All Forum Posts by: Rachel Kokosenski

@Destiney E Goins - Welcome to BP and real estate investing, Destiney! I'm an investor-friendly agent in the Grand Rapids area. I'd be happy to talk with you about what you're looking for and what questions you have about the process. I'll send you a Connect request to get the conversation going!

@Joy Daniels - All good suggestions above! I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information.

I agree with the other posters...25% down seems a bit high. Also - there are some other ways to gather funds to purchase more properties. One, you might want to consider Seller Financing (in Michigan, we call it a Land Contract) which can allow you to buy property while using the Seller as Banker; not all Sellers are open to this, but it can be beneficial to both the Buyer and Seller. Also, you could consider buying something with "hard money"; this comes at a higher interest rate, but you might be able to get into a property and either flip it or refinance it. Hope this is helpful!

@Tove Fox - hello! I'm an investor-friendly realtor in Western Michigan. I have personally owned investment property (both long-term and short-term rentals) along the lakeshore. I also purchased these while residing in CA! I'd love to have a conversation with you about our market here and what you could expect.  I'll send you a direct connection so we can start our conversation!

@Tori Rhodes - Hello! Sounds like you are off to a great start! I'd be happy to talk with you further about how to leverage your real estate license in pursuing your investment goals. I'll send you a connection request.

Yes, we do have termites here in Michigan! 

I think having an actual termite inspector evaluate the problem is your best option. The company should provide some sort of warranty on work that they do to remediate the issue. You may be able to do the repairs yourself, but I'd encourage you to get the professional pest company to guarantee their work on stopping the termite issue.

And, as others have said, depending on what the inspector finds, you can try to renegotiate with the Seller, ask for a credit, or choose to walk away from the deal. Just remember to follow your inspection deadlines so you can get your EMD back if you end up terminating the deal!

Hi, Anthony! You have found an incredible source of information on investing by visiting Bigger Pockets! 

I would encourage you to do the following to set yourself up for success -

1. Watch every free webinar offered to new investors on Bigger Pockets, and take notes. Or, if you have joined BP officially, watch every webinar you can find through the website here.

2. Join a local Real Estate Investor Association (or, REIA) in your area and go to their meetings regularly. You will start getting to know other investors and can ask specific questions about how they got started, what they struggle with, etc.

3. As Brandon Turner, one of the BP OG's advises, evaluate at least 10 properties per week to see if they are worth investing in/flipping/whatever your focus is because this builds your "investor muscles" so you will know a good deal when it comes up. Yes, it is work to do this, but if you commit to it, I know personally it will help you to be a better investor!

4. Find an investor-friendly real estate agent in the market you want to invest in because a typical realtor is not as familiar with how to evaluate the potential of a property for investment purposes. You can even get connected with one through BP! (By the way, if western Michigan is the area you want to explore - let's connect!)

Hope that helps! I wish you well on your investment journey!

Hi, Roger! I've got experience with investing in rental properties while living far from the state the properties were in and I think the key to being successful with it lies in having a property management company you can trust to handle the day to day issues. Finding a great property manager is not always easy, however! 

I recommend visiting your local REIA (Real Estate Investor Association) to talk with other landlords, property managers, and other investors in attendance. It's always smart to talk with others active in your market to get a real understanding of the local situation.

But, don't assume that because other owners have had good success with someone that you should automatically go with that company. I would recommend you interview each PM to understand what they charge, what their systems are for management, etc. Then, choose the best of those you interviewed.

Appreciation is a good thing in real estate. Historically, even though the markets dip down sometimes, real estate is generally moving upward in value over the long haul. 

Lastly, I don't know what your long term plans are, but having a house to return to in the States if your international adventures don't work as planned can be a good safety net for you!

Richard,

Congratulations on your new fourplex! I'd recommend checking out the following websites, geared to property management, to see about companies you can call:

ccim.com

irem.org

multifamilyinsiders.com

narpm.org

And, definitely check with your local REIA (Real Estate Investors Association) group for local recommendations!

Hi, Josh!

In addition to checking out local crime statistics via county and city websites, you may want to check out this website: https://crimegrade.org/. 

Hope that is helpful to you!