All Forum Posts by: Jeff L.

As this would be my first investment, I'm looking to do something conventional like 20% down. Your product looks interesting though, I may consider it in the future. Thanks Darren!

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I'm in Irvine, CA (Southern California) looking to invest in SFR rentals in Indianapolis.

I'm looking for any preferably investor-friendly lender that will do under-$50k loans.

Thank you for any recommendations.

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Originally posted by @Jay Hinrichs:

@Jeff L.

the reason I responded was to just give you some help in getting responses.. If your looking to buy one 50k rental then your probably asking a lot of any agent to do this whole laundry list of things for you.. if your planning on buying 20 you could get a team together.

other wise if its just one or two turnkey is probably the better route.

Maybe @Shawn Holsapple

who is a local broker I know well in Indy would do all of this stuff to sell one property and I will let him speak for himself... But you have to be realistic is all I was trying to point out.

That makes sense. Thanks for helping me set my expectations.

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Originally posted by @Jason L.:

@Jeff L., you may wish to get in touch with the team of @Ryan Mullin and @Ashley Mullin. Though I've yet to partner with them, I've spoken with many who have worked with them and this team seems to come highly recommended.

As always, perform your own due diligence. All the best!

Thanks for the recommendation!

Originally posted by @Jay Hinrichs:

@Jeff L.

Just curious how many houses are you going to be buying in a short amount of time.

your wish list is pretty extensive and with properties selling for what they do there there is not a lot of money in these deals to spend all this time being your ground team unless you can proof up that you could buy 10 to 20 homes right out of the gate....

Just a thought many will want to help you but you have to be mindful of the amount of work your asking for and the very small commission that are made on mid west properties

I don't think my list is that unusual for an out-of-state investor, since all out-of-state investors need people on the ground floor to physically do these things? I assume the partnerships are structured in a way that's mutually beneficial for all parties involved.

I'm here to build relationships. But I am a first time investor (with a full time so I need to start slow in order to figure everything out. If everything goes well, I definitely intend to do more business with the people I form a good partnership with.

That's what I'm hoping to do now: get a team together that I'm comfortable with so that I can scale faster in the future. Thank you for the insight!

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Hi!

I'm an investor from Southern California who is just starting out. I've decided to buy my first rental property in Indianapolis. I'm in the stage of assembling a ground team and mortgage shopping.

I'm looking for a real estate agent/property management team (they can be the same person, an existing team, or separate recommendations) who can help me through the entire process of:

Be my eyes and ears in Indianapolis. Scout and vet the MLS properties I'm interested in and/or link me houses that fit my criteria.
Advise me on neighborhoods and what price the house will rent for. As experienced investors themselves, go over my numbers with me to make sure I'm doing the right thing.
Guide me through the acquisition process as my buyer's agent (offer, inspections, title stuff, etc).
Handle any clean up to get the property move-in ready. Not looking at any rehab-heavy properties right now, but experience with rehab is a plus for any future investments.
Find tenants and manage my property, or hand over the keys to a property management company of my choosing.

Please let me know your recommendations!

I'm very excited to get started on my journey so thank you in advance for any recommendations and advice you can provide!

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Originally posted by @Rob Beland:

This really depends on what type of real estate you are purchasing. If you are looking to invest an a rental property such as a duplex, triplex, or four-family, you should start with local banks and credit unions and see about getting pre-qualified. They will determine based on your credit score and income whether or not you qualify for a mortgage. You can then go out and research properties. Once you find a property and finalize the deal, they will likely verify your income, credit, etc... to be sure nothing changed drastically. If you are looking to invest in 5 units or up, it's a more involved process but the first step is still getting pre-qualified. You can get pre-qualified by more than one bank at the same time and it will not negatively affect your credit (it shouldn't anyways). If you are looking at getting into flipping houses, the banks are going to be less likely to finance you since you have no experience so you will likely need to look for private financing or take money out of a 401-K or go to a hard money lender (they will either charge you crazy interest or not lend to you but I'm not really sure since I'm not too familiar with hard money lenders).

As far as banks/credit unions vs. mortgage brokers, the rates should be comparable but you likely have a relationship with a local lender which should help your case. The mortgage brokers will likely have access to more funding sources and can probably get more creative with the financing than a local bank or credit union.

Can you provide more details on your situation?

I'm planning on doing out of state buy and hold, SFRs and possibly 2-4plexes. Thank you for the advice! I don't really have any relationships with local small banks or credit unions. Do you have to be a member before asking a credit union to get a quote?

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I'm a brand new investor. Have never bought a house and am completely new to everything including financing.

1) What's the best way to look for a mortgage? I've heard banks, credit unions, mortgage brokers, mortgage banks? Are brokers more expensive?

2) Has anyone used Zillow's mortgage preapproval thing? What was your experience like?

3) Do pre-approvals expire if you take too long to find a property? What's the time limit? I'm scared of not being able to find a property fast enough after getting a pre-approval.

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If I'm in Southern California and I'm looking to invest in New York, do I approach banks and brokers that are here in CA, there in NY, or does it not matter?

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Looking for an accountant that specializes in real estate investment to advise me on the best business entity to form for tax and liability purposes, aggressively find ways of saving me money, as well as possibly do my taxes next year.

I am just getting started in REI so I could use a lot of advice in this area. My focus would be buy and hold out of state.

I don't even own one property right now and am not generating any real estate income yet, so I hopefully don't want to overpay in CPA fees.

Any recommendations in the Socal/Orange County areas?

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All Forum Posts by: Jeff L.

Jeff L. has started 51 posts and replied 108 times.

Post: What's more important to you, cash flow or COC return?

Post: Portfolio or regular lender who will do <$50k loans in Indianapolis or Southern California

Post: Portfolio or regular lender who will do <$50k loans in Indianapolis or Southern California

Post: Indianapolis - Out of state investor looking to build a ground team

Post: Indianapolis - Out of state investor looking to build a ground team

Post: Indianapolis - Out of state investor looking to build a ground team

Post: What's the best way to look for a mortgage lender today?

Post: What's the best way to look for a mortgage lender today?

Post: Investing out of state - look for mortage banks/brokers there or here?

Post: CPA recommendations in Orange County, CA?