All Forum Posts by: Payton Haight

I had not seen this! this would be a big change, thanks for sharing. I am surprised it has taken them this long to try and roll something similar out.

Hi Sarah, welcome to BP! I started investing long distance in Illinois (Bloomington) and Ohio when I was living in CA working a full-time job - I had both long-term and mid-term rentals. The long distance investing part was definitely doable with a full-time job as long as you have a good team (realtor, handyman, cleaner, etc.) in the area. 

I would certainly prefer investing locally over long distance if you can find deals in your area that meet your goals/criteria. I decided to invest long distance because the numbers for deals in CA did not meet my goals. I know there are quite a few people on here from the Chicagoland area who can likely provide insight for you on that market. 

If you decide to look out of state, you can find deals for a wide variety of strategies (STR, MTR, BRRRR, fix & flip) that work well in Columbus, OH. It is an investor friendly state and has good long term growth metrics. Feel free to reach out if you have any questions or would like to discuss further. Glad to help or answer any questions!

Hi Daeun, If you are under contract, there are not a lot of options unless the buyer breaches the contract or decides to back out. To get the highest sales price, ideally you would want to list the property on the MLS at a competitive price and give it sufficient time & exposure. It sounds like you were on a tight timeline (for an international move) however so that may not have been possible.

To answer your question, yes there likely was some opportunity cost associated with selling the property quickly. If it is what you had to do for your situation then I would not dwell on that. Since you are under contract for an agreed price, your opportunities are limited. Without knowing the exact details of your contract I can see: negotiating on repairs if the buyer comes back with any requests and trying to get the sale closed as quickly as possible (not entirely in your control but you can save on your mortgage and taxes).

It would be good to understand why your agent felt that marketing your assumable FHA loan was not a good path. Perhaps because you are trying to sell quickly and/or have a significant amount of equity? Not sure, but that seems like an appealing selling point with today's rates. IF the property falls out of contract and you are not in a hurry to sell, then I would make sure your agent is marketing the property well and give it adequate time on the market so buyers can see it & make offers. Good luck!

got it! It is all subjective, but if you are talking to an agent, wholesaler, other investors, etc. using these grades can quickly communicate general information.

Shreveport, LA.. Been a few years since I have heard Tony Robinson talk about Shreveport. Looks great @Kendrick Done! Best of luck on the sale. Curious to see what your final numbers look like

Hey Ryan, that is awesome that you have been able to take advantage of house-hacking for the past 4 years. Totally understandable that it would grow tiring sharing your space with a rotation of random strangers. It has been 10 years since I have had roommates - not something most people want to do for an extended period of time. My wife is not on board with roommates these days so we are house-hacking in a duplex now.

I know you said you do not make a lot at your W2, but would you be able to save up a larger down payment to get in to a duplex, triplex, or quad in a good location? Depending on your loan, you should be able to use the rents from the other units to help qualify. I don't know the numbers for your area, but I would think buying a SFH and then getting the financing to build an ADU would be more difficult than getting in to a 2-4 unit.

Hi Ben, this is very interesting. Have you implemented this remote management for anything besides self-storage facilities? Thinking about doing this for a long-term rental (LTR), my concern would be having actually 'boots on the ground' to keep an eye on the properties. 

Typical property management fees for an LTR are 8-10%, which isn't nothing, but I am not sure the potential savings there would be enough for me. This may be a more appealing option for my mid-term or short-term rentals however. How does the team show properties and handle the 'boots on the ground' items associated with management?

Hi Nicholas, When you hear grades for properties, investors are usually referring to the neighborhood rather than the house itself. The grading system is subjective and unique for each market. As you mentioned in your post, A class B property to one investor might viewed as a class C property to another investor based on their own subjective criteria. 

In general, 'class A' neighborhoods are the most desirable areas - commonly associated characteristics are: homes in great condition, low crime, and a good choice of nearby amenities. Class D would essentially be the opposite of that. Class B and C would then be some mix between those. 

From your post, it sounds like you are trying to grade the condition of actual properties themselves rather than the neighborhood/location. Is that correct? If so, I am curious why are you looking to assign grades to the properties? Is it for tracking in an Excel file or something similar? I suppose you could establish criteria for a grading system for houses. Something like class A properties are in perfect condition and need no work. Class D properties would be a full gut, etc.

@Jake Burkons - nice! You are crushing it. Let me know if you are ever looking at anything around the Columbus / central Ohio area or just have questions in general. The majority of my investment experience is with single family and small multi-family LTR's and MTR's. Glad to talk even if you aren't planning to buy or sell with me. 

Hi Nathan, welcome to BP! Awesome you are getting in to real estate at 24 - that could be a huge advantage for you. I am originally from the central Illinois area and own a few properties down in Bloomington. Glad to connect to learn more about you, your goals, and see if I can help/answer any questions. Feel free to reach out!