All Forum Posts by: Scott Allen

@Remington Lyman will there be food and an open bar? 

@Sean Haran It sounds like they understand that you have a GC you're going to be using to get the project done. They want you to have a project manager or someone local here that can check on your project/GC's work weekly to make sure things are being completed and a GC isn't just saying their doing a bunch of work but not actually doing anything. You might be able to make an agreement with the person who is helping you purchase the property to check on it weekly/video calls with you and compensate them for going out. This lender wants boots on the ground to make sure the project gets completed as planned. BRRRR's/flips can be tougher to perform without a proper team making sure it gets done.

@Rahul P. Welcome to BiggerPockets! This is a great resource to ask questions and learn more about different markets.

1% Rules and BRRRR's are very achievable here. Fix & Flips are a little tougher to come by.

@Jonathan Feliciano I don't own anything up in East Cleveland but just look it up on YouTube so you can get a good idea/feel of what the neighborhoods look like. I've watched a few on it. Looks like it has a long way to go. Could be worth speculating into at least one property there and just holding it for the long run with how inexpensive they are. 

@Sean Haran I recommend sewer scope inspections to my clients. It can be a hefty fix and a crack/blocked up line is not something you want to find out about after closing. When a line is messed up or in need of repairs you want to use it as leverage to negotiate a reduction in price or a seller credit towards closing cost. It's also beneficial to get a quote from 1-3 different companies that can repair it

@Carlos Quiros

It does cost money to refi so you have to account for that still. If you're cashflowing, sounds like you're doing good already. 

Personally, with one of the rates that I have on a different duplex - I would consider doing a refi if rates dropped 2 points because I know I'd be cashflow positive and could hit the LTV with updates that I've done to it over the past 6 months

@James Trobaugh

House-hack first but also look into other types of loans that are 0-5% down for a 1-4 unit. Sounds like you have time on your side starting out before buying a single family house. 

If you have a family - you can still house hack into one of the sides of a duplex. Single Family homes are great if you actually have a family and really do need the space/school district that you want kids to be in. 

@David Walton

Attorney's are great - ask a real estate attorney about this though to double check. I think they're supposed to be left in a non-interest bearing account.

@Gurgagn Chand

Congrats on your first one! On to the next one.

@Don Wizzy

Welcome to BiggerPockets. 

Figure our your goals first, keep it simple - Do you want to house-hack or invest out of state if the market you live in is too pricey? Partnering with someone with a lot of experience is also a great way to get started.

From there, build a core four. Find an agent that can help you find properties that you're looking for, they should introduce you to a lender that can get you pre-approved for a loan, if you can/learn to manage the property or get introduced to property managers, always ask about different contractors that you can use for different things like electric, plumbing, HVAC, kitchen/bathroom remodels.