All Forum Posts by: Kristin Riker

Hello RE investors!

I am pretty excited to announce that after close to a year of being in Analysis Paralysis, I have had my offer accepted and am currently in the process of possibly closing by the end of the month (CUE THE PANAIC ALARM).

I feel extremely comfortable in the property I have located, the town it is in, and the property itself. It's a SFR (2023 build 3/3) and my goal is a LTH (long term hold) to concentrate on appreciation and gradual rent increases. I've done my research on the property and area which included medium household income, population growth, economic growth and movement, county taxes and business developments (permits for new houses and businesses applications), unemployment, crime, and YoY house values.

I feel great to get this 1st investment with some sweet benefits in just the closing. I closed on the deal at 370K, asking was 400K and comps provided support an appraisal of 425-450K, which generates an instant equity of up to 50k (obv with the appraisal). I also was able to negotiate a 2% seller credit and 1% agent credit that I will use towards closing cost.

In terms of rents/cash flow, I will be about $50 - $100 in the red the first year or so but I have accounted for that in my savings as well as for all other expenses (Capex, Vacancy, Insurance, etc.). I am willing to take that loss in exchange for the instant equity and potential appreciation and slow rent increases that will have me cash flow positive in 2 years max. It was difficult to find a cash flowing property in the Class B area that I was looking at for a property that is only 3 years old.

I'm excited and extremely nervous all at the same time, but I feel that is to be expected being that I am finally off the sidelines and in the game.

I am going to be a O/O/S investor, I live in NYC and being that the property is in Texas I gave serious consideration to hiring a PM. When it came down to it and after to talking to my agent, who is truly amazing and someone I've learned to trust, we went over the pros and cons of self-managing a 3-year-old property and if I really needed to pay additional funds that would cut into more profits to hire a PM.

I've decided to hire a leasing agent to do the tough part and find and vet a tenant and decided to self-manage the property. This is where I would love the help and advice of the BP community. I've started to read article after article and post after post about Real Estate Accounting software and PM software. I would really love some advice, suggestions, and recommendations for both. I know it's just one property, I've heard all types of advice from just using Google sheets, to Buildium and other companies like Doorloop.

In terms of accounting software, I want something to help me keep track of everything and provide P/L's, track of receipts, etc.

I appreciate any feedback, advice, suggestions, or just comments as I've started my RE adventure, the 1st of many to come.

"One day, or day one"

Hello RE investors!

I am pretty excited to announce that after close to a year of being in Analysis Paralysis, I have had my offer accepted and am currently in the process of possibly closing by the end of the month (CUE THE PANAIC ALARM). 

I feel extremely comfortable in the property I have located, the town it is in, and the property itself. It's a SFR (2023 build 3/3) and my goal is a LTH (long term hold) to concentrate on appreciation and gradual rent increases. I've done my research on the property and area which included medium household income, population growth, economic growth and movement, county taxes and business developments (permits for new houses and businesses applications), unemployment, crime, and YoY house values.

I feel great to get this 1st investment with some sweet benefits in just the closing. I closed on the deal at 370K, asking was 400K and comps provided support an appraisal of 425-450K, which generates an instant equity of up to 50k (obv with the appraisal).  I also was able to negotiate a 2% seller credit and 1% agent credit that I will use towards closing cost.  

In terms of rents/cash flow, I will be about $50 - $100 in the red the first year or so but I have accounted for that in my savings as well as for all other expenses (Capex, Vacancy, Insurance, etc.). I am willing to take that loss in exchange for the instant equity and potential appreciation and slow rent increases that will have me cash flow positive in 2 years max. It was difficult to find a cash flowing property in the Class B area that I was looking at for a property that is only 3 years old.

I'm excited and extremely nervous all at the same time, but I feel that is to be expected being that I am finally off the sidelines and in the game.  

I am going to be a O/O/S investor, I live in NYC and being that the property is in Texas I gave serious consideration to hiring a PM.  When it came down to it and after to talking to my agent, who is truly amazing and someone I've learned to trust, we went over the pros and cons of self-managing a 3-year-old property and if I really needed to pay additional funds that would cut into more profits to hire a PM.  

I've decided to hire a leasing agent to do the tough part and find and vet a tenant and decided to self-manage the property. This is where I would love the help and advice of the BP community.  I've started to read article after article and post after post about Real Estate Accounting software and PM software.  I would really love some advice, suggestions, and recommendations for both. I know it's just one property, I've heard all types of advice from just using Google sheets, to Buildium and other companies like Doorloop. 

In terms of accounting software, I want something to help me keep track of everything and provide P/L's, track of receipts, etc. 

I appreciate any feedback, advice, suggestions, or just comments as I've started my RE adventure, the 1st of many to come. 

"One day, or day one"

Hello all,

Extremely frustrated with the current market here on Long Island. I have dropped letters in countless mailboxes, make offers almost weekly, have attempted a seller finance deal all to no avail.

I'm looking for wholesalers WHO I CAN BUY FROM.  All the advice I have received has pointed me to faceless companies that buy houses cash but none that I can buy from.  I'm looking for something as is.  Does anyone know of any wholesalers who are looking to turn a property over? 

Thank you

Good Morning,

I have been after this abandoned/vacant property that would be a great house hack for me.  The lawyer who I sent a previous offer to advised me that his office no longer acts as the agent for the property, he gave me the new attorneys info and also stated that the lender is Kondaur Capital.  I have yet to find anything except a generic phone number for Kondaur.  I want to send another offer for this property but I am unsure where to send it.  From my minimal research Kondaur Capital buys notes? The previous resident says his mother had a reverse mortgage and then passed away and Kondaur took over. Just trying to get a contact or phone number or even email for Kondaur, any help would be appreciated. 

Thanks BP

Hello All,

Does anyone have an PM recommendation for Columbus?  I am just beginning my search (single family, small multi) now but would like a starting point to begin vetting some companies.  I'm an OOS investor so tryingto build a solid team.

Thank you,

Kristin Riker 

@Michael Dumler Those doom and gloom folks are already investors in my area. It's hard to even ask questions without the conversation turning to 'this market sucks' and 'this state sucks' etc etc I went to an auction where the entire group started chatting about how there all hit with exorbitant fees from the townships they are flipping in.  

Hello BP community,

My name is Kristin Riker. I sold my first, primary residence in July and moved back in with my parents. I netted a great profit off the house and have been consuming any and all books,podcasts and solid online content about Real Estate since. I live on long island and need to stay here for my job. My 2023 goal was to find a house hack on long island and a single-family rental property out of state. Is this to ambitious? A lot of investors I speak with, especially ones on Long Island, are all doom and gloom. I am looking for a distressed house on Long Island , attending auctions, dropping letters in mailboxes, skip tracing and contacting owners and attending my local REIA meeting. I try to network and pick peoples brains and a lot of the consensus I get is that it is a 'bad time to get started'. Getting frustrated. I don't know if I am asking for too much or if I should just keep saving and wait. Frustrated, because I want to get started and I'm worried that the longer I wait the more time for analysis paralysis to set in.

@Eliott Elias

-House has been abandoned for ten plus years (spoke with three different neighbors )

-made contact with previous owner via letter and calling , he was estated the house and defaulted on reverse mortgage , states he has nothing to do with the home currently 

-contacted tax assessor taxes are current and paid for by a debt management company I’ve contacted them they won’t give any information 

-made offer through lawyer which was received but haven’t heard anything for about two months  , when I follow up with lawyer he states I’ve retained counsel and can’t speak with me can only speak with my lawyer 

my question is are there any other avenues I’m missing 

@Jaron Walling I already sent an offer over to a lawyer I found listed as 'trustee'.  I can have someone reputable run title for me for a small fee ($60, the county I am in makes running title a little difficult).  Do you think its worth it just peace of mind knowing my offer at least went to the right place.  At least they can tell me who is on the deed and potentially give me a new lead.  A lot of detective work in this stuff.  

@Jaron Walling From what I gathered from a few neighbors, it was a reverse mortgage and the owner passed and her kids inherited the house.  I believe they began defaulting, hence the debt management company paying the taxes (plus the son telling me he had 'nothing to do with that house).  I'm trying to buy one of these houses at ground level and seem I can't break the barrier to entry.  I don't know if there are just too many people in my area with better contacts and more cash but seems like these houses get scooped up before a newbie like myself can even begin to get involved.