All Forum Posts by: Crystal Smith

Hello BiggerPockets Community,

I hope this message finds you well. My name is Logan Stamps, and I am new to the world of real estate investing, specifically virtual wholesaling. I've been immersing myself in various resources to understand the fundamentals and best practices.

One area where I find myself seeking guidance is in building a network remotely. Establishing connections with motivated sellers, reliable buyers, and industry professionals is crucial for success in this field. Given that I'm operating from Bend, OR, I would greatly appreciate any advice or strategies you might have on identifying and connecting with motivated sellers in target markets, building a list of cash buyers interested in virtual wholesale deals, utilizing digital tools and platforms to facilitate virtual transactions, and navigating legal considerations and ensuring compliance across different states.

Additionally, if there are any common pitfalls that beginners should be aware of, I would be grateful for your insights.

Thank you for taking the time to read my post. I look forward to learning from your experiences and becoming an active member of this community.

Best regards,

Logan S. Stamps

I am looking to get started in wholesaling, but as with any new venture, getting started can be the hardest part. I'm currently working on building a network of cash buyers in the East Texas area and would appreciate any advice on the best strategies for finding them.

I currently own rental property, but my goal is to use wholesaling as a way to generate more capital for future multifamily investments.

Any tips or insights would be greatly appreciated. Thank you!

Inherited a home. Looking to remodel. I'm completely new to real estate. 

What is the best way to find capital to remodel? Bank loan or 401k loan? 

I'm looking to update from 3 bedroom 1 bath to a 4 bedroom 2 bath house. What is the best tip to make sure you don't over-renovate a home? 

Thanks!

Yup, that's my point: there is friction involved that you don't have when you are local and you can stop by on your way home. This gives the OOS investor a built-in disadvantage over local investors. With a large enough economic delta between the market where you live and where you invest, it still does make financial sense. The benefits outweigh the friction losses. And you can mitigate those by investing in better-quality properties. The lower grade the investment is, the more interactions you will have for repairs and tenants, the more opportunities for extra friction - which materializes as a cost. If you apply first principle thinking, you want to strategically minimize the number of opportunities to interact with the property.

That's why over the years we have tightened the radius of our investments even more to about 20 minutes, so I don't go to the south side of Milwaukee, even though I see a lot of great opportunities there. 

And I am lucky to live in a great market; however I have to add it was not considered great when I started here in 2009 and everything was falling apart. That was really just dumb luck that my corporate job got me here. 

@Crystal Smith Of course it works for the local realtor, attorney, GC, PM. The out of state investor is entirely dependent on their services and these service providers get paid regardless of whether the property performs well for the owner. In fact, the worse the property performs the more fees are generated for these service providers. What Marcus is getting at is whether the arrangement is profitable for the actual owner given the higher amount of dependency. 

I know I can create my own spreadsheets for comps, but I was wondering if there was a program I might not be aware of that would allow you to pull that data quickly? 

I'm not a realtor, so I don't have access to the MLS, but would like to be able to pull data sets to analyze ARV, i.e., Bed/Bath count, Sq Ft, Price per sq ft, DOM.

Feedback appreciated!

Do i need a separate LLC for each property i own? and if i do have an LLC for each property, should i open an LLC that owns all the other LLC's

I'd like to gain a deeper understanding into the key factors investors consider before committing to an investment property. I understand that some investors take a more conservative approach than others. What criteria do you use to determine whether a deal is worth pursuing?

Hi,

I'm very new to anything related to an FHA loan. We are selling a property that has been freshly renovated. The buyers want to use an FHA loan and I'm not real familiar with the FHA loan process. However, when reading the FHA Loan Contingency Exhibit, section 20 reads:

Home Warranty:If the improvements on Property are less than one year old at the time of Closing, Seller shall, if required by FHA, provide a home warranty certificate acceptable to FHA.

Does this mean I have to personally warranty any issues on the property that may arise within a year or buy a home warranty from a company that offers that. Can someone please explain this and if that clause is normally imposed on renovated properties?

Property is in GA and built in the mid 80’s but renovated the end of last year. 

Thanks