All Forum Posts by: Rob Terpilowski

Hi @Ali Boone, yes, I would like to learn some of the war stories, both the good and bad, and I'll echo @Marvin Gunn's question, which markets do you look at for your turnkey properties?

I'm considering the possibility of acquiring properties out of state as rentals, either SFH, or small MF properties. I'm located in the Seattle area, but rentals in the midwest are priced significantly lower with much juicier yields. I realize that the upside appreciation may not be as high as the Seattle area, but it seems that for the same amount of capital you can get a much higher cashflow.

 I'm interested to hear from people that have invested out of state, how have you done it? Purchasing a complete turnkey solution, sight unseen,  or build a team remotely from your home state to find properties and tenants, and property management.

I'm interested in hear both the things that have gone right as well as the pain points.

Thanks,

-Rob

@Account Closed's question as well on finding turnkey properties in Indy, and what your experience has been so far.

Ok, my problem is a little different. I've found a number of deals from both wholesalers in the area and the MLS, but am struggling to find GCs to bid on the rehab work, so I've already had to let a handful of potential deals go.

I'll PM you later with a list of the wholesalers that I have been working with who may be able to help you.

@Jessica S., sounds glamorous, right?  I'll be happy to tell you about it if we ever run into each other at a local meetup.  

What are you looking for on BP as far as REI goes?

I've bought a few properties through the auction in Seattle, and you need to have your full bid amount at the auction.  I've used Veristone Capital as a hard money lender for my auction properties, and they will bid at the auction, and provide payment, and will require you to wire a 20% down payment to them if you are the winning bidder.  You could also check with them to see if they can do a title search for you to learn of any liens on the property.  If not Caliber real estate is at the auction every week and provide the title search service to their clients.

hth,

-Rob

Thanks for the detailed response @Matt R.  

this helps out quite a bit.

Best,

-Rob

Hi @Jonathan Clark,

we should get together for coffee, looks like we have similar backgrounds, and I am located in Snoqualmie as well. I'm an IT professional by day (software architect), and am a partner in a small commodity trading firm (Zoi Capital, LLC) which trades commodity futures on behalf of our clients. I am also an active trader for my own personal accounts, trading a pretty wide array of asset classes; stocks, options, warrants, futures, bonds, currencies, and am just starting research in mortgage notes.

I've got a few rehab deals under my belt the last couple of years, and I am looking to begin ramping up my efforts.

I'll send you a Colleague Request.

Regards,

-Rob 

Hello BP,

I am looking at a number of distressed properties to potentially purchase and rehab, and am wondering what is the accepted practice for getting bids on the property, as far as what point in the process do you get a contractor out to the site to provide a bid?  Ideally, I'd like to get bids before I place an offer in order to have a good handle on the rehab costs and place my offer accordingly, but on the other side of the coin, I could potentially place offers on many different properties before having one accepted, all the while I'm getting bids from contractors for which the job for them doesn't materialize.

Or, do I visit the properties myself and with my agent, make an very rough estimate of rehab costs, make an offer based on the estimate, and then bring contractors in for bids *after* getting the property under contract, then potentially renegotiate the offer price if the bids come in higher than estimated?

Thanks,

-Rob

@Jesse Kindra  The meetings are to review properties that are coming up on Fridays foreclosure auction that may be potential flip or buy-and-hold candidates.  I use the meetings as an opportunity to network as well.  There have been anywhere from 10-25 people there depending on the week, and they occasionally make off market properties available as well.

@Troy Fisher I attended a meeting at Heaton Dainard last night which was pretty informative, and have signed up for a number of meetups in the area that are listed on meetup.com.  Are there any other meetings that you would recommend?