All Forum Posts by: Aaron Hall

@Kendra Mattson  welcome to BP.  I am up in Santa Rosa, not far from your first property. We just had a meetup in RP on Tuesday - we had a great time.  

Cashflow in CA is hard to find.  They are definitely out there but with so many people looking they are hard to get your hands on.  

For starting out - think first about what you will do to add value to opportunities.  Make a plan and jump in.  Out of state advice  - look for areas that interest you, setup criteria then start establishing your team.  A piece of advice from out-of-state investors was use Zillow to contact RE agents in the areas you want to invest.  Ask them to send you prospects/comps that meet your criteria.

Best way to find teammates is make sure they have skin in the game - this will make it a win/win.

Now that you have your first property down keep moving forward.

I like your idea of getting the numbers figured out. That is the best way to find the right deal. I know in this area we have alot of information available without having to go to the property (inspections/reports). This is available through our MLS attachments or by talking to the listing agent.

You should start talking to agents and see who will get this information for you.  It will take some time to get the report but not as much as going to see the properties.  Start building the relationship with the right agent, so that you have your "team" established when the other pieces are in place.

I have to admit success in RE is going to be through who you know.  @Scott Sutherland  advice to keep going is the right one.  You will meet so many people that you can use in your network. Some of those professors have money just sitting in 401k looking to be self directed.  You can build your track record while in school .  TALK, TALK, TALK, with everyone you know about your goals, this will help you refine them.

Also follow @Maura Paler advice, do it on the side.  Take it on like a class project but instead of making things up, do REAL research for REAL properties. 

As far as going south, as @Jeremy Shepherd  mentioned, talk with  @Levi Bennett.  He has given me some insight to a VR market that you should definitely explore.

The three T's are what it sounds like you would like to avoid - well at least 2 (toilets, taxes).  With any real estate decision think about your short term and long term goals.  What are yours and how does this property play into both?

Short term - how to manage the headaches of owning (maybe apply your system to your own property).  Simplify - downsizing sounds like a real good option, do you have to stay in your current location or could you move to another town/county/state? This could help you capitalize on the "over inflation".  

Long Term - Do you want more buy/holds? Should you hold this and turn it into another rental?  If you can TRULY cashflow then hold it and make some money while the property continues to appreciate.  Move into a new smaller home and then you have another investment property with primary residence rates.

Hope this helps you figure out what you want to do to reach your investment goals.

--Aaron

You can get a loan but certain lenders may require it get taken care of first. FHA loans will not go through til it's resolved.

If you are looking @ a property with a "green" pool get a pool guy in there to asses the whole system.  "Green" may be the tip of the iceberg.

Ask the bank and find out their guidelines for pools.  If they do you can have the seller fix it or get a credit. Best thing to do is start asking and fixing it now or it can drag out closing. 

Carol,

Quick answer to how to tag users.  When you want to tag, start with the "@" symbol  and then start writing their name and a list of possible users will show at the bottom of the "Post a Reply" box then click on the name and it will be inserted and shaded blue to show that it works.  Give it a try @Carol Venolia 

215 is just another part of your form.  As a landlord you have to be specific on what is NOT allowed (smoking, growing, animals) and what the consequences are for violations.  

THe one problem that I see with most landlord is actually enforcing their agreements (smoking, late fees, background checks during application process etc) and this is where most big problems arise.  Just communicate what is expected and understand that enforcement is hard but its easier that having to deal with the large  headaches of not being consistent.

"Drug Free Zones" Differ by cities.  I am not sure what Santa Rosa's definition is.  You could state this in the lease telling them that they will need to apply all regulations pertaining to the "Drug Free Zone" so that as they definition changes you won't have to change the lease.

@Justin Green I know that in my area FHA has few appraisers. Usually from the appraising side it requires more work than usual so it gets shopped around for who willing to do it for how much. Since this isn't a simple appraisal higher fees are being asked and longer turn time.

So on the repairs side you mentioned having 1 contractor.  Around here, the owner is usually the general so he can save money on the permit process.  What the challenge when there are many contractors?

I am hanging out here in Phoenix for the rest of the week.  I have had a chance to eat at some places in Tempe.  Tried getting in at The 4 Peaks Brewery but it was an hour wait.

Been loving the weather 80's by day, 50's by night.

Back to RE. I am in town and wanted to learn about what makes this market tick. What are the REI opportunities in the Phoenix, Tempe, Scottsdale, Mesa, Gilbert, Chandler, Glendale?

I have a property in mind that I might want to use a HomeStyle loan.  Thanks @Chris Johnson and @Dawn Anastasi  for the links.

Any updates on your deal   @Justin Green 

@Orion Walker I know you closed recently on a HomeStyle loan.  Any thoughts?

If you are looking on the mainland, what areas are you interested in investing in?