All Forum Posts by: Anthony L.

Thank you everyone for your referrals and input.  I appreciate the detailed feedback!  

Hello, 

Seeking referrals for property managers and realtors for the Raleigh-Durham-Franklinton NC areas. 

Thanks!

So the house is going to remain empty for future squatters?  Wouldn't the bank want to rid itself of it?   I was hoping that it would be something where I can get a leg up ahead of foreclosure so I do not end up in a bidding war with other potential investors.

I've been researching and talking to alot of people in my area looking for opportunities.  I may have found one.  A close friend of mine is about to move out of a home which is in Lis Pendens status.  There has been no mortgage payments in about 4-5 years and the occupants have basically been living there rent free this entire time.  He is about to move, and I am now looking at seeing how I can purchase this property. 

The property is in Lis Pendens status via PropertyShark.  The owners on the deed are deceased. I have the name of the law group that is handling the claim via PropertyShark.  There is no for sale listing anywhere online, or on the banks site.  How do I go about approaching this property?   

Thanks alot 

Thanks all for the advice, I appreciate the insight.  For alot of you that have invested into these turnkey properties, are you taking the extra time to fly out to these areas as well?  How much time do you take to actually learn the area, before putting money into it? 

@Victor So I like your suggestion of looking 1-2 hours away.  Properties in New Jersey/PA areas are priced better, I just need to do extra DD.  

@Shawn Ackerman Mind sending me the info to that?  Also what type of % does a property manager take? 

@Joseph Salegna Also curious what kind of % a property manager takes?

Were you guys both referred to these managers, how did you go through the vetting process? 

I live in Long Island, NY.  This is an expensive area to get started up as a first time Real estate investor as most 2 families and up are in the $400k and up range. My other option is owning a property out of state, but I do not think this is a great idea for a first time investor + the additional cost of a property manager.  Any thoughts or advice appreciated.

That makes sense, however the way it is depicted it sounds like the loan was approved.  It is the numbers that are causing the investor to tread water, which is what I am trying to puzzle out. 

I picked up a book " The Wall Street Journal Complete Real estate investing guidebook."  Looks good so far, but I am trying to wrap my head around some math in here.  If anyone could please break this down for me. 

When evaluating if buying a property is the best use of money the author states 

"Do the math:  If you buy a $300,000 house with a 95 percent loan at 6 percent, and the house appreciated at 5 percent annually, you're just treading water."  

$300,000 House
Loaned:  $385,000
Downpayment: $15,000

6% of $300,000 =  $18,000

Those are the specs I can pull out from this statement.  Very confused on how the would be owner is treading water.  If anyone can break this down for me, thanks!  I am assuming the 6% interest may be the annual cost of interest on the loan... Thanks for the help  

Ok, I can look into the loan options for rental properties. 

However, in regards to the rest of my strategy - What is your opinions?  Anything I can improve? 

Any recommendations on a book for landlord/real estate investing for more insight? 

Thanks