All Forum Posts by: Paul NA

Me and a friend recently received our real estate salesperson licenses and were planning to start working with Real Estate Broker.  However, the Broker recommended we have some sort of agreement in place before we start.  Anyone have a template or point me to a source they have used in the past for a partnership endeavor? Thanks

Not an expert on hard money lenders, but they are basically same as mortgage bankers. With the exception of provide quick purchasing power with high interest rates. So logic tells me they want direct access to you, as in they will come after you, if need be. If they allowed an LLC, that makes that process difficult.

I've read numerous postings on here on how certain individuals have grown their portfolio to 20, 50, 100, and some over a 1,000 apartments.  It would be nice to find out how folks have been accomplished that.  On a personal level I have reached 6, but almost feel like I'll be tapped out of cash after another one I plan to purchase.  The current properties I have produce decent cash flow, but really have to wait 12-months to use that cash to buy another.  Most banks require 25% down on investment properties, and around here the condo/apartment properties are typically $150-$250k range.  

Using hard money lenders wouldn't make sense for buy and hold for rental purposes, and traditional banks require the above mentioned equity on investment properties.  I also don't have any big investors that could support me.  What other options are out there?

Appreciate the feedback.

Thanks Maya - Will check it out. 

Thanks to all, this was very helpful.

I have potential tenants that are interested in a unit I have listed on Zillow for rent.  Typically I have used an agent in the past, but decided to rent it on my own.  I am at a stage where I have interested couple, but curious on if i should use Zillow application/background check process?  Have any of you used this in the past?  Also I have couple along with a cousin that is interested in renting the unit.  So would the zillow application process review all 3 individuals or another application you recommend?  Thanks

What are average returns you expect from a property before making an offer?  I have looked at quite a few new properties, but worry the return won't be worth it.  

Next, do you stay at the 25% investment range, or go beyond that, to make sure you achieve your return expectation?

I think its a huge challenge as you have only so much time per 1031 rules...it seems like you'll have to find 2 to 3 $50k properties to properly achieve a 1031 exchange.  Otherwise its a wasted effort.  I recently did a 1031, sold one and had to buy 2...only problem was every time I found a property, I was getting outbid.  Then I finally settled on something, just to complete the exchange.

I have typically stayed away from buying single family detached residence for investment, but currently have seen few deals worth taking a shot on.  However, I am worried about the daily maintenance cost of it and would like to understand how others have gotten comfortable.  In particular snow removal, maintaining the property during bad winters, and other pitfalls that come with this type of asset.  Its little easier with condos/townhouses as the complex association primarily maintains everything outside of the respective property.  And maybe some folks are like me in staying away from this, when investing the above asset.