All Forum Posts by: Kevin Hunter

@Juan Rivera, welcome to BP.  I would suggest listening to the BP Podcasts.  Many of them discuss out of state/area investing.  Then start analyzing markets, choosing one, and building your team: realtor, lender, contractor, property manager or reach out to several of the tk companies mentioned above.  Good luck!!

@Joe Patton, screen diligently and deliberately.  Don't rent to someone who doesn't have a job.  It stinks that they are in that position, but unfortunately for them that is not your problem.  People lose jobs all the time.  Yes right now it is happening more often, but it isn't anything new.  Trust your screening process.

@James Mcsweeney, I don't execute big upgrades like that while it is rented because it will absolutely disturb, and quite possible inconvenience the tenants.  What I would suggest is that you hire your contractor or architect to complete the survey, draw up the plans, provide the estimate, and then schedule it for the day the tenants move out.  This way it doesn't cost you too much vacancy time while it is being built.  Just another option for you.  Good luck!!

@Scott Benton, congrats on doing something that allows you to sleep better.  Congrats also for having the guts to put it out there for other people to comment on.  One of the things I love about real estate is why people do it and how people do it.  It is much like the cash flow question.  Do what works for you and makes you feel comfortable, happy, content, add your adjective in here.  Well done!

@Michael Morin, I invest upstate in the Fort Drum area.  Feel free to reach out!

@Kenneth Bray, looks like great deal.  I am located here in Carlisle although I don't invest here.  If you want to connect, talk real estate, let me know.  Congrats on the deal!

@Kristina Bayes, like anything else, you just need to factor it into the price and you will be fine.  Run comps for places with garages and places without garages, and adjust (lower) your price appropriately.  It is not difficult.

@Constantia Petrou, reach out to your PM and give him you concerns.  You should determine what you think a reasonable price should be that he does not need to contact you for.  In other words, he shouldn't have to call you every time he has to buy a ten dollar part to fix a leaky toilet  That would be a waste of his time and yours, and a discourtesy to your tenant.  Whether that number is $200, $300 is totally up to you.  Another way to do this is to look at what you budget for monthly repairs.  5%, 10% etc...  Have him contact you if it exceeds that amount.  All things for you to determine and let let him know what you want.  And next time you sign a contract with him, or someone else, makes sure it is specified in the contract......  Good luck.

@Randy Bates, we are definitely in an unusual time.  I will tell you that everyone has to start a some point, and constantly worrying about the current situation won't help anyone.  People were worried about investing in 2005 because the prices were too high, people were worried about investing in 2008 bc the market was crashing, people were worried about investing in 2014 because the market was heating up too much, people are worried about investing now bc of rent moratoriums and covid restrictions, people will worry about investing in 2022 for some other reason, just don't know what that is yet.  Buy at the right price, place the right tenants, all will work out over time.  

To your original post, your concern is placing tenants.  Make sure you screen them well, check their references, run their credit and background checks, due your due diligence, and make the most informed choice you can.  I haven't had any issued with tenants paying rent throughout this pandemic.  Not to say I won't in the future, but so far so good.  I own in landlord friendly and tenant friendly states with asset classes from A to B-/C+.  Again, it all comes down to deliberate and rigid screening and placement.

Good luck!!

@Ashley Perez, this depends a lot on your long-term goals. My long term goal is wealth that allows me to retire from the military and not need to work again. Based on my situation, I would suggest you go with option 1 or 2. However, saying that, sometimes folks get into analysis paralysis so if you think that is going to be an issue, the important thing is just getting started. I like the multi-family option for you for sure. Do what you are comfortable with and you know you will be able to get going. Another option is to buy a multi with the VA loan, get settled, and then use the career starter loan to buy a non-owner occupied investment property. Just food for thought. Good luck!!