All Forum Posts by: Nolan Chandler

@Christapor Mikaelian I will message you their contact information to see if they can help :)

@Christapor Mikaelian my situation for "turnkey" is not the traditional way of obtaining it, so that would be a little skewed for an answer, but I do know that there are companies out there that have a portfolio of single-family residences that they have as turnkey with good tenants in place, all rehab is complete and the home is updated, and the property managers are in place and things are stable.  I ran into a company at a local meetup here in CA and they have about 150 homes, with about 30 currently ready to sell.  I can send you their contact information, if interested but those properties are scattered throughout the Midwest and Southeast.

For vetting a team out in NC, I lived out there while in the Marine Corps, and I just interviewed many, worked with many, and got recommendations from people that I trusted out there, and so far they seem to really be taking care of things, so I hope it continues.  Like anything else (shopping loans, brokers/agents, etc.), you should interview many and make sure there are good answers to the things that are important to you and that they come from a reputable source--if you have one in the area.

Same thing goes for partners.  There are many reels, posts, and threads that BP puts out on partnering.  The common theme is that partners' goals should line up as closely as possible.  And obviously there needs to be real, established trust.  So, this does not have to be someone that you know literally today, but I would not personally partner with someone without knowing them for at least a while.   But, maybe there are people on here that will comment and have a differing opinion--and that's okay; everyone has their own preference and what works for them.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Christapor Mikaelian,

Orange County definitely has some pricey real estate.  However, if you are able to partner with someone and provide sweat equity, you could get in with little or no money.  However, with you working full-time, that may prove difficult.  If there are other parts of the country that you know well, or have contacts in, that may be a good staring point to see if you can invest out-of-state.  I live in Southern California and have rentals in NC, and tons of people on BP have portfolios out of state as well.  Many believe that you should invest in your backyard first, but if you have a trustworthy team, are in a market you may know because you lived there at one point or something, and it can be a turnkey property, that may be the way to go.

Having a turnkey property for your first property may be like investing in an index fund--safer and conservative. Once you get your feet wet, then maybe you can transition into the BRRRR method.

Others may have differing views here, but this is just my two cents here, and would be happy to expand more if you ever wanted to.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey @Devin Voelker,

I know there are different schools of thought on this, but as as you have it laid out, if you are confident that it will cash flow for you well, then it might be a worthwhile investment.  Understanding that you are worried about slow appreciation and tenant base, the cash flow may make it worth it--or maybe it won't.  If tenants end up being okay, great.  If not, and it cost you more than you thought and now you are not cash flowing, that may be a risk to really analyze with experts in the area that have knowledge of an area's tenant base, etc.  Also those experts, or the municipality, may know of projects or what not that may have an impact that may actually drive up appreciation in that area.  Just some things to consider from my perspective--whether right, wrong, or somewhere in between.  Would be happy to discuss more if you ever wanted.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Keila Pritchard!

I am actually in the Marine Corps out of Camp Lejeune (now on terminal leave in CA) with a STR out there. I know everyone's situation is different, but I am able to manage it remotely. I had a STR company there and they were not doing the job, to say the least. I attended a local meetup and a gentleman had several in the area and educated me that if you have various apps synced together and a solid team (cleaners, handyman, etc.), then you do not need to be there or have a company management. Knock on wood, its been almost two years with no management company involved and doing fine.

The apps we use that are synced together are RemoteLock, PriceLabs, Hospitable, and Airbnb/VRBO.  If there guests ask random questions, we answer.  And I check on the cleaner for every clean and she reports back status.

If you have these apps (or apps/software like it) then this can 100% work with a trustworthy team of cleaners and handymen there.  If you ever want to know more, I would be happy to help.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Pablo Weber. 

When I have worked with lenders, although the large cash sum is great for the down payment and cash reserves, depending on various factors, lenders may want to see a sufficient income/DTI ratio that will satisfy requirements to obtain the loan. If you are able to house hack, that could help in possibly cash flowing while owning/residing at the property if you do end up obtaining financing. Have you discussed this with multiple lenders yet to get a feel on which one(s) may be able to make it work?

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CalDRE: 02221003 | CA Bar: 322013

Hey, @Michael Wachel! 

Based on what you wrote here, it does sound like you are in a great position to do this. House hacking is an amazing way to get started--or just invest in general! I have heard sometimes sellers and listing agents are apprehensive to accept an offer with VA loan financing, but my experience has been positive with the VA loan. If anything, your agent should be knowledgeable in the VA loan product in case this is ever a roadblock with a seller. Don't want to write a novel, but if you ever wanted to discuss more, I am happy to do so!

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey, @Timothy Christian Jr.  I know that it is possible to get a vacation home mortgage that can allow less than 20%, but it is case-by-case, and lender-by-lender.  However, if you are open to other types of financing such as private lending (family, friends, colleagues, etc.), that may be a way to allow for a lower down payment.

Would happy to discuss more if you ever wanted.

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey @Justin Mendoza! 

First, congratulations on looking to take action in achieving financial freedom.  As far as suggestions to begin by house hacking, I would say analyze a decent amount into the future in a conservative manner.  What I mean by that is: choose a sub-market there and house based on very conservative estimates.  For example, sometimes new investors want their first deal to happen so badly that they "make the numbers work."  Make sure you are honest with yourself and understand if the numbers don't work in possible worst-case scenarios, then move on to the next property.  If you analyze with best-case scenario in mind and it works for that/in the near future, but once the proverbial crap hits the fan with vacancy increasing, costs going up more than you thought, etc., now you may need to be contributing to keep it afloat.

Others may have other nuggets, but if you would prefer to hear more, I would love to go into more detail.  Best of luck!

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REALTOR® CalDRE: 02221003 | CA Bar: 322013

Hey @Alex Rodriguez!  

I house hacked in NC (my last primary residence), and now I used an FHA loan here in Temecula and I am a licensed realtor here. There are still deals to be had here with many sources indicating that once rates drop later this year/next year, home prices will explode. So, getting in now can be amazing for: (1) being able to refinance your debt structure later when that happens; and (2) experience immense equity growth when that happens.

I would be happy to go further into detail if you’d wish and if you’re looking to buy, I would love to connect and see what might be possible.

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REALTOR® CalDRE: 02221033 | CA Bar: 322013