All Forum Posts by: Rhealaine Sayson

Hi Craig,

Welcome to the investing community! House hacking is an awesome choice for starting out—it’s a great way to cover your mortgage while gaining landlord experience. Plus, it gives you a chance to learn the ins and outs of property management on a smaller scale, which can be a huge confidence boost as you grow your portfolio.

Best,
Lei

Hey, BiggerPockets community!

In the booming market in Memphis, I've found that having the right tools can make all the difference. Here are my top 5 essential tools that every investor should consider using:

1. Google Maps

Google Maps is a fantastic and free tool for scouting potential properties and understanding neighborhood dynamics. You can create custom maps to mark areas of interest, track properties you're considering, and note key amenities like schools, shopping centers, and public transport. It's a great way to visualize and plan your investment strategy.

2. DealCheck

DealCheck offers a free version that simplifies deal analysis, helping you evaluate potential investments quickly. Input property details and instantly get cash flow projections, ROI, and profit margins. While there are paid plans with more features, the free version is useful for basic analysis and getting a good overview of a property's potential.

3. Roofstock

Roofstock allows you to browse a wide range of rental properties for free, providing a valuable resource for finding turnkey investments. While there are costs associated with purchasing properties, the platform itself offers free access to property details and market data. It’s particularly helpful in markets with high rental demand, like Memphis, where you can find vetted properties with tenants already in place.

4. BiggerPockets Forums and Marketplace

Of course, BiggerPockets is an invaluable resource for networking, learning, and finding deals. The sub-forums are a goldmine for local insights and connections. Don’t underestimate the power of community!

5. Local MLS Access

Having access to the Multiple Listing Service (MLS) allows you to stay ahead of new listings and price changes. Whether you get access through an agent or other means, it's crucial for finding the best deals quickly.

These tools offer a mix of free and paid features that can be tailored to your investing needs. What are your go-to tools for investing in this booming market? Let’s share our resources and help each other succeed!

Looking forward to hearing your thoughts and tips!

Hey, BiggerPockets community!

In the booming market in Memphis, I've found that having the right tools can make all the difference. Here are my top 5 essential tools that every investor should consider using:

1. Google Maps

Google Maps is a fantastic and free tool for scouting potential properties and understanding neighborhood dynamics. You can create custom maps to mark areas of interest, track properties you're considering, and note key amenities like schools, shopping centers, and public transport. It's a great way to visualize and plan your investment strategy.

2. DealCheck

DealCheck offers a free version that simplifies deal analysis, helping you evaluate potential investments quickly. Input property details and instantly get cash flow projections, ROI, and profit margins. While there are paid plans with more features, the free version is useful for basic analysis and getting a good overview of a property's potential.

3. Roofstock

Roofstock allows you to browse a wide range of rental properties for free, providing a valuable resource for finding turnkey investments. While there are costs associated with purchasing properties, the platform itself offers free access to property details and market data. It’s particularly helpful in markets with high rental demand, like Memphis, where you can find vetted properties with tenants already in place.

4. BiggerPockets Forums and Marketplace

Of course, BiggerPockets is an invaluable resource for networking, learning, and finding deals. The sub-forums are a goldmine for local insights and connections. Don’t underestimate the power of community!

5. Local MLS Access

Having access to the Multiple Listing Service (MLS) allows you to stay ahead of new listings and price changes. Whether you get access through an agent or other means, it's crucial for finding the best deals quickly.

These tools offer a mix of free and paid features that can be tailored to your investing needs. What are your go-to tools for investing in this booming market? Let’s share our resources and help each other succeed!

Looking forward to hearing your thoughts and tips!

Hey Carlo, there's no such thing as a stupid question, especially when starting out! Yes, you can open a bank account for your PA LLC in New York. Many banks allow you to open business accounts regardless of the state where the LLC is formed. Just make sure to bring all the necessary documentation, like your LLC formation documents, EIN, and personal identification. It's also a good idea to check with the bank ahead of time to see if they have any specific requirements.

Partnering with your GC can be beneficial, especially if you're new to flipping. Sharing profits with your GC can give them extra incentive to do quality work and stay on schedule. but it's essential to have a clear agreement in place to avoid misunderstandings. Some potential downsides include giving up more profit and possible disagreements on project decisions. It can be a good long-term relationship if you find the right partner, but be sure to do your due diligence and ensure everyone's goals align.

Hey Jon, your vacation rental project looks fantastic! It's impressive that you turned a bank-owned property into a thriving Airbnb.

Congrats on your first property! For a budget-friendly and tenant-sturdy bathroom update, you could replace the counter sink with a vanity with a durable quartz countertop and an under mount sink for easy cleaning. A frameless mirror can make the space feel larger, and a mirrored cabinet can add storage. Swapping the shower curtain for a glass door can modernize the look, but a nice shower curtain will do if that's too pricey. Keep the color scheme neutral, like soft grays or whites, and add color with accessories. Replacing old hardware with modern finishes like brushed nickel or matte black can also make a big difference.

A cliché I find to be true is, 'Real estate is a long-term game.' The benefits become evident over time through property appreciation or building equity.

Managing a property with your dad can be a great way to gain hands-on experience. You could consider a single-family or small multifamily property in Miami, which can be easier to manage and provide a good entry point into the rental market. Wholesaling is another good option if you're looking to build capital without owning property. This approach focuses on finding deals and connecting buyers with sellers, helping you learn the market and hone your negotiation skills. Since you're in college, consider what will best fit your schedule and provide the most valuable learning experience. Working with your dad could offer valuable mentorship and support.

Neighborhoods like Fountain Square and Broad Ripple are great options to consider. If you're financing from abroad, look into international lenders or local banks that work with overseas investors. Single-family homes and small multifamily properties are popular choices here.

It's also a good idea to connect with local real estate groups or online communities for advice and to find good property managers. Don't forget to familiarize yourself with local laws and regulations; hiring a local attorney can help navigate the legal aspects. Good luck!