All Forum Posts by: Nina V.

People forget that auto makers import materials

https://www.wsj.com/economy/the-first-victim-of-trumps-trade...

I have yet to see real AI. So far all of them on the market are actually machine learning taught by humans. For example you know that please select all squares with buses on websites. That’s us teaching “AI” for years. They are only as smart as the smartest people teaching these “AI”. 

I can't remember what podcast this was mentioned in but one thing to keep in mind is that everyone's math is going to be different based on what their long term goal is. This was a hard term for me to come to terms with that we can ask for help but all the advice you get will be based on the other person's math. 

One example is in one city I only buy for cash and do not cash out refi as the houses are cheap and the rent is high. My math is I want to own less properties with mortgages if something happens and all my properties are without tenants. Another person may want to use as much leverage as possible. As we both differ in our end goals, our math will be different. 

I think the first thing you should do in this situation is figure out what you are trying to achieve and what your end goal is. Back to your question do you want passive income long term that gives you a little every month or do you want lots of money right now? Also your financial situation and how much taxes you will pay from each strategy is something to think about. 

I always start here and then expand my market analysis if the city/region checks out. https://www.huduser.gov/portal/ushmc/chma_archive.html

If you hover over the forums, click on the events and meetups tab and search for a meetup in your local area. This lead me to my local FB group. 

 I see you are in Seattle, James Dainard Cohost of the Bigger Pockets On the Market Podcast does local events and meetups. I would check out his website. 

1. Verify information from locals. When I was closing on my first out of state property, I verified what the agent said to what the lender/PM said about the location of the house and asked them questions about the area in general and what parts of the city to avoid. Ask your home inspector questions. These people will know more about your situation than anyone on this website. 

2. Local investors/mentors. I learned so many little details that I never found in BP books or on these forums. One example is the great thing about using the Kwikset locks with smart technology. They cost more up front but the lock is reprogrammable. Each tenant move out you save money by reprograming the lock to a new key vs having a locksmith change the locks. 

I want to expand to people who don't know about Everest. I vetted them as a potential PM and one thing I learned real quick is that they don't have "offices" and people in the areas they operate in. One thing that gave it away is ask how they allow tenants to tour the properties. If they say it's a self guided tour with a key code run! I recently learned they are being sued because one property they managed one of the people touring it, trashed the place and stolen everything including light fixture/faucets. They did not catch the fake ID they got from a potential tenant until after the owners got a shocking surprise when they came to see why the property wasn't renting. 

Hi Kevin,

I currently us 2 PM companies in different state and each time rent is paid, it goes to them. Then after they take their fees, and any repair costs for the month, I get direct deposits to my account of the remaining balance. Some PM will also pay the mortgage on your behalf or I set it up that I pay the mortgage after I get the remaining rent. You should also get monthly statements from them explaining all the costs. I would review your PM agreement you signed to see all the terms and conditions you agreed to and how the money flows and if you are required to have an account with them with a min dollar amount for emergency repairs (usually $500-1000).

I got 4 SFHs this year in 3 states that meet or slightly exceed the 1% rule because I took on a problem the sellers did not want to deal with (clean up hoarder house, tenant eviction, etc). They are out there but takes work to find them and to have connections that bring you these off market deals as these types of properties are not listing on MLS.