All Forum Posts by: Tahra Wright

@Joe P. I think that if you do go to the USPS, you have to indicate which address you are getting mail to (the investment property) and where you now want it to go.  So I don't think you'd screw up your actual home mail.  Maybe best to just go into the post office and confirm because sometimes going online can get things confused.

@Blake Charles garrick  hey Blake, this may be helpful to you!!

@Joe T.  it really depends on two things, (1)  is the property habitable where you could get a conventional loan, and (2) what’s your exit strategy?  Is it a flip or buy and hold?

@Devereaux Leget  Congratulations! I have a phenomenal short sale specialist who is located in NJ.  I’m sure he can help you!  He may even be here on BP.  His name is Matthew Merenoff from Real Estate Recovery Group.  Google it and you’ll get all the details including his contact info and website.

Good luck!!

@Sherman Dunn my pleasure!  Good luck!

@Hans M. Hi there!  If you are not very familiar with the area I would reach out to a realtor/property manager and try to get a pulse on the market.  I am not surprised that there are a lot of apartments in January in a college town, because most apartments will rent out at the very end and the very beginning of the school year.  It would be more unusual to have a number of new renters in the middle of the school year. I would bet demand is highest towards May/June and August when kids are trying to secure rentals for the next school year before they leave for the summer or when they return.  That's just my two cents based on what I did when I was in college!

@Blake Charles garrick OK, now I understand. I would run your numbers on both calculators so you can see the differences. With the BRRRR strategy you really need to ensure that you are purchasing at a price that is low enough that after your repair and other costs, that it will appraise and provide sufficient equity that you can refi with a traditional lender and pull all of your money out. I suspect the purchase price on a BRRRR would be less than if it were a rental that you are paying all cash for. You have to at least try and walk the property and peek inside if it's vacant. I know that getting in a property that's going to auction can be very difficult unless you know a realtor that knows how to "access" these properties. This strategy may be hard if you can't determine rehab costs in advance.

@Vidit S. I love the goal and it's definitely achievable!  My husband and I have been buy and hold investors for a long time in NJ, but we are researching out of state options for better cash flow!  

@Blake Charles garrick Analyzing a foreclosure is no different than analyzing any other property you are going to purchase and BRRRR. When I buy REOs, I try to find other REOs or "distressed properties" similar to the property I am looking at that sold in the last year. That gives me some idea of the price I should be paying for it, but it's a little hard. You can use the BP calculator and put in the same information that you would put in for any other property. Are you trying to buy from a sheriff sale, or is it a REO that is on the MLS? You said you have to bid a bit higher is it at auction? If so, then you need to determine what all the other costs are that need to be paid as a result of the auction, but you still have your other typical costs (insurance, closing costs, attorney fees, etc). If you aren't able to enter the property to do rehab estimates, then you have to assume the worst case scenario. Not sure if that's exactly what you are looking for.

@Vidit S. If you are buying as an investment property in your own name, the rates are still going to be higher compared to buying as your personal residence. You should talk to some local banks about the differences. In addition when you do decide to form LLCs to transfer your personal properties in the future you have to transfer the deed to the property and (at least in NJ) have to pay realty transfer tax which I just did for one property that I owned in my own name for several years (I had an umbrella insurance policy) and it cost me $1300 to pay the tax (far more than setting up the LLC). There are pros and cons for either way depending on what your future goals and plans are. It's good to do the research, but better to talk to your attorney, bank and accountant and then jump in! Good luck!