All Forum Posts by: Jeremie Torres

I heard from someone that there isn't a bad real estate business, it's just a bad real estate strategy. 
Considering the factors of inflation and rising rates, what do you think will be the best and worst strategy for this year and the next?

I hear a lot of folks making a move to the commercial apartments and even BRRRR are going to roar back.

But what do you personally believe would be the best and worst strategy for this year and the next?

Thanks! I hope to learn from you all. 
 

Hello colleagues, 

I'm reaching out to those who have experience renting their units to a transitional housing organization. 

A medical facility that caters to mental disability who also provides housing for their patients reached out to me and wants to rent my available unit. 

I'm hoping to get some guidance on how to go down this route as this is not going to be a regular type of tenant. They'll be placing a max of 4 patients in my unit and a rotating staff round-the-clock to oversee the patients. They will be responsible for the repairs/maintenance and insurance. 

My question is, do I have to modify my insurance coverage to match theirs? And if anybody has a copy of a lease that they don't mind sharing, I would more than appreciate it. 

Thanks, all. 

Jean, where is the property located? If it's in Manila, I may have a property management for you. 

Hey, @Harold Gontz congrats on this! Great job!

Do you mind sharing a bit more info on the numbers? ARV, remodel cost (Was it covered by HML?), holding cost, rent rate, expenses, etc?

Thanks.

@Christopher Grant reach out to @Tim Jacob or @Stephen Kehoe

They’re as local as can be.

@Frank A Castro

Let’s do worst case scenario of you not getting out of the lease on time. Would you be able to persuade the leasing office to extend with a reasonable amount? Maybe try to give them a sign that you’re servicing our country that a little break from them could go a long way? Thank you for your service wholeheartedly btw!

As far as the agent, switch with a real investor type. Many obvious reasons why but here's one; I was in your shoes just a few weeks ago. All of my clean and overbid offers were declined. But I finally found one! How? My agent had a listing of his own multifamily unit that was under contract but fell apart cos of the first buyer's financing didn't go through. So before he put it back in MLS, he gave me first dibs on it and made an offer on it right away. Essentially an off-market deal. Now I'm under contract.

Does the wife up to the task of taking over your interest when it comes to RE investing? Maybe when you’re deployed, she can be your “boots on the ground” while you’re away?

Main thing is not to rush this whole thing. But settle with apartments first see you can work it out with them. Or maybe move to another apartment that can accommodate you and be more flexible with your deployments and statuses. Just some things to consider if it goes down the wire.

Wishing you good luck!

@Stephen Day

This has FHA strategy all over this.

3.5% down payment. Make it your primary house hack. Rent the other unit long term or even short term if inside the city.

Another thing about FHA, if your next property is 100 miles away from your first FHA loan property, you can use it again. Another low down payment potential property.

If you want listings from MLS, I know a great agent who I'm working with right now who has 60 doors himself in and around Bmore city. So I'm confident he knows what he's doing.

Hey there @Julie Hartman. Yeah, I inquired about this before in our local FB group. Very same thinking as you did. But apparently, squatters have some sort of protection especially when they have the keys to the door and have personal belongings inside. If someone is caught in the act breaking and entering a property, that'll be a criminal charge of B&O. But if someone's been living in a property, even without a lease, the police won't kick them out. The best the police can do is to advise the landlord to go through court proceedings which is really irritating for me (And I'm not even in the situation, just thinking what if this would happen to me/my property). 

@David Johnson sorry to hear you're in this situation. I guess just try to start to file as soon as you can. I believe it's called "wrongful detainer". And to the same sentiment, offer to find him another place to stay -the same effect as cash for keys-. 

Good luck my friend.

The way I see it, it doesn't matter which side of the states you pick. Learn the market, learn the rules, learn the tendencies and learn the workaround on them. If Baltimore city or the whole MD state is really a bad state to invest in cos of how tenant-friendly it is, then there'll be nobody investing in here and have made themselves wealthy. 

Point is, we'll run into an issue with tenants no matter where in the DMV or any states if we don't screen them well. Sure, some bad tenants still make it through the cracks but it's proven that you have a better chance of putting the right one in your rentals if you screen them thoroughly. 

I say learn more about the surrounding markets and define where you really wanna be in and then focus on that. RE investing horizon is so wide, if you don't narrow it down, you're gonna have a hard time making a move. So, let the information come to you and parse them really well. Then make a decision on where you really wanna focus on to get started. 

If you'd like to chat a bit, I don't mind at all. Get at me anytime. 

Good luck!

What @Russell Brazil said. 

But at this market, I would focus on flipping as the market is crazy insane. People are buying houses, sometimes even when the flip is not even 100% done. Once things are back to normal, like when the moratorium can't protect these bad tenants anymore, I would focus on rentals. 

Flipping these days may just give you that capital that you may need later on to get your rental fleets. 

If I didn't have a family and not in this soon-to-expire lease apartment, I would be, 100% flipping my way through for the next couple of years. But since I have both, I have to find a multifamily unit to house-hack just to get outta this apartment so I can at least get started in the meantime. 

A $0.02 from a newbie.