently. My bank and LLC are registered in the US (California).

If using the US Embassy, I need to book at least a month in advance to get an appointment. If using a local law firm, they can do a US notary but need at least 15 business days to send back the documents to the US after notarizing. Using either option is tough because I can't time the closing date if I get under contract.

It's difficult but doable speaking from my personal experience. I've never bought a property before and decided to buy my first property out-of-state in DFW. FYI, I've never been to this city so I had to do a lot of reading and researching before pulling the trigger. Got myself pre-approved. Talked to an agent who's willing to be my boots in the ground. Found a PM and contractor. My first purchase was through the MLS. Got lucky and decided to rent it out as is as opposed to renovating to get top rents. It has appreciated 25% in less than a year. After 2 weeks of buying my first property, I bought a fixer-upper from a wholesaler. Let's just say I got lucky I didn't lose money after flipping it within 6 months. Everything is a learning experience. Don't be afraid to fail but do your best to do your own due diligence to mitigate the risk.

@Christopher B. Thank you! Based on my research, metro DFW has very high appreciation. Lots of companies moving there which means more job and population growth. Local government seems to be investing a lot in the city too. You can also get 8-16% cash flow in the suburbs or outside the metro with good appreciation too. The thing that eats cash flow is the high property tax (a little over 2% in some cases).

Hey John, could you share which area you're investing with the TK company? I'm thinking of doing an OOS BRRRR-Key and I'm currently trying to research about this. Thanks!

To answer your question (title), from zero knowledge to getting my offer accepted, it took me about two months. Every day is a learning process.

A couple of months ago, I was in your shoes. Thought of purchasing out of state. Decided to run the numbers in landlord friendly cities/states. I remember some of those good cash flowing properties with appreciation sold instantly (Gibsonton, Miami, and Knoxville). In the end, even though I researched a lot, I was all over the place and couldn't get anything done. 

I suggest you choose the strategy that you feel comfortable with and stick to researching one market. In my case, I'm currently closing my first property after I narrowed it all down to finding a property in a specific county. You definitely want to get an investor-friendly broker by your side to hold your hand and guide you throughout your first process. But before you reach out, make sure to get pre-approved so you'll know how much you can afford to purchase.

Hi, Everyone!

I'm a new real estate investor. I'm in the process of buying my first rental property and I have a few questions about buying points and etc.

Property value is $200k and I'm putting 20% down. Location is in Texas.

I was given these rates for today:

3.437% is costing 1.875%- $3000- Principal/Interest: $713

4.125% is costing 1.25%- $2000- Principal/Interest: $775

4.75% is costing .125%- $200 - Principal/Interest: $835

Can someone help show me a formula on how to determine if it's worth to buy the points and how long should I keep the house for it to be worth it? My strategy for this property is to buy and hold due to its high appreciation potential. I'm also deliberating whether I should not buy the points so I can save more money to purchase my next property vs buying the points to improve the cash flow. But for now, I need advise on the calculation.

If I do buy the points now, will it be tax deductible? 

For property taxes, is this also tax deductible?

Lastly, which company do you recommend for landlord/liability insurance?

Thank you.

Regards,

Jake

@Uriah Rohrbacher Thank you! Inspection came out clean. Gonna lock up this gem before it gets away.

@Andrew Jones Good job! Keep us posted on your journey.

@Richard Helppie-Schmieder - Alright, will do! Thanks!

@Trevor McEntire - PM sent!

Hi All,

I am a newbie investor and I'm in the process of buying my first out of state rental property. Can someone recommend a general contractor in the Allen area? 

Based on the photos and video of the property, it'll need new flooring and popcorn ceiling removal for sure. Still thinking if I should change the countertops & kitchen appliances and maybe updating the bathroom vanities & painting the kitchen cabinets and walls (what do you think of textured walls as it is textured right now?).

It's mostly cosmetic work as I'm waiting for the inspection to take place next week.

Thank you. 

Regards,

Jake