All Forum Posts by: Account Closed

Hello everyone,

Due to my occupation, I find myself moving to a new part of the country every few years. Each time I move I am hesitant to purchase anything right away as it usually takes me a while to get a feel for the area and get comfortable with the local markets. I also notice that whenever I first arrive I am completely overwhelmed and don't even know where to start with my real estate market research. I should have a RE research system by now, as I have moved close to a dozen times in the last two decades but I don't. I often just play around with Google maps for a while and drive around aimlessly on the weekends until a neighborhood catches my eye. I noticed that there are some subscription services such as Local Market Monitor, which will indicate trending RE markets but these services can be pricey.

Basically, I'm curious as to what methods and techniques some of the more seasoned BP members use when they are first entering a new market to identify areas of interest.

I imagine that looking at "yield" is a good place to start, I just don't know where to find "yield" numbers for different areas, aside from calculating it myself.

I'll be moving to the Seattle/Tacoma area in a few months and was just hoping to get some guidance, not necessarily on "where" to look but "how" to look….if this makes sense. I guess my "plan" or lack thereof can be boiled down to this….

1. search on forums where people talk about the best neighborhoods in a certain city or area.

2. Google the area and study the amenities close by followed by a Google "street view" virtual tour.

3. Look at property prices on Zillow or Trulia then compare these prices to rental rates for these same areas of interest

4. Physically drive the neighborhood

5. Start attending "open houses"

Thats about it for me……There must be a better way.

-John

Thanks to both of you.

Some excellent points.

Hello all,

I will be moving to Seattle, Washington this summer and I was hoping someone on BP could help me out and recommend some service providers.

I am looking for a CPA in the Seattle area that can assist me with all my property investment and tax preparation needs.

I am also looking for a real estate agent in the Seattle area that can assist me in finding some investment properties. I am interested in single family homes and multi-family properties (duplex).

I think the lease option route is my best bet as I am not familiar with the market there and don't want to be pressured to buy something immediately, but I also don't want my rental payment to go to waste either, I want to have it work for me a little bit. Hence my desire for a lease option.

So, the real estate agent will need to be familiar with this type of transaction and all the other nuances associated with an investment property client.

Thanks in advance for the consideration and I hope to hear from some of you.

-John

Is it common for real estate investors to pursue appraisal certification courses? Not to get certified but to better learn how to value property with the intent of increasing their chances of finding good buys?

Ali - Thanks for the article, hipster looks great by the way! Gonna do some exploring there this weekend.

Tyrus - I will definitely read the forums, I'm certain every question I have has already been addressed, the truth is, I just wanted to post something to get my feet wet and meet folks like you!

Marc - You have showed me that I have a long way to go. thanks for the inspiration.

Adrian - Good point, I'm going to start searching out a professional within the state that can walk me through the proper process.

Thank you all for the warm welcome.

I selected Missouri based on some market indicators…..the property here is relatively inexpensive and the rents are fairly high in comparison. St Louis, Kansas City, and a few other smaller markets have many properties that meet the 1-2% rule. Plus, I am working in Missouri for 6 months, so this was an excellent opportunity to physically see a few places and get a feel for the area.

I'll be moving to Seattle this summer but I am leaning towards renting there. I know nothing about the area and I'm not really impressed with the rent to value ratios there.

Hello all,

I am interested in the topic of asset protection via an LLC. I am also interested in all of the tax benefits/advantages associated with claiming business expenses, so…. forming an LLC for a rental property seems like the perfect solution. The actual process of setting up an LLC is pretty straight forward and I have already completed this step, what I am having trouble understanding is the proper entity structure for multiple properties and/or LLCs.

If you had two or more rental properties what type of entity structure would you use if they were in different states? Two/three/four LLCs, one LLC for all, Series LLC, etc?

Also, does anyone know of any free or relatively inexpensive resources that can inform me on similar/related issues? I spoke with a CPA on the phone but his hourly rate was $200. I don't think my basic questions warrant a specialized CPA at $200/hr, not yet at least.

Thanks for listening,

-John

Hi Brandon,

The podcasts were actually the first aspect I discovered through iTunes about 6 months ago. After a while, I finally decided to check out the website. I now have a smartphone and will hopefully be able to monitor the forums from the mobile app enhancing my overall experience in Bigger Pockets.

Greetings Everyone,

I’m truly excited to begin my Bigger Pockets journey and expand my overall knowledge base on everything relating to real estate.

I currently own a home in Hawaii and I’m in the process of purchasing a multi-family (duplex) building in Missouri.

My investment strategy centers on the long-term holding of residential income properties with the ambition to one day own and operate a large apartment building.

Currently, I am studying for my real estate license exam as well as researching all the tax advantages that come with owning an investment property since it is that time of year.

I look forward to learning with you all…..

- John