All Forum Posts by: Samantha A.

@Account Closed   Great idea - I'll talk to an investor-friendly lender about this particular situation. This would help curb a lot of the pressure associated with this first investment, as having a solid game plan (for every step of the process) will definitely reassure me. Especially when it comes to refinancing and getting my cash back out. I'm so determined to build a portfolio of buy and holds, but the initial learning curve is really straining my mind. I'm also very excited to learn from this first experience, too.

Hi BP community, 

I'm finally ready to take my first step and purchase a buy & hold rental property. 

The thing is, there are so many different options and I'm pretty serious about efficiency. While I want to maximize the experience, I also don't want to be stuck in analysis mode. So I'd love to hear your opinions on the following options:

-My goal is to purchase a value add property. I've saved up a little over 100k at this point, and don't qualify for conventional financing (yet). I have an s-corp and it will hit the two-year mark of solid tax returns this upcoming year. Would you recommend that I purchase a property (cash) somewhere in the midwest, fix it up, and then refinance it when I qualify this upcoming year? Or would you recommend that I wait until next tax season? I'm a bit uncomfortable with using private lenders for my first property. And I don't really want to wait until 2019 - I'd like to be purchasing my second property by the beginning of 2019. 

I've been searching around Kansas City for properties, and it seems like a great location for me to purchase a property in cash. I'm also open to looking around Jacksonville, FL as it's just a few hours north of me in Melbourne, FL. Any thoughts? 

Hi @Lillie Hernandez , can you please send me additional info, too?

Email: [email protected]

Thank you!

Hi @Kurt Krier, welcome to BP!

I'm also a local Melbourne newbie and would love to be on your list. 

Good luck!

@Brian Garlington  

What great advice! I'm in Florida and you don't naturally take winter months into consideration. I have a commercial property in Ohio that I'm selling (it's going to close in the next week or so), and am looking to allocate it to an area with better cash flow. It was an inherited property. It is in a more rural area and we never found a PM team that kept it rented out. 

I'm amazed that your properties in Cleveland are at the 3% rule and up. Do you recommend sticking to a "C" neighborhood for those returns? I was thinking C+/B- would be my goal. Definitely not going to find any fourplex properties under 100k, but I'd rather play it safe! I'll have to connect with some PMs and agents and book my ticket soon. Definitely want to get in there before the winter. 

Hi Michael, I'm on the same boat right now. After a year of research, I am just about to complete reading David Greene's book and am feeling more prepared than ever. I've been looking into purchasing a triplex or fourplex. My interest has been peaked with the Cleveland OH area, and if you get in the right spot, it looks like you can have great returns. Of course, the neighborhood grade can vary from street to street, but I'm sure that you know how to make sure you're buying in a good location after reading 'Long Distance Real Estate Investing'. 

Another city that I'm currently checking out is Kansas City. I'd love to see where everyone else is currently (or about to start) investing. 

Hi there, can I please have the additional property info sent to me as well?

[email protected]

Thank you!

These are all great lessons, thank you for sharing. Investing with integrity and kindness will go a long way.

@Jay Hinrichs     Thank you for your input! Finding a local multi-family home sounds like a great plan, but I'm having difficulties finding them in a decent part of town. I'd like to stay in at least a B neighborhood.

 What do you think about investing out of state initially? I'm okay with continuing to rent my primary residence. 

Perhaps in the Jacksonville area instead? It seems like neighborhoods there can be hit or miss, but I could always go check out the area first, as it's only a few hours away. 

@Alexander Felice

Thanks for your advice - you're totally right. I am the only one who is stopping myself, and I'm ready to get the ball rolling. I haven't begun bidding on any deals at all. I've really just been stalking the MLS and driving around neighborhoods to get a feel for where I want to invest. I really appreciate your straightforward approach.

I was reading a post you made the other day and checked out your blog. I read a majority of your posts just a couple nights ago. It's some of the most insightful and helpful information I've read yet. 

When you say - be motivated to close - should I start working on getting pre-approved so that I have papers in hand? I'm so ready to take the next step.