All Forum Posts by: Maureen McCann

Hi Ethan...I have the best resource for you.   You need to connect with John Barry.  He has owned and operated 4 laundromats and would serve as an exceptional resource for you as you begin to explore investing in. Here is his contact information: 

[email protected]

Hi Steve...Welcome to BP and thanks for your question.  I have been in the buy and hold space now for 16 years.  The type of market you want is one that has good job growth, population growth, a stable diverse economy with many anchor employers, low property taxes, & landlord friendly laws.  You can find many markets like this like the ones mentioned above.  Birmingham, AL, Chattanooga, TN and N. GA are all markets that fit this criteria.  For more investor tips, feel free to connect. I love helping new investors learn the turnkey investment real estate market.   Cheers!

Farshid...I have investors in 17 different countries who I have helped invest in US real estate. I think I have some intel to help you with your desire to learn the ropes of how to buy US real estate while not living in the States.  Let's connect. 

Hi Ben...Welcome to BP and welcome to learning as much as you can about REI. Like Logan said I wish I had started investing in real estate at 18 years of age. I did not get the message that you got about the benefits of investing in RE with buy and hold until in my late 30's. You are way ahead of the game. Bravo!!

I have 16 years of buy-and-hold experience and would be happy to share my experience with you. I have been involved in over 5k transactions and could lend some help as you begin your RE journey. Let's connect.  Cheers!

Hi Cesar...I can help you by referring you to a good contractor in Birmingham. I have been serving the BHAM market for the last 10-11 years. 

Feel free to send me a message and I will hook you up. 

James...Check out Atlas Property Management Company in AL. https://www.atlasrpm.com/

We are a full-service turnkey operator who provides property management in many parts throughout AL. We have fly zones and no-fly zones. Depending on where you buy we could be a good contender as your PM Co. 

Feel free to message me for more information on which areas to invest in and the services Atlas offers. 

Noah...Congrats on your first investment property! Welcome to the game of investment real estate. 

Some tips on screening prospective residents

1. Pull their credit. Don't just look at the credit score, comb the credit report to look for any unpaid utility bills possibly trailing them from previous rentals. Look at their last 3 years of credit card payment history and look for any late pays or missed pays. 

2. The total household monthly income needs to be 3x the rent to ensure they can afford the rent. 

3. Verify income, verify identity, verify employment.

4. Check with 2 previous PM Co for references 

5. Pull criminal history in all 50 states. Felonies are an automatic disqualification. 

Remember that the data an applicant enters on their rental application needs to be verified.  Do not trust what they wrote down without thoroughly checking into their background. 

Hope this was helpful and Good Luck!
 

Carolina...Welcome to BP! There are many good comments and advice in this thread. Another angle to consider is to look for turnkey companies that are selling completely renovated properties and have also bought down the interest rate. I have seen several offers from operators around the country who are offering interest rates of sub 6% for a 30-year fixed mortgage with a 20% down payment required, NO POINTS. Some of these operators are in FL, TN, and AL. 

One idea is to proceed with the 1031x, save on the capital gains, parlay your proceeds into income-producing properties, and capitalize on the low-interest rate offered by these operators.   You can acquire the properties without having to use a portfolio loan and avoid the higher interest rate. 

To remodel your primary home you could access the home's equity to cover the cost of your remodel. What you would want to evaluate is the income generated from the income-producing property(s) to see if the income from your rentals would cover the cost of your new HELOC payment. If the math works then it works. I have a lender who could walk you through this type of scenario to help you make your decision. I am happy to make the intro to have an exploratory conversation.

Hi George...Welcome to BP! I have faced the same question as you when deciding which shiny object to follow. There are so many avenues to pursue in real estate so it is a matter of starting with one type of property either multi-family or single-family. SFRs are a lower barrier of entry as the outlay of capital is less for a single-family vs a multi-family. Many investors I have coached start with single-family and build a RE portfolio one property at a time. Eventually, they will exchange their SFRs and trade up into multi-families as their SFR portfolio grows in value.

I have been investing in SFRs for the last 16 years and I have built a turnkey company from the ground up starting in 2013. I am happy to share the information, experience, and wisdom I have in the turnkey SFR space to help you along your RE journey. Feel free to connect with me. Cheers!

@Sneha Deshmukh

Sneha...Congrats on finding your way to BP and to investment real estate. Memphis is still a good rental market and if you are looking for a good turnkey operator in Memphis there are 2 really good ones I can direct you to.  I own rentals in Memphis, Birmingham, and Chattanooga, TN.  I have an excellent PM company and reputable turnkey operator in Memphis that I can refer you to. 

I agree with many comments on this thread.  I agree with Nicholas that the capex expenditures are low. I agree with Michael to always get inspections. Ask the operator if they conducted a home inspection & sewer/septic inspection on the property in its distressed state. This will let you know if they understand the scope of work that needs to be done to fix up the property to the City inspector building code/standards.  I am happy to give you more helpful tips. I have been investing in real estate for 16 years and I own a turnkey company in AL.  Happy to guide you along your RE journey.  Feel free to connect. Cheers!