All Forum Posts by: Michael Japuncic

Sure @Sarah Henderson, sounds good.

@Pasha Ama By far the most important part of your team is going to be your PROPERTY MANAGER, they will make or break your REI experience. They will be there to give you advice on properties and neighbourhoods, to oversee renovations and repairs (making sure they're done promptly and properly), doing inspections, screening tenants, collecting checks and evicting if necessary. It's worth paying more to have the best looking after your property and making sure its taken care of. Then you'll need deal flow from realtors and wholesalers, a lawyer or title company for closing, accountant and insurance agent and you should be good to go.... Yes, I am from Vancouver, Canada but started my investing in Memphis. I've now branched out and am doing deals in Edmonton and did one in Washington state. It's important to start with the end in mind, what do you want the property to do for you? What do you really value most: cash flow, appreciation, stability? What strategy do you want to use? Some cities are much better suited for long term buy and hold as opposed to flipping or development deals. There are just so many different variables to take into consideration when picking a market that there's no right answer, you just have to find what will work best for what you want to achieve.

Welcome @Sarah Henderson, I'm from Vancouver as well and have been investing in the US for the past 7 years. I would be happy to help you out with whatever you need to get started.

I like your idea of doing a refi and pulling some equity out to reinvest, but I would keep that one for yourself. Taking on a partner for that property seems unnecessary, but using investors for other properties is a great idea. Just put a summary of that first property into a package to show that you know you know what you're doing. Then present that package to investors and give them the opportunity to invest with you in future properties. Good luck!

Make sure you get multiple quotes on the renovation because that seems pretty low for adding a bathroom. Bills for tying into plumbing can really add up. Other than that, it seems like a great deal and plan, good luck! 

Investing in hot markets and capitalizing on different cities' cycles can definitely work out great, just as long as you don't spread yourself out too thin. I have invested in 3 different markets and none have been where I live. Setting up and managing teams that you can trust from a distance will be the tough part. Focus on and put all of your attention on one market at a time. If you're successful in that one market and have your dream team set up, then repeat your process and hit that market hard until it's time to move on to the next one. Trying to start investing and building multiple teams across the country right from the start would be a nightmare!