All Forum Posts by: Jayson Valdez

Hi, 

I am planning on buying a 2nd home/investment (condo) in Las Vegas NV. 

My plan is to use it as a property rental. I have no plans on using it for a vacation home or furninshing it for Airbnb. 

My loan officer said to purchase as a 2nd home for a better rate and lower down payment. I did mentioned my plan of what I wanted it for to them. They said just buy it as a 2nd home and do whatever you want with it after. I am aware of the 25% down payment for a investment property. Down payment is not an issue.

My question is can I put my 2nd home property on the rental market once purchased if my loan is for a 2nd home. I searched Google and read I have to live in the property for 14 days a year to rent out my 2nd home. If this is the case I will look inyo buying the property as a investment property.

Quote from @Danny Polanski:

In addition to the above comment, typically owner financing deals offer significantly lower interest rates than lenders do. 

My first deal ever was owner financed. I would recommend looking into it more if you like the property. 

Are there Cons to this type of deal? Like less years than 30yrs to pay the loan off?

Saw this on a description on a MLS listing that saw interest in.

Seller willing to owner finance with a large down payment. (20%) listing price is 223k.

what does this mean?

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Hi everyone, 

New member here. Is it wise to buy a property without actually seeing the property in person. I would like to buy a turnkey duplex but it's in another state as my first rental property.

  I know about 100 or so investors from CA and out of the country that have never been to the city where they buy nor seen the house. Its all about your team. Must have one that has a mutual benefit, 

All the best 

 Yes, that is where I got the idea of not seeing the property. A co worker of mine has property rentals out of state. He told me 2 of his properties, he has never seen them. I have been asking him alot of questions. I came her also to get the insight of the pros. My co worker and I are in grocery retail but he is experienced with real estate. Hopefully I can work with his team or work with someone out there where I choose to buy. Btw I am from California

 you are overthinking it. Just connect with a team that provides properties, thats all you have to do 

Good Luck

Thanks for the reply.. this is the answer I need. I remember when I bought my first local property at 21. Many people said to me as a youngin You will need this, do this, etc. Scared the crap out me.  I didn't want to buy a property. And all I did was call a high review realtor agency and walked me thru everything. Told me what money to give and waited.

 Its not rocket science, though some will make it seem that way. Buy right, fix right, rent right and have the right team around you. Again, I know many that have never been the city where their property is let alone seen the house in person. TEAM is the key word with a mutual benefit long term relationship. I have seen investors pay all in 55k, collect about 15 -20% a year net, on top of the nearly double appreciation. Some with even better numbers. Heck I just paid all in 60k rent will be about 1350, value is about 125k, not too shabby.  Buying a 10 unit all in about 350k, value about 460k, rents will be about 58k, on gross of about 90k.Its all about team and knowledge

Good luck  

Wow, those seem like great numbers! Hope to have that experience someday. 
Yes, knowledge!! I've been reading, listening, watching everything on property investing especially out of state. Heck thats why I joined Biggerpockets. I kept seeing it in Brandon Turner's books. I thought this place was going to be a crappy social media group but it looks like theres alot of seasoned pros in here. 
Thank you very much everyone for your responses and time to a rookie.

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Hi everyone, 

New member here. Is it wise to buy a property without actually seeing the property in person. I would like to buy a turnkey duplex but it's in another state as my first rental property.

  I know about 100 or so investors from CA and out of the country that have never been to the city where they buy nor seen the house. Its all about your team. Must have one that has a mutual benefit, 

All the best 

 Yes, that is where I got the idea of not seeing the property. A co worker of mine has property rentals out of state. He told me 2 of his properties, he has never seen them. I have been asking him alot of questions. I came her also to get the insight of the pros. My co worker and I are in grocery retail but he is experienced with real estate. Hopefully I can work with his team or work with someone out there where I choose to buy. Btw I am from California

 you are overthinking it. Just connect with a team that provides properties, thats all you have to do 

Good Luck

Thanks for the reply.. this is the answer I need. I remember when I bought my first local property at 21. Many people said to me as a youngin You will need this, do this, etc. Scared the crap out me.  I didn't want to buy a property. And all I did was call a high review realtor agency and walked me thru everything. Told me what money to give and waited.

Quote from @Marc Stevenson:

@Jayson Valdez I lived in San Diego my whole life till 5 years ago when we migrated to Texas primarily to invest in this market.  You've had some great responses... I' would say be very careful when you see "Turn Key" Investment.  You have to do your due diligence...or you might be turning the key into a mess.

Get a team (Realtor/Property Manager you trust in the area you wish to invest.  Meet with them, interview them, consider flying out and meeting with them.  Find out their scope and scale / vendor list/ etc.  You have to rely on a team when out of state investing but you have to do your due diligence and make sure it's the right fit for you.  

Best of luck.  Happy Investing

thanks for the info. Yes San Diego is great but paying for this "Sun" is sometimes not worth it. I have a few friends and coworkers that moved to Texas or planning to move there. 

I have been looking in El Paso, TX for I have a friend in the military (Fort Bliss). In hopes he can guide me with that area on rent and neighborhood ratings. Mostly single family homes though and not Multis, which I would like.

Yes, depending on what area I choose, I will find a savy agent from the area and in hopes they are investors too. 

Before all this I will get preapproved first. I have someone that I been using for my approvals

Quote from @Scott Allen:

@Jayson Valdez It is very common to buy an investment property and never actually look at it in person. You do still want to do your due diligence and make sure you have and inspection though and if possible make sure there are video walk throughs of the units so that you can see the condition a little bit more. If you're buying something that you're planning to flip from out of state, you'll want at least 1-3 contractors that can give you a bid on how much work it will need. You'll also want to make sure you have a property manager in mind for where you're planning to buy. 

 Yes I am doing my due diligence. Researching rent in the area, neighborhood grades, property management, landlord laws as well as finding a savy agent of the areas I am looking at. 

Quote from @Nicholas Coulter:

@Jayson Valdez Do you have any team that you have vetted and qualified to be able to help you with this purchase? AN agent or a family member out in that area could really help!

No team at the moment.  Yes, my first research was trying to look in areas I know people live in.

Quote from @Bob Stevens:

Quote from @Jayson Valdez:

Hi everyone, 

New member here. Is it wise to buy a property without actually seeing the property in person. I would like to buy a turnkey duplex but it's in another state as my first rental property.

  I know about 100 or so investors from CA and out of the country that have never been to the city where they buy nor seen the house. Its all about your team. Must have one that has a mutual benefit, 

All the best 

 Yes, that is where I got the idea of not seeing the property. A co worker of mine has property rentals out of state. He told me 2 of his properties, he has never seen them. I have been asking him alot of questions. I came her also to get the insight of the pros. My co worker and I are in grocery retail but he is experienced with real estate. Hopefully I can work with his team or work with someone out there where I choose to buy. Btw I am from California

Never thought about that getting help from local investors. 

Yes, that will be the best bet then, to go out there.