All Forum Posts by: Pragya Singh

Hello Manolo, Thanks for your feedback. You are right and its hard to build trust in a short duration and a long distance. We are trying to line up inspectors to fill up this void. That's the primary reason I posted this request. 

Hello Investors!

We have a 32-plex in Pine Bluff near the univ of Arkansas that we are about to begin rehabbing.

We are currently out of state and plan to visit once in 3 weeks.

In the meanwhile we wanted to know if you guys know of someone who can visit the property once in 2-3 weeks and do an inspection/recording of the contractors progress. We will be happy to pay them for each visit if they can record progress with pictures and as many notes as possible.

Let us know if you can connect us with someone in the area who would be willing to do this :)

Thanks!

Hello Investors!

We have a 32-plex in Pine Bluff near the univ of Arkansas that we are about to begin rehabbing. 

We are currently out of state and plan to visit once in 3 weeks. 

In the meanwhile we wanted to know if you guys know of someone who can visit the property once in 2-3 weeks and do an inspection/recording of the contractors progress. We will be happy to pay them for each visit if they can record progress with pictures and as many notes as possible.

Let us know if you can connect us with someone in the area who would be willing to do this :)

Thanks!

@Brian Stieler Amazing work with the analysis! I am impressed! I am sure you put a lot of effort and learned a lot about different variables! :)

The right deal is made before you purchase the property.  A thorough research on the rental demand in the area is a must since cash flow is a yes yes and vacancy is a no no. 

ARV must be just right since Refi can pay your hard money if 70% meets that number you borrowed! So make sure you have your research on comps thorough.

Appraisal! Refi appraisals are ALWAYS lower than the ones when you go to sell the house and you have an offer. Most of the appraisal numbers magically meet the offer price! but if the same house is appraised for Refi.. its a different story! I am giving you a hit here as to what to do to get a high appraisal. I would never do a cash out refi unless needed ;) 

Its great to know you are willing to try RE and have your money make you more money!

When we started, we invested 1 year in education, books, videos, seminars, REI meetups etc. You don't have to do exactly what we did but I though i ll let you know :) We started with a single family near Intel and rented it room by room. The location was great since Intel hires a lot of Interns and Full time in the area. So though it was a single family, it gave us the feeling of multifamily. From that in 2014, we have learnt so much and invested in multiple properties.

So education is a must :) it will tell you which deal is actually is a good one! 

Investing out of state can be both beneficial and risky, but if you play safe you should be fine :) You might have you interview multiple property managers and learn how to manage your PMs. If an investment property is in a driving distance, you needn't hire any PM and learn to do it your self since it teaches you a lot of things. 

But if you still want an increase in rent, throw in some furniture and you can definitely increase the rent, only if there is any demand of furnished units.  

Having a washer and dryer "in unit" is great as renters dont have to go outside. 

But the next best thing is having it "on-site" which you do now but its not as good as W/D in-unit. You will make decent money with them anyway but that aside, it will not support any increase in rent. 

 Great Job! Really impressive! :)

I had a similar experience with a contractor in Oregon but i haven really done anything about it. 

Are you talking to an attorney currently?

Wow! good luck. We will be curious to know how it all goes. As @Rhett Tullis pointed out, your time is worth more than the running around  :)  but I understand that the learning out of this would be a good one!