All Forum Posts by: John Turner

Hi @Curt Davis,

Thanks for looking this over.  I am also looking in Memphis and have been reviewing your youtube videos and your website.  You have good reviews and mentions on here.  I hope we can touch base with you some time.

Thanks @Brent Coombs, I appreciate the input. It is a duplex. I looked at comps in the area and the ARV does appear to be accurate. The renovation costs are according to the seller so that may be where the discrepancy is. I am aware the ARV could be inflated and the reno costs could be underestimated.

I will be utilizing a turnkey operator/property manager out of Cleveland to give me some advice. 

I'll be calling about the numbers tomorrow.

https://www.biggerpockets.com/calculators/shared/400457/4ee576e0-3d59-4320-97af-b59ae5aabdbf

So this is the deal I have come across.  I estimated the management expenses.  It is supposed to be turn key but I have not been through the property.

Any chance a lender will do the deal with 100% financing given the ARV? That is what I based my numbers on.

Thanks @Josh Compton.

I am looking in western NC, right near the TN border.

Not sure how to proceed due to being a Canadian investing in the US.

How do I find the market comps for my deal proposals to my lenders? Is Zillow reliable?

How do I find market rents in certain areas to analyze my deals?

I've identified 2 properties I would like to pursue further. I need help with my next steps.

Property A:

Foreclosure with a "gun aggessive" tenant according to the real estate agent. I don't know if the inside of the house is in any decent shape because of the tenant. There's no pictures. That being said, the land and established septic and water would be worth what I will offer. 

My question is, how do I offer to buy the property? Can I make it contingent the tenant is gone? Adding to that, I would be fine to pay the tenant say $500 to leave the place in good shape. Can I put that in the offer?

I know I could make the offer contingent upon inspection but they would have to get him out for us to inspect I think. Advice gladly welcomed. This is a property in the US and I am investing from Canada.

Property B: 

This property is vacant and the information says it is down to the studs. It has been empty for some time. The listing is gone. How do I find out who owns it?  This is a property in the US and I am investing from Canada.

Thanks to anyone who can give me some tips on how to proceed.

welcome @Scott Carr

We've been looking into investing in TN. We're very familiar with the Maryville area south of Knoxville.

Congratulations on your upcoming close.

@Daljit Ajimal

Hi Dal

From my research, it depends on what kind of real estate investing you want to do and how much you want to invest.  I bought a book about Canadians buying real estate in the US and I am waiting for it to arrive. I think it will help me understand the tax implications better.

There are a couple of books on here and they also recommend some others in the podcasts. I have ordered 4 books from Amazon and the two or three they recommend on BP.

I would start listening to the podcasts and sign up for the webinars too. There is great advise in both of those.

Currently, we have a right to use deed in a resort that provides cabins as well as rooms in a lodge at the resort.

It's located int the Smoky mountains in an absolutely beautiful area in NC. We chose to purchase this after we vacationed there and realized the opportunity to make money and stay for free. This option was also attractive because of the easy maintenance. We pay our maintenance fees and I handle the bookings from home. We have 2 websites that connect me with people. I have a huge return customer base as well as capitalizing on the rallies held in the area.

The area has a huge tourist industry due to the roads and a local attraction called "Deal's Gap". It is also a hour and a half from Gatlinburg TN.

We quickly rented all of time on our contract and then bought 2 more contracts.

I now need more rental opportunities for my customers because I am once again out of time to rent out. So, we are expanding to buy a vacation rental in the form of an actual house.  It's a great market niche. 

I am researching the different properties in the area. Location and certain required amenities to satisfy my clients and the financing as a Canadian in the US has kept me looking for longer than I would have liked. But the opportunity to learn more here on BP has been invaluable.

So, we have been successful in this area and are still building our portfolio.

 Yes thank you. I'm still learning how to research these avenues.