All Forum Posts by: Joan Pla

Hi Phil, I know exactly what kind of answer you are looking for and even though I haven't invested yet on any property I can share with you and everybody else some research I did when trying to find good markets to invest in. My criteria was simple "Where are millennials moving to?" and then see what kind of property taxes the cities and states had.

From the lists on the image attached, then I'd narrow it down to areas less prone to natural disasters.

This was a small exercise I did, and I am sure people will agree and disagree with many of the places but hopefully, it's a starting point for a debate and we get more experienced investors to give us their two cents.

@Stephen Ray , yes I was thinking literally no money from my own pocket...congrats on your first flip man. How is that coming along? Did you buy the property in your state? How's the market there?

@Rick Pozos , very interesting scenearios. Much appreciated. I see you are in San Antonio, I listened to an episode of the BP podcast in which they interviewed this lady from there. It seems it's an interesting market. I am interested in Triplex and Fourplex in B-class areas. Do you deal with those kinds of properties?

Having a creative background, first as a professional musician and then as music video, commercial and content producer, I never thought I'd be so hooked in real estate investing and the potential that comes with it. 

With that said, I've been reading and listening to a good amount of conversations about little to no-money-down deals. 

I am looking at a property (triplex) in a B- neighborhood with very good schools around and very low crime. 

Total monthly expenses $1650 with a 15-year loan at 5% interest rate. 

Rent estimated at $1850-$1950/month. 

The property is off market with a selling price of $140,000 aprox + $15K in renovations. Maybe more.

So between down payment, closing costs and repairs, I'd have to front somewhere around $50K - $60K, which I don't have.

The strategy that I am considering is finding a hard money lender for this initial costs, with the idea that I pay back all at once when I refinance.

On paper, it seems a good prospect for which may be worth to due a solid due diligence but I want to make sure my strategy is entirely doable and be aware of the risks I have to keep in mind. 

Any comments will be much appreciated!

@Joe Myers can you send more info on the duplexes? I'd be interested on knowing more about them. Please PM me. Thank you

Hey Anthony, 

I recommend @Account Closed though not sure if he works that far east of Cleveland.

In any case, maybe you guys should connect?

Hola amigos, 

I am looking for lender recommendations in LA, me and my wife are very interested in real estate and want to take the first step towards owning our first property, either to move in or as rental property, still undecided.

I'd like to know why you recommend that person and in what kind of project they helped you with.

Much appreciated in advance!

@Account Closed I loved reading your post because it gives a good perspective to someone like me that is just getting into the Real Estate universe.  I've been looking at different properties out in Cleveland, still trying to figure if they make sense for me but it's always fun to do detective work and try to find a good deal. LOL!!

@Amit M. thanks, that's what I was thinking, it had to do with the rent control. 

I know for fact that the rents some of the tenants are paying are even less than half the market average.. additionally, there is a high demand around the area AND I've seen the development plans for the years to come and it's very interesting, that's why I mentioned going from C to A-class (@Dennis M.)

@Pat L. Interesting points about upgrading some of the appliances, AC, etc... thanks!

@Tami R. I agree with the value of good tenants, there's always time to do the renovations.

@John Warren the gradual increase of rents seems to be the best way to go for me. 

I appreciate everybody's inputs,  your comments are giving me a broader perspective. With all that said,  there is a key component that is important for me. It's the tenants themselves...I know business is business but my business decisions could/will have a strong impact on the tenant's personal lives that's why I want to understand different angles so to make sure whichever decision I make goes with my personal values.

@John Warren Thank you very much for sharing your thoughts. In your experience, do long-term good tenants have a tendency to accept a higher rent? or for the most part, they just leave the property?