All Forum Posts by: Joseph McCrillis

@Chris Coleman

Thanks for the response Chris.

I've asked a few lenders if they do more than one state and they often don't or do just a few, but not all three I'm looking at. By national Lenders are we talking about loans through the big 4 banks and are they as competitive as anyone else? If not the big 4, I'll take a name or two if you know any off hand?    

Thanks again!

I'm looking for a (2-4) Multifamily in 3 different states and I'm not sure what the best strategy is regarding the money. My financing will be different depending on the property (MLS vs off market).

Should I be connecting with Hard Money lenders that lend in all 50 states and then 3 different pre approvals with conventional lenders? That seems like the way to go, but it also seems a bit excessive. I assume finding a property then scrambling for funding will likely result in losing the property to someone who can close quickly. What's my best way to approach this?

A few details about my personal scenario...This will be my first out of state property. I intend to fly out and do/oversee any rehab needed so I will limit any foreseeable major work (structural) to be done. Cosmetic + at worst. I have family in these 3 states so I have a home base while we do a quick cleanup of the property. I won't be able to claim this as a primary resident. I'll aim for a conventional loan in all scenarios, but if I pick the property up via a wholesaler/off market I'll have to get a HM lender due to my personal cash restrictions.

Thanks!

I'm looking for a (2-4) Multifamily in 3 different states and I'm not sure what the best strategy is regarding the money. I might finance conventionally or purchase with Hard Money depending on the property I end up with. Should I be connecting with Hard Money lenders that lend in all 50 states and then 3 different pre approvals with conventional lenders? That seems like the way to go, but it seems a bit excessive. 

I'll use conventional wherever I can, but would only do HM if it's an off market opportunity that I really want. 

Thanks! 

@Jessica Williams I know I’m late on this....but I’ve been hearing good things about union city for quite some time. A few good anchor companies are based there as well, right?

Did you buy? If so, what has your experience been? If not, why not?

@Rachel Hughes

Hi Rachel, I’ve been Airbnb ing for years and have yet to get a bad review. I have to say that nothing and I mean nothing is more important than a great cleaner. If you can manage to find someone that knows the layout and set up, you’ve pretty much gotten a pm that lays eyes on everything. She tells me with pictures as soon as she walks in what damage she might have found etc. This person is worth taking good care of.

With that said, a WiFi thermostat is great so you can turn things off once people leave or prep it for those arriving.

I also really like the keyless entry that nest and Yale make. It’s a bit pricier, but it’s been my favorite so far. It has a camera so it’s like a ring, but in addition you can set a unique code for each guest remotely as well as an expiration on the code. You can give a handyman a unique code to get in once. You can see if 20 people are coming in the door when only 2 guests are supposed to be there.

Coffee maker, make it simple and throw in a French press for aficionados. Maybe a bean grinder (not necessary)...I don’t have one in my Airbnb’s.

Maybe a motion sensor or timer light to come on in the dark for guests who say they’re arriving at 2 pm but end up arriving after dark.

I don’t do this, but I think the idea is nice...a cheap old with videos on how to do things like washer/dryer, reset a breaker, dishwasher etc.

Where is your Airbnb? Link? I love Airbnb ing!!

Good luck!!

@Renee Ren

Hi Renee, I’m curious how or why you came up with these cities?

@Keith Anderson -How is your rootstock acquired home performing 3 years later?

@Linda Dalton I'm about to buy out of state.

@Jason G. -What's your opinion 5 months in?

Hi there, Did you use Roofstock? If so, what was your experience? 

@Anthony Dooley I hear ya loud and clear, but I've recently come across a couple of hurdles while searching in markets outside of my own. For instance I was looking at a duplex and since I would need a PM anyways, I started calling the local ones and vetting them. One question was how much each unit would rent for. The answers I got were inconsistent and not close enough to feel comfortable just picking a number in the middle. In this instance it would be nice to see what people are actually paying in the area. I know there are solutions to the above scenario, but I thought it would be nice if I found some hidden gem of a website that scraped that data somehow. 

I see your from Columbus Ga...an off market property came across my desk a few months ago. How's that market? Do you invest there?  

Regarding rentometer, rent.com, and the various MLS hosting sites that you can search for "rent". Who has the most accurate rent rates to do research with? Any site that does past rents ie. current ongoing lease prices?