All Forum Posts by: Nicole W.

I totally understand. It is pretty crazy everywhere. I have a SFR in Jacksonville NC that rents out well. I have a condo I bought in Az many yrs ago that has appreciated well as did my SFR. I much prefer a SFR than a condo as the condo comes with fees and assessments which in my opinion gives me less control. It also has rules and covenants that your tenants must follow or you will get fined if they don't pay the fine. I bought it originally as it was lower than other properties I could find back then. So, if the numbers worked, I went for it. If I could do it again, I would've looked around further and gotten a SFR. But if I couldn't find one, I would definitely get it. I also myself look for long term tenants with good jobs, credit and no crimial background. Great long term tenants are the key to cash flow.

@JD Mims

  You might check out phil pustejovsky online videos. He has a mentor pgm and a lot about wholesaling. I don't do that but I have seen his videos and he is very upbeat.

Find somewhere that does cash flow well and invest there. I did that and it works well. If you can get 1 property mgr over a few, you can keep the management fee down. I live in Ca and was having an issue with finding cash flowing rentals and just went out of state. I have great property mgrs and do just fine. 

@Jordan Moorhead

Hi. I just saw this thread and would like to see your presentation. Did you tape it that I may watch it? I am interested in passive investing and looking for successful actions. Thanks, Nicole

@Phu Le

My first purchase was a fixer upper 10 unit apt building. I drove around for a couple of months looking at houses, plexes and apts to see what they were going for. I found an out of town owner who was taking down their "For Sale" sign and it turned out they couldn't sell it. We borrowed the money from a family member and paid them a little higher interest to cover what they were getting through their broker (stocks/bonds/retirement etc). We took the rents from the few tenants there and used that as we went to fix up the apt. You can do it if you look a lot and ask around. You can find fixer uppers and family who would like to make more interest than they are making. I also listened to a lot of Ron LeGrand lectures (this is dating me) and books. I just followed the directions. I didn't have the money myself when I started. 

@Tanner Foy These are really wild times buying and selling real estate. Everyone involved in all ends of this are VERY busy. I was totally qualified going in for a purchase and had a hard time with the banks just due to the sheer amount of applications they are getting. Same with the real estate agents. They are so busy with putting in bids or taking them right now. I would just concentrate on what is needed first as @Bruce Lynn and @Kate Barry suggested. As you can see they are both realtors and that is what they would need and want first (you being qualified for a loan). If you qualify through your own finances (cash), a loan or borrowing from friends/family you can then borrow directly from the seller or go through an agent. So, that is your first thing to figure out...which direction to go. I have bought directly from the seller and borrowed the money from my father in law and I have done them cash out of my own funds and have also borrowed from banks. They are different routes. I read a book before buying an apt building, just following what I read. No team. Once I had it, I put together a team. Another time I used a mentor group and it came with a pretty set team with them even suggesting the banks to use. I also bought cash and found my Property Mgr who was also a realtor and she had the rest of the team. There is no set way. But you are outflowing with calls which is great. Phil Pustejovsky puts out a lot of videos and I liked something he said in regards being productive vs just being active. You have to get a product vs just being busy a lot. So, whatever gets you to a secured house is the most important issue right now. Hope this helps. 

@ Fernando Alvarado
I would totally follow up with @ Dave Foster. He is an intermediary so he is giving you the best advise. You really do need to have your ducks in a row before doing the 1031 exchange. There are very tight deadlines to meet and it is pressureful. You need to know where you are going with it and if it is even really needed. 

I don't rent to Section 8s anymore. In the area I am in you can decline which I do. I only have had poor experiences there. 

I do not like having HOAs but in the areas I bought the ones worth renting were the ones in an HOA. It's just in the lease and the tenants know ahead of time. I promote it when looking for a renter. Some actually like it. I found it absolutely no problem in finding renters.

@ Wei Xia

I totally understand. It's a bit of a crazy time. It was helpful to us to do a 1031 exchange for several reasons but I see what you are running into it. Unfortunately the loan environment for us was just too intense and lengthy. Maybe someone else who was successful on that part could help you out. We ended up ditching that idea. I wish you much success.