All Forum Posts by: Jordan Ray

Good advice! You would think that this would be obvious, but it's not (for newbies)

And don't be afraid to p*ss off the seller....on the last house I bought, I offered $60k less, and the sellers got irritated/insulted and refused to even counter. Fast forward a few months and guess what I got the property for? Yep.... that exact same price.

So, yes, offer what your budget allows and if the seller says no, just move on. But you have to be somewhat reasonable, meaning don't offer $100k on a $500k house :-)

Greetings from Los Angeles, CA!

I’ll be brief. I am extremely outpriced in my market, and I am a first time home buyer. I am looking to purchase a multifamily out of state. Most likely Indiana. I am pursuing Fannie Mae’s 5% Down Multifamily Loan. I know the loan requires you to live in one of the properties for at least 1 year. I currently hold two jobs in LA and was hoping to manage the property remotely. I can offer more than 5% down. And also, would I have to be employed in the state that I am applying for this loan? The loan officer that has been coaching me is saying that I would have to show proof of employment in the state I purchase the property in. Anyone have ANY experience with this loan type? Is this loan possible for an out-of-state purchase?

This past weekend I was driving with my mom and daughter looking at properties in the Memphis Area. Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property. Could use some work, good bones. Fast forward, I called the agent this morning. I informed the agent that I was a wholesaler. I was informed that the property is held in a conservatorship. While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation. Can I just birddog the situation, step out the way, bring the buy and asking for a referral? or partner with a buyer for a flip? 

Just curious has anyone been a situation like this before. 

HI There;

There are two properties built in 1894 located in South Orange, New Jersey. 
Blocks away from Seton University, one with 11 bedrooms and 4 baths and the other with 14 bedrooms and 4 baths.

Both show signs of deferred maintenance but one more so than the other.  The couches and other furnature are outside on the porch, trash piled up, broken floor tiles and unkept yard. 

The sellers says it's just college boys and that's to be expected.

He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.

We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.

However, my questions are;

Is this a norm for college students, or student housing? 
Will they continue paying market rent for a mismanaged property. 
Are there great property managers that specialize in student housing properties?
Is a shared bathroom common or should we add more?
Are they profitable?

Student housing would be new for us and it may be better for us to stay in our lane, but... you never know.

Thanks for your feedback!

Desiree

I've been working with a contractor on some renovations and they are threatening to take me to court.  We do not have any signed contracts in place.  What we have is a good spreadsheet with a list of tasks, and as they perform the tasks, I've been paying him via Zelle.  I did not pay him the final amount (less that $2K) because he did not finish the job according to my satisfaction.  Can he really take me to court when we do not have any contract in place?   I live out of state from my property. What should I do?

Hi everyone,

My name is Celine, and I live in Los Angeles. I've been learning about real estate investing and am ready to take action on my first out-of-state property using the BRRRR method (with plans for short-term rentals). I have enough cash to invest and am considering cities like Indianapolis, IN; Cincinnati, OH; Cleveland, OH; Atlanta, GA; and Charlotte, NC.

I’m looking to purchase houses around $300K, with the intention of fixing them up. For experienced out-of-state investors, where have you invested? Which cities and areas do you think have the greatest potential for appreciation?

Thanks in advance for sharing your insights!

Hi!

I am starting out newbie, have young kids, have been a homemaker, but now want to do more for the family financially while also being available for my family. After reading & researching, I have decided to take the real estate route, read 'Rental Property Investing" and came out with the plan to buy single family homes LTR cash flow. I live in California, but being the market it is, I want to invest outside. I have garnered a 50K to get started, I am having difficulty choosing markets, although I have shortlisted it to be a 'landlord friendly state". It looks so wide and vast, I am overwhelmed and don't know where to start. I have been reading the forums out here but how should I narrow down to that one market?

I also tried biggerpockets/wheretostart, but for some reason the .xls would constantly keep opening skype files. What am I doing wrong here?

What should be my next step to narrow down and research?

I am also beginning to talk to CPAs and attorneys, but not sure What all questions I should have cleared at a minimum, to confidently take the big step.

I may be over thinking, but I think it is also the cautious me who does not want to screw up financially in my desire to help the family financially.

If I'm a first time rental investor, will I be able to hire a property manager to help me with research, etc. prior to getting my first property or will they only work with you if you already have a property?

Hi BP Community,

I’m looking into my first out-of-state multi-family partnership with someone that already has experience in the local market and connections to the operational teams required to make out of state investing successful. I am debating using my local lawyer vs. finding a lawyer in the state where the property is located. Is it too much of a hurdle for the Local, Esq. to review the local law? Obviously this depends on whether Local, Esq. is willing to do it (and whether there is a state-specific bar requirement just for this type of work), but I want an outside perspective first.

Thanks,

Looking in Baltimore