All Forum Posts by: Mark Albini

@Stanislav Perevozchikov

OOS investing and picking an agent is tricky. You want someone who is experienced with the investing industry rather than just residential sales. Most residential agents don't like or want to deal with investors due to low commission on investment homes. I think my lowest commission after everything was like $250? Ha.

You also need an agent who have solid connections with commercial lenders, property managers, contractors, etc.

Also, you really need to weed out the commission chasers as they will pressure you into buying something that they'll make good money on rather than what is better for you.

My question I would ask them is, who is their general client? Is it a residential home buyer or investors.

Do they know a commercial lender who works with investors. If so ask questions like what is the interest rate locally on commercial loans, if they do investments that aren't cash, they should know.

Don't judge by years in business as some older agents don't want to do the legwork for investors anymore and some newer may be more eager.

Where are you investing OOS. Have you ever thought about Evansville Indiana. I am an agent here and licensed. I am also a avid investor in both rentals and fix n flips. Cheap to enter the game and great cashflow. I'd be more than happy to discuss with you more if you want

@Sean Rice Hey Sean! Congrats on starting to invest!

I would love to talk to you about where I live and invest in. Evansville Indiana.

I used to live in Oceanside California and flipped a few homes there. While the returns were great, it was so hard to compete and coming up with the cash for even a down payment was rough!

I have since moved to and became a licensed agent in Evansville Indiana.

I am helping my in-laws from California (Cathedral city, next to Palm Springs) and a few others from California build their rental empire out here.

Houses range from $15k (no joke) up to million dollar houses here. I stick in the 50k-75k rental market a lot.

If you'd like to discuss more , shoot me a message :)

@Jeff Young hello Jeff. Congrats on venturing out and starting to build your empire. Florida is beautiful, but unless you start out with huge amounts of capital, it's hard to succeed there.

I live and invest in Evansville Indiana, I am also a licensed agent here.

There is great ROI on rental homes here. About 20-30% annually.

And it is a low cost to enter into the game here. I work with a lot of out of state investors and would love to help you. Send me a message and we can discuss your goals. :)

@Nicholas Acevedo

Hello,

I would recommend finding a title company. Call them and explain your situation and ask them if they have any purchase agreements that work for a private transaction.

Alternatively you can search Google for a purchase agreement.

***I'm not a lawyer so please don't take what I say as law***

Basically have a document that states YOU are purchasing ADDRESS from THEM for the amount of $$$.

Any costs of closing including but not limited to title work, inspections, settlement fees, etc will be covered by either YOU or THEM

If there is an inspection period, how long do you have to do it and respond.

Who is paying for the current taxes.

When will closing be set to occur

What personal property is included in the sale. Like washer dryer etc

Who will order title work.

What type of deed you're wanting. I suggest general warranty deed

Once you have that all written and signed. Send it to your new contact at the title company and they'll take it from there.

@Tyler Holmes

Hey Tyler, congrats on finishing school and moving closer to investing!

I've lived everywhere from east to west coast, owned and flipped half a million dollar homes in California etc. I was drawn to Southern Indiana for the cost of living and potential investments. Since then I have helped my family invest here and make a killing.

Your average median in my zip code is 75k. Most turn key rentals are being sold for 50-60k.

Cash flow after insurance, mortgage, taxes, property management companies has been between $150-300/monthly after your initial down payment (20%).

I'd be more than happy to help you with you goals. I am a licensed agent here in Indiana. Send me a message.

@Ray Evans great question. Get yourself a insurance broker who can negotiate on your behalf.

Also it's different if you want to be your own property management company. If you want a "professional" company to manage it, they'll have their own guidelines on what they want you to have.

When I unsure my property, I tell them what I think it's worth and they insure it for that at actual replacement value.

I also carry a $2m policy per rental. My broker is awesome and gets the payments pretty low as well.

@Stefan Huber hello and congrats on venturing out!

CT is rough. I am born and raised there and I moved out for a reason. Increasing cost of living and high taxes/regulations make it hard to succeed there. Please, if you invest. Stay out of Waterbury. I've been helping my family get rid of their Waterbury rentals.

Wolcott is a great town, Bristol is okay. If you're looking specifically close to Waterbury.

Have you ever thought about the Midwest?

I help my family(from CT) as well as a bunch of out of state investors invest here. Where I'm located, your median price range is 75k (most rentals, I aquire for around 50-60k, I just picked one up for 14k). There are higher end rentals if you want as well. We have about 7 zip codes in Evansville Indiana. All have their different medians.

Cash flow wise. With 20% down (10-15k) on a 50-75k house. You can cashflow after property management, mortgage, insurance, taxes, anywhere from $150-300 a month.

I'd be more than happy to discuss your goals with you. Send me a message. :)

Licensed Realtor in Indiana.

@Steve Davis Commercial loans are like the wild wild west, guidelines are bent and broken a lot. You need to find a commercial lender who believes in you and what you're doing. A lender should also be connected with different banks and "sell" you and the deal to the bank. This will allow them to find guidelines that fit what you're looking for rather than fitting in a checkbox list like residential loans.

@Daniel Del Vecchio great question.

Contact a local experienced agent for their list of commercial lenders.

Ask them if they do rehab loans.

I have just completed one myself and it was easy. Generate a detailed list of what you're going to do. Give it to the lender to forward to the appraiser. They will appraise it as if repairs were done. Then lend out accordingly. Bought for 35k. They appraised @ 81k with my list. And loaned me 55k total.

Doing it yourself will not work under traditional loans like a FHA 203k program. As they require licensed contractors.

If you have any questions. Message me. I am a licensed Realtor in Indiana.

@Ahmad Alsarawi

Evansville/southern Indiana is the place to be in my opinion. I have built my portfolio here as well as multiple clients of mine. Houses ranging from $14k(the last one I bought) up to million dollar properties.

Rental market is insane here, days if not hours for any rental to rent(even in the ghetto, yes) I try to keep mine nicely done, while still saving money where I can.

I am a licensed broker here, as well as maintain a person relationship with the leaders of commercial lenders, property managers, etc.

Let me know if you have any questions. :)