All Forum Posts by: Mike Thoeresz

Ryan Fox let me know if you get a good referral. Thanks!

@Kenneth Dai greatly appreciate your input!! 

@Kate Santon @Michael L. @Robin Halsey @Jay Hinrichs I know I'm replying about 2-3 years late on this thread but I was wondering if anyone else purchased from "profit from rentals?" If so, how was the experience? Any maintenance issues 2-3 years later? Do you have section 8 tenants? How was that process? Do the numbers match up to the projected numbers they quoted you? I'm potentially interested in using them for a duplex in 4-6 months and I'm trying to get as much feedback as possible! If you're worried about writing negative things in a public forum please message me directly. Any insight is greatly appreciated! 

@Jay Hinrichs @Ali Boone @Andrew Johnson @Manolo D. Much thanks to everyone for their input and advice. I definitely need to spend a little more time crunching the numbers in a tri/quad in South Anaheim. Costa Mesa is where I currently live (and house hack) and I love it but the prices for a SFH have gotten astronomical. I'm also now looking at condo's in Irvine that I can house hack ($550k 2 bed, 2 bath and I can rent out the other room for $1100/month). This would put me very close to work and I'll still be getting some tax advantages and potential appreciation. The only big downside to S anaheim is the 30+ minute commute to work. Since the market has gotten so crazy in OC these last couple years I'm still thinking about continuing to invest out of state and see what happens. I just closed on my second property in Indiana and now both properties together are cash flowing at about $600/month. Not real money but it's starting to add up. On another thread I'm going to be asking about "Profit from rentals" which is a tournkey provider for duplex's and tri's in South Chicago. $160-$170k fully rehabed duplex that cash flows for $500-$600. Thanks again to everyone for their advice. I need to do some more research (and continue to save money!!)!

I'm an out of state turnkey investor looking at purchasing a duplex with "Profits from Rentals." Anyone have anymore insight into this company? Anyone work with them directly and have one or more duplex's/triplex's purchased? Anyone purchase properties from them 5+ years ago? Anyone have section 8 tenants in their properties? The numbers look great I just want to make sure investors are seeing the same returns they're projecting and not having too many maintenance issues. If you've had a negative experience and dont want to write about it publically PLEASE private message me. Any insight would be greatly appreciated! Much thanks!

@Vivek Khoche I believe the question was WHY I choose Indiana. So I explained (communities with decent schools, affordable housing in low crime area's, etc). I was asked HOW I signed papers... I replied with mobile notary. 

My first property was $120k with a 2k seller credit that is renting for $1150. Tenants just renewed lease. This house is $100k and will rent for $1025. Neither are home runs nor will they make me a millionaire. They are half decent properties. 

I'm not a seasoned investor as you most likely are. Best of luck to you and feel free to keep your tone positive. 

@Shashank R. I looked into Chicago but am passing. Where I can afford to invest is very sketchy. Questionable renters and high crime. 

@Shashank R.: Indiana has a diversified economy (not just manufacturing); decent schools; and not terribly crime (some parts of Indianapolois have a lot of violent crime--a lot of communities in the state do not). It also has great cash flow opportunities. I did my own research on inspectors--mainly yelp, and yes, they sent me the report. My lender is based in Chicago and I was able to use a mobine notary: the notary came to me. 

Com M. Great question. Mainly for geographic diversification. Once I close on my second IN property (hopefully mid August) I'll start looking around Anaheim for multifamily. I've found a few 1 bed/1.5 bath quads for 650-800k. If I can get a good deal on one of the quads I'll purchase--live in one, and rent out the others (this would be about 10-14 months away). After this I'll see how the IN properties are doing and decide about more in IN or Dallas. Hard to predict so long out... but I'm pretty sure I'm ready to own in OC. I'm currently house hacking a rental in Costa Mesa (and it's going very well!) but I hate paying rent (even though it's almost nothing and I love my living environment!)!

I'm in Orange County, CA and faced the same predicament that you're in. I ended up going with a turnkey provider and thus far it has worked out great. My first property was $120k and rents for $1150. I'm currently working on a second property for $100k and it's projected rent is $1025. Both properties are outside Indianapolis in good school districts. My first property was rented immediately and the tenants just renewed their lease. Zero vacancy thus far. I'm sure I'll get ripped on BP for saying this but I've never been to Indiana. I'd rather pay for a good home inspection (and radon, termite, mold, etc inspections) then fly out there and walk around the property pretending I know what I'm looking for. You can get a ton of info online about the town, community, and neighborhood. A good inspection can tell you everything about the physical property. You can make your judgement call from that. After this property I'll probably purchase a multifamily in OC--live in one unit and rent out the others. Then I'll move on to out of state sfh in other states. For me, it's about finding a reputable turnkey provider--and then the right city. I've heard great things about "Memphis invest" (although I'd invest with them in Dallas--not Memphis) but I haven't actually used them yet. Best of luck to you! Feel free to reach out if you have any questions about IN! And I'll be in your city running a half marathon on Sunday!!