All Forum Posts by: Jim Reynante

Quote from @Jim K.:

Call them, make an appointment, go over there with your wife, knock on the door, and introduce yourself. Sit down at the table and talk. These people have just seen the ownership of the roof over their head change hands. They are understandably nervous about the future and their housing security. A letter of introduction from an absentee landlord is the last thing that they need.

Agreed, the only exception is when buying out of state. I have purchased several properties in other states without seeing them in person. In those cases I ask the seller to introduce me to the existing tenants via phone or zoom call. I share my contact info, let them know about the transition in ownership process, how I operate, what they can expect, etc.

Welcome @Mukund Raghav Sharma! I also live in San Diego. I've got several rentals here, but exploring other states because I think that there may be better investment opportunities that fit my criteria.

I agree with @Caleb Brown, and hang on to Rental 1. You've got a good rate and it cash flows which helps to subsidize your current expenses. It is true you could net a pile of cash ($70K) by selling it, but then what would you do with the cash? And then you also lose having Rental 1 subsidize the payments for Rental 2.

If it was me, I would retain Rental 1 and keep collecting the cash flow and appreciation. Maybe 1-2 years later sell it when rates are lower (hopefully!) and the net would also potentially be higher.

I used to owned a rental in Texas for 5 years but eventually got out because the numbers did make sense for my situation. The property taxes were too high and eroded the net return substantially.

For a while I was "Holding and Hoping"that the situation would improve, but the appreciation and rental income just inched up.

Looking back, I wish that I had sold sooner and taken the profits for investing in a different area.

I am hoping to see opportunities for purchasing during the winter.

My thought is that the general population waits until AFTER the holidays and winter weather before taking action. This includes sellers (they may believe that homes get priced higher in the spring) and buyers (wait until after the snow melts to get boots on the ground to visit/view properties).

There may be less sellers, but there is possibly less buyers as well and I'm hoping this minimizes the "Supply vs Demand" effect.

If I can get into a property during the winter that has value and is cash flowing, then it is just another day in the office.

Are there advantages or disadvantages to buying properties in snowy markets during the winter season, and how do these factors impact the overall property value and investment potential?

I am looking for some out-of-state rentals , but wondering about the pros and cons of purchasing in snowy markets during cold/freezing conditions.  Some questions cross my mind, including:

* Are sellers waiting for warmer weather because they think they can get a higher price?  If so, there is less supply so it could affect prices.

* Does the cold/snowy environment affect property inspections? Does it hide problems? Are inspectors less thorough?

Anyone have experiences and/or thoughts to share?

@William Fruman - When investing out-of-state, it can be difficult for the owner to visit the target area (e.g., too far away, can't get time off work, too expensive to fly). So in those situations, the investor will want a team that is local and knowledgeable of the market... these individuals are known as the Core 4:

1 - Real Estate Agent

2 - Lender / Mortgage Broker

3 - Property Manager

4 - Contractor / Handyman

In many of the BP books, podcasts, YouTube videos, webinars, etc... they discuss the importance of having a team whether investing local or remote. 

Looks great, congrats on the successful BRRRR

@Jeremy Tanner - Hi and welcome to Bigger Pockets. BP is a wealth of information, and being a Pro member does give you access to additional resources.

To answer your question, check out the top menu bar and you will see choices:

Learn   Tools   Build Your Team   Pricing   Find An Agent   Find A Lender 

Move your cursor over the "Learn" menu item, which will reveal a pop-up submenu. Under "Resources & Media" you'll see links to Exclusive Videos, Webinars, Podcasts, etc.

Hope this helps! 

Of course the Bigger Pockets community is the first place I would look to for recommendations on team members. Back when I started, here are the steps I took to build my "Core 4" team:

1 - I first connected with a lender that got me pre-approved. I told them my budget, my strategy (BRRRR, Fix & Flip, STR, LTR), and the area I was focused on.

2 - My lender was also an investor and familiar with the area, so I asked them for recommendations for agents, property managers and contractors/handyman.

3 - I interviewed everyone and I also asked them if they had recommendations.

4 - All of the interviews are time-consuming, but it is all part of the process. 

Hope this helps... Good Luck to you!