All Forum Posts by: Rachel Kokosenski

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!

Welcome, Danielle! There is a TON of knowledge here on the forums, in the podcasts, and in the books. Just start reading, listening, and participating and figure out what niche you like best. I'm happy to answer questions for you as well. 

The other key factor is that when STRs were in high demand, a lot of people jumped in thinking they were going to just list it online and the money would roll in. It's a business, not a get-rich-quick option! You still have to treat it as a business and do everything you can to market it effectively. 

I also agree with @michaelhaynes - I ALWAYS encourage my STR investor clients to be sure they can pivot their strategy to make the property a MTR or LTR in case the market changes - either by new regulations or lack of demand, etc. You always want an exit strategy. Again, if you treat this as a business, this makes a lot more sense!

Agreed - if you are comfortable being an on-site landlord for at least a year, I suggest you look at 2-4 unit multifamily options. With the new FHA loans offered where you can put just 5% down, it's a great way to enter the market! You may even find that the other rents will more than cover the monthly mortgage payment, thus allowing you to live rent-free and start accumulating a nest egg to roll into another property!

@William Doyle - I recommend looking for an investor-friendly lender in your area. A mortgage broker could also be very helpful. 

Are you working with an investor-friendly real estate agent in Florida? They should hopefully have some lender partners that they can connect you to for these questions. 

In addition to looking for networking opportunities, it really does help to use the BP Calculators and analyse properties regularly. The more you do this, the more understanding you will get about what price points you want to be in and also the potential returns you can get as well as the differences between buying a fixer vs buying a property that is close to turnkey or only needs cosmetic repairs (i.e. flooring, paint...). 

@Keng Fong - Another important thing to remember is that when interest rates go up, property prices tend to go down. And, when interest rates go down, prices tend to go up! Plus, if the Fed does lower rates again next year, there will likely be a frenzy of buyers again which will also push prices up!

As Andrew said, if the numbers make sense - it's always a good time to buy! You can always refinance a property to a lower rate (generally about 6 months after purchase). You may find that buying in your immediate area doesn't make sense but you will want to analyse multiple properties first to see what your market looks like.

I was in CA when I first started investing, so I looked for properties in Michigan because the numbers were so good. I'd be happy to chat with you about investing in Michigan - feel free to send me a message!

@Mark Loberger - I would also suggest that you make sure you have a CapEx fund (aka, capital expenses) because a broken furnace or water heater can eat up your profits in a hurry! Better to have a rainy day fund or set aside a percentage each month of the profits so you don't have to go into debt to fix things!