All Forum Posts by: Nick Shri

Quote from @Briana Martin:

My husband and I live in a home we own in Southern California and are looking to buy our first investment property. We are parents of 2 kids under 2, so we need our first property to be as low risk and hands off as possible. We are not willing to house hack (where you rent out rooms in your house). Though I do like the idea of buying a property and renting out individual bedrooms (is that still called house hacking?) but not living in the property. I like the idea of buying something cheap in the midwest, however with such low cash flow, I imagine we'd have to buy tons and tons of those to make it worthwhile. We are leaning towards buying a property through Memphis Investment Properties and using a HELOC for the down payment. Any advice or suggestions?

There is nothing like 100% hands-off, that would be investing in a syndicate deal, but if you plan to own a property on your own then you will always have to be involved to some degree. Turnkey properties will have the least hands-on involvement on your part. If you plan to go TK route, make sure you research the location well. Main stream media and every investor I talk to speak of upcoming recession. You have to be aware of your tenant's ability to pay when recession hits, hence the location matters. All the best to you in starting your REI journey!!

Quote from @Jagger Simon:

I am a newbie investor and I have a seller finance deal in the works that’s looking really well, I was wondering how do you make the monthly payments? (Principal,interest, taxes, and insurance) Usually with traditional financing the lenders has it all handled but what do I do in a seller financing situation?? I appreciate any advice thank you

You can send PI to Seller, TI can be handled on your own. Definitely use a 3rd party to ensure proper application of the payments.

@Chris Seveney Thanks for the input. 

I'm offered seller financed package by a wholesaler. 

Only info presented is that all properties are rented.

I plan to ask for rent rolls, what else do I need to know (watch-out-for's) in this pursuit?

Quote from @Paul De Luca:

@Nick Shri

Perhaps you could get on the mailing lists of a few commercial multi-family brokers?

That seems like a good idea. Thanks!

Quote from @Bob Stevens:

Quote from @Nick Shri:

I have been scoping loopnet and crexi for a couple of months now. Needless to say, nothing has peaked my interest. What else should I try to find deals for 5-10 unit apartments? What has worked for you 5+ unit owners?

 Where you looking ? 

CLE metro

I have been scoping loopnet and crexi for a couple of months now. Needless to say, nothing has peaked my interest. What else should I try to find deals for 5-10 unit apartments? What has worked for you 5+ unit owners?

Why is high RE tax a concern? I personally don't see that as a reason to go OOS. You make your money in RE in purchase, buy low at good price. TX I feel is a more steady market over OH anyday (my opinion), you won't see crazy high appreciation in OH and nor in TX, doubling of property values period ended in summer 2022 nationwide. TX will still see higher appreciation overall.

Talk to a CPA to understand the numbers better. Again, high RE taxes shouldn't be a reason to invest OO TX.

CLE is tricky. Price differences can be on a block to block basis.

Look up James Wise cleveland neighborhood grading guide here on BP to help you get started.

If you have questions, feel free to DM me.

Most of houses in CLE are investor owned (just search the listings on MLS). There are few owned by primary residents. If you search the burbs you will find owner occupied listings a bit more.

Deals on MLS exist, you just have to be good in negotiating, I see listings on MLS for 30+ days. Some investors maybe willing to cut their losses and you may get a deal, but you need a team on the ground to provide you solid data to back your negotiation.

And there is obvious, find good wholesalers or you do it on your own.

I have yet to see a deal from any of the realtors I have spoken to. What they offer me as a deal is worse than what I can find myself on MLS, and that's just my experience.

All the best to you.

And 9-10 years later you can say, I am glad I started 9-10 years ago :)