All Forum Posts by: Melissa N.

How do you vent a property that is out of state? (Besides the obvious - visiting). We saw a property that needs some work and is completely vacant. The street is all SFR and this is a 4Plex. Homes are well kept and nice. Looks like a good area and stats and info seem good on neighborhood scout, area vibes, craigslist, rentometer, rent jungle.

Two questions - how do you get 'comps' on a property that doesn't really have any (no other 4plexs around) and what other resources do you use to vet a property? 

Im doing a similar search and I know that NY, NJ and CT are not very landlord friendly. PA seems more favorable. Haven't considered the others.

Curious what everyone else thinks.

I don't think so. But thank you! 

@Mike Williams Hmm, a 6plex just came up in that area. I may need your input on that haha. 

I don't know that area very well but my realtor says it's a good area. I think they are projecting 5% appreciation right now. It's very speculative so I would go with my gut. Do I think this is a 'steal'? No. But in 10 years it will be worth more, potentially substainally more. 

What neighborhood? That could sway me :) 

I don't think you can go too wrong in the long run. If you plan to keep the place for 10 years, the 3k won't matter. But you have be willing to accept that you are indeed 'overpaying' today for what could be tomorrow. 

@Mike Williams In my opinion, and it's really just my opinion, people are getting carried away in Charlotte. I own a property in Ballantyne and if my renters were the easiest money in the world I would cash out now. We just bid on a SF and put in an offer 4k OVER ask and they still got a better offer (Ballantyne). We only did that because we knew that we could do some minor reno, refinance next year and get all our money out then keep it for a rental for a bit and get another pay day later. (BRRRR)

I think because you are planning to live there, this is tough. Normally, I'd say never let emotions get in the way. If you don't think it's worth what you are paying - don't pay it. If it were me, I'd probably call their bluff and say lower the price or I walk. This happened to my neighbor last year. They were selling their house and the new buyer agreed to 270 then the appraisal came back at 267 and they ended up lowering it for them. So, it can happen. Even in Charlotte! 

Good luck! 

Leverage it!  Personally, I'd buy a large apartment complex and use the 2 mill as the down payment. Of course, you'd need to have a strong team in place. Not sure how experienced you are but in one of the Webinars I remember someone asked "what advice would you give to someone WITH money" and Brandon basically said - you can afford to make more mistakes so you might be more 'free' with your money. That really stuck with me. Something to keep in mind. Always act like it's your last dollar and you'll make smarter decisions.

Welcome Jackson! Ask lots of questions and listen to the podcasts/webinars. There is a lot of great information. 

I was using it in New Haven and Philly to check out specific streets. Sometimes it's hard to tell which areas are 'bad' vs. 'good'. I found the shaded graph to be helpful. But certainly something to consider regarding the price of properties. Thanks! 

Hello everyone!

We are looking to invest 'out of town' and I found this website to be helpful regarding crime, housing costs, rents, etc. You can look up information on specific neighborhoods (and in certain cases streets!). It's AreaVibes.com and is pretty easy to use. 

Hopefully it helps another out of towner obtain useful information. (I'm in no way affiliated with them :) Just thought I'd share!