All Forum Posts by: Kerlous Tadres

I’d recommend checking local real estate investor groups or property management companies for trusted contractor recommendations. You can also search Google and Yelp for highly-rated handymen. In my experience, networking with other investors is key. I have a list of contacts that I can share with you if needed.

Hey John, I would recommend hiring an outside project manager. This can save you time, reduce stress, and help keep your projects on budget and schedule. It's worth the investment if you're looking to scale without the headache of managing the renovation process yourself.

Hey Eimen,

In my opinion, the best way to approach this would be to get a rough estimate of the repair costs. If you’re pressed for time, you can try reaching out to a contractor for a quick ballpark figure on the plumbing, electrical, and roof work. If that’s not possible, I’d suggest looking at similar properties in the area that needed similar repairs and using that as a guide.

Once you have an idea of the costs, subtract them from the property's after-repair value (ARV) to come up with a fair offer. It's always good to leave a little room for unexpected expenses too.

Hey Rohan, a house hack could still work if you're able to find a good deal in your area and manage the property well. But with the right strategy and location, out-of-state investments might offer better cash flow and higher returns, especially if you're willing to put in some research and manage remotely.

Hey James! It’s great that you’re out there touring properties and learning. I’d recommend asking about the property's overall condition, especially the roof, plumbing, and electrical those can be big-ticket repairs if something’s off. Make sure to ask about the current rent for each unit, any vacancies, and how long the property’s been on the market. Another important thing is to ask about the operating expenses taxes, insurance, utilities, and maintenance so you can get a sense of the ongoing costs. Lastly, ask the seller how long they’ve owned the property and if they’ve had any tenant turnover issues.

Hey Aloha,

Congrats on your plans! If you're looking to house hack with little down, an FHA loan with 3.5% down could be a good option, especially with a co-signer. Even without a stable income, a strong co-signer can help get you approved. Focus on properties close to campus with solid rental demand. I'd suggest talking to local lenders who are familiar with student loans for more tailored advice.

Hi Jen,

Welcome to real estate! Turnkey properties can be a solid choice for beginners, as they provide a move-in-ready option with less upfront work. I’d recommend connecting with local real estate agents or property managers who specialize in turnkey investments. They often have access to reliable properties and can help you avoid scams.

Additionally, I’d suggest checking the local rental market, ensuring the property will generate consistent cash flow. Look for areas with low vacancy rates, strong rental demand, and future growth potential. 

Hey Michael, using a VA loan is a great way to start building wealth in real estate. I would recommend considering house hacking as a strategy, especially with a duplex or fourplex. You can live in one unit and rent out the others, which can help you cover your mortgage and create cash flow. This also allows you to build equity over time without having to pay full rent or a large down payment.

In terms of markets, I’d suggest looking for areas with solid rental demand and future growth potential. Areas close to military bases or strong job markets tend to be great options for this. If you're open to multi-family properties, you might also want to explore partnerships with other investors to leverage resources for larger deals.

Hey Andrew, In my opinion, moving to another state for a year to buy a multifamily property as your first real estate investment can be a great strategy, especially if you're taking advantage of FHA and HUD incentives. I would recommend focusing on markets with lower property prices and higher rental yields than California. Look into places like Ohio, Texas, or Pennsylvania, where you can find more affordable properties and solid rental demand.

As for Section 8 tenants, while there are definitely benefits like guaranteed rent payments, I would also advise carefully screening tenants. The key is to have a strong property management plan in place to handle any issues that may arise. The risk of a bad tenant is always there, but with proper tenant vetting and good communication, the benefits can outweigh the risks. In my experience, Section 8 can be a reliable option if managed correctly, but I would recommend ensuring you're fully prepared to handle tenant needs and compliance requirements.

Hey Hiyun, for Cleveland, I'd recommend targeting neighborhoods like West Park, Old Brooklyn, and Detroit Shoreway for solid cash flow and appreciation. When choosing a real estate agent, look for someone who works well with out-of-state investors and understands Section 8 properties. For inspections, go with companies that offer detailed video and photo reports to help you evaluate remotely. I’d also recommend finding local lenders who are familiar with investor loans, multi-family properties, and rehab financing. Lastly, make sure your property manager has experience with Section 8 rentals and managing properties for out-of-state owners.