All Forum Posts by: Julia Fair

That is definitely an option. But then we have to think...do we try to get market value and possibly sit on it or try to find a wholesaler to sell it to?

We have considered it, yes. We're just trying to do a cost/benefit analysis of the headache of doing this long distance vs paying fees associated with selling it and then buying in my city. Plus the market seems pretty positive in both locations of the houses. 

Will definitely be breaking the payments up. I do that for any project even on my personal home. 

Thanks os much for your response!

My husband is inheriting two homes in two different states. One is a bedroom community of a large city, so property management shouldn't be an issue. The second one is pretty much in the middle of nowhere. Since both are free and clear, we intend to renovate and rent. Not sure if we'll take a small loan for the renovations and that be the 'mortgage' we pay off, or if we'll pay cash for it. 

Bedroom city house requires a medium rehab. Full kitchen and 2 bath reno, paint, floors, and landscaping. Currently, tax assessment has it valued at $125k. So while property management shouldn't be an issue, someone to oversee the renovation will be an issue. My in-laws can go up maybe twice a month to check on things, but they certainly can't be there every day to oversee. What type of company should I try to find to help with this? 

Middle of nowhere house is 5 min from a major lake and is great for vacations and/or a tenant who likes boating. Not sure what it's valued at right now, but it's a larger house and needs less work. Mostly cosmetic. Floors, paint and maybe new backsplash in the kitchen. Again, we need someone to oversee the renovation and someone to do property management. I've found one company online, but they don't show up in the NARPM. So I'll need to look for both types of companies. How the heck do you do that in such a small town? The closest large town is 1.5 hours away. Again, In-Laws would be able to check in on it a couple times a month, but not be there for the long haul. 

What would you recommend? 

1. Small loan vs. cash (that's part of the inheritance) for renovation

2. What type of company to oversee renovation in Bedroom community

3. How to find renovation overseer and property management in very small town?

I'm curious how RE Attorneys are paid? Is it an hourly rate and you use them when you need them? Retainer? Percentage of the deal?

@John Hovanec Absolutely considering it! I need a 3 bedroom, whatever I end up in!

@Miranda Simon Thanks, I appreciate it! Relisting this week with a 5k price reduction. I don't want to go any lower so we can make a little profit to put towards either our next house or an investment.

@Chauncey Perkins man, i wish. We're priced well within comps. All the feedback we get is that everyone wants the master down. We have 4 bedrooms up. Not much we can do about that without renovating and pricing ourselves out of the market.

@Miranda Simon Got it. What I think is my mentor is also fairly new in Atlanta. All of his portfolio is in Florida. Not ideal, but at least he has more experience than we do!

Also, I just moved from Houston a couple months ago. Still trying to get my stupid primary residence sold. It's been on the market since March. Absolute killer. 

Originally posted by @Miranda Simon:

Originally posted by @Julia Fair:

Originally posted by @Miranda Simon:

Originally posted by @Julia Fair:

Originally posted by @Miranda Simon:

@Chauncey Perkins welcome to BP! I’m new to the world of Real Estate Investing. 

I can relate to being anxious about making a switch over. It took me 3 months of study with mentorship before I became comfortable and ready to roll. 

The best advice I received at the beginning, which I have not heard anyone so far mention, was to first become “legal and compliant”. Real Estate investing is a very legal intensive business. If you start-off becoming legal and compliant you are less likely to have issues down the road. I obtained my own Real Estate Attorney first. I like smooth sailing. 

One last tip to consider “OPM” seek to invest using “other people’s money”.

All the best to you in your journey!

Miranda, who do you have on your team? I see Real Estate Attorney. I'm thinking I need one of those, a CPA that deals with REIs, a financial planner, a project manager and a property manager. 

I’m in Texas so my attorney is based in the Dallas, TX area. 

My team consist of a RE attorney, Loan Brokers, VA's, Courier, Notary and soon RE Broker. I'll also work on having an acquisitionist in place once I'm bringing in revenue. My husband and I are the marketing team as well as the negotiators.

This is the first i'm hearing of an acquisitionist in RE. I understand what the term means, but not in the RE world. Will they be the one finding the deals for you? What does your VA and Courier do for you? Do you two work a FT job? And for your notary, do you have a reason for going back to the same person, or is that just for ease? We've always used whoever Chase Bank had available at the time.

 My husband works FT, I’m a stay-at-home mom. Our goal is to both be in RE full-time. 

We, meaning my husband and I, market for our deals. We are online marketers by trade. We also market via our vehicles. 

Having VA's, and courier is our way of delegating the workload. Our VA's handle all calls from both buyers and sellers. Our courier, will visit the properties, take photos, get our agreements signed, basically whatever is needed.

Our notary is for convenience also. Our notary will accompany the courier to notarized any documents we need notarized. 

We prefer running our business like a fine-tuned machine and the best way to do that is to have a system in place that everyone understands and follows. All work is delegated to make things run more smoothly. We’re less likely to burn-out.

That is SUPER interesting. How long into doing REI did you get these systems in place? My husband and I both work FT and our first goal is to get enough monthly cash flow to replace his gross salary. I'll keep working and carrying the insurance until a much longer-term goal is met. But I really want to 'start as I intend to go' and I love systems.

Originally posted by @Miranda Simon:

Originally posted by @Julia Fair:

Originally posted by @Miranda Simon:

@Chauncey Perkins welcome to BP! I’m new to the world of Real Estate Investing. 

I can relate to being anxious about making a switch over. It took me 3 months of study with mentorship before I became comfortable and ready to roll. 

The best advice I received at the beginning, which I have not heard anyone so far mention, was to first become “legal and compliant”. Real Estate investing is a very legal intensive business. If you start-off becoming legal and compliant you are less likely to have issues down the road. I obtained my own Real Estate Attorney first. I like smooth sailing. 

One last tip to consider “OPM” seek to invest using “other people’s money”.

All the best to you in your journey!

Miranda, who do you have on your team? I see Real Estate Attorney. I'm thinking I need one of those, a CPA that deals with REIs, a financial planner, a project manager and a property manager. 

I’m in Texas so my attorney is based in the Dallas, TX area. 

My team consist of a RE attorney, Loan Brokers, VA's, Courier, Notary and soon RE Broker. I'll also work on having an acquisitionist in place once I'm bringing in revenue. My husband and I are the marketing team as well as the negotiators.

This is the first i'm hearing of an acquisitionist in RE. I understand what the term means, but not in the RE world. Will they be the one finding the deals for you? What does your VA and Courier do for you? Do you two work a FT job? And for your notary, do you have a reason for going back to the same person, or is that just for ease? We've always used whoever Chase Bank had available at the time.