All Forum Posts by: Nellie Black

@Nellie Black

A typical duplex in a C area would be 180-220K. Although I have seen a package of 3 duplexes at 150 k each which got scooped up 5 hrs after listing, SFH in the same neighborhood 200-120k. When you buy cash, the closing costs would be much less as there is no loan. Example 1000k vs 15k for the ave duplex. These numbers are just estimates. Plus with cash offer you maybe able to purchase at asking price whereas with loan you prob have to over bid by 5-10 k. So if you have the cash you buy it, then you can refinance in 6 month or do delayed financing (less than 6 month) meaning you just get a loan on the property (normally 70-75% of appraised price) and take back the cash to buy more.

@Nellie Black

Thanks for your service! Glad to see another fellow newbie investors:)

@Nellie Black

I have invested in MF in KC metro starting this year. Buying cash definitely put you at an advantage in this market and saves you thousands on closing costs. A lot of properties on MLS are not cash flowing or/and are in need of large cap ex which ruin your cash flow. Any descent MF will have a bidding war and gets scooped up in a week or days over asking price . But overall beats investing in CA.

Nellie - 

Thank you for your service!  As you transition, I would consider the Midwest.  There are still good finds there that will produce a good income stream for you.  I would take a look at KC.  There is strong industry there, as well as stability.  I am sure you have heard you need to build your team.  If I can help with finding a KC broker that works with OOS investors, please let me know.  For property management, I would ask that you PM me and I can tell you a bit more about that and how Atlas can assist.  Best of luck to you!

Melinda

Hey @Nellie Black, welcome to Bigger Pockets and to the amazing and addicting world of real estate. I think real estate investing is a great side hustle for military folks like us, because you can do it passively and there is potential to build some serious wealth long-term. 

I think the best way for military members to get started in real estate is to purchase a 2-4 unit property using the VA loan and rent out the other units to pay for your mortgage. This is called "house-hacking" and its a fantastic strategy.

The second best way is to save up and purchase turnkey single family homes. Some people will disagree and say turnkey operators can't be trusted, and its not the best used of capital, etc., but I think its a fantastic way to get started in real estate because you don't have to do nearly as much work as if you were doing your own BRRRR or flip, but you're still getting the benefit of the cash flow and owning 100% of a property.

Best of luck and feel free to reach out directly if you have more questions!

Yes the midwest seems to be where everyone is going. Those that are investing out of state that is. I appreciate your service, I am helping a Veteran right now acquire property from AZ. I work with a lot of Investors and most of them are out of state. Yes make sure you have a good team on the ground because you will need that. Once you narrow down an area or city, then start reaching out and making connections to start building that team. Read a little and educate your self on some of the terms and investment strategies and then "GO" My favorite strategy and the most that I help my investors with is the BRRRR method. In my opinion it is the quickest way to scale. You buy and and pull the cash out so then you can repeat and recycle the cash so to speak. I wish you the best with your investing. You can reach out to me anytime with any questions as I am in KC and love what I do. "Helping"

@Nellie Black Hi Nellie! Thank you for your service! From all that I read on the forums Kansas City and the larger cities in Ohio provide affordable markets for OOS investors to buy a nice beginning portfolio that cash flows well.

Anywhere you choose to invest start building your team. Use the BiggerPockets directory to find investor friendly realtors and go from there. Decide what you're looking for a SFH or a small multi family. The income from multi family leases counts toward your income needed to qualify for the mortgage.

B-to C buildings typically cash flow the best. A good realtor will be able to help you choose property in a decent neighborhood. They can refer you to a good property manager. Interview the property manager. Make sure you feel comfortable with them. If you don’t find another. Ask for referrals on the forums.

Best of luck and hopefully more people answer.