All Forum Posts by: Jeff Wallenius

@Kishore P. I would say it depends. If you looking to invest in notes in your local area, having your license may be a benefit as you will be able to pull comps quickly. This can be done without your license as well. If your looking for notes in another state, I don't see an advantage to having your license.

Why type of notes are you looking for? I'm looking for performing note investors all the time for our properties.

If your new to investing out of state it all comes down to your team on the ground. Each market has it's pros and cons, and there are better real estate markets than others, however if you have a terrible team in a fantastic market, you have nothing. On the flip side, if you have the right team in place to invest with, you can make some good returns in an average market. P

Pretty broad statement I know, and some of it depends on your real estate investment strategy as well.

Hey @Joe Wortham it's good to see another firefighter on here! Although I can't help with your current area, I do work with other firefighter investors all the time and it would be great to connect!

Appreciation play while cash flowing a rehabbed rental. I bought this house two years ago and rehabbed to sell. The rehab included new windows, roof, floors, appliances, paint interior and exterior, bathroom remodel, and more. Current tenants absolutely love the house and want to stay for as long as they can. Rent is paid on time every month and they take very nice care of the house. Dallas has been a fantastic appreciation play for the past 10 years with over a 10% appreciation average. Competition for rentals is very high! I have another rental two blocks away that was smaller and rented for $1700/month so there is room to raise rents. I have not done so as this couple is amazing and a zero percent vacancy and no maintenance costs over ride my desire to increase their rent. Tenants pay for all utilities. Taxes and insurance are $200/month.

I would expand your search West a bit more to Dallas Oregon. It's a fantastic area with appreciation averaging over 10% in the past 10 years. $200K with $1500-1600/month rents.

Your better off moving your search a bit farther West. Dallas is a fantastic area to pick up rentals!

Congrats on the baby! Plenty of options as well as hurdles with investing out of state, just make sure you do a large amount of due diligence before jumping in!

@Janine Covello first of all, congrats on buying two homes this year! 

When you start getting into major renovations the increased risk goes up for change orders from your contractor. Foundation issues depending on the area your investing can be very expensive, structural defects may require an engineer as well as heavy permitting which increases capital outlay. If your managing construction from afar, it's very easy to be taken advantage of on draws, or with contractors covering up problems that need repaired. Now to directly answer your questions.

1. Over time I took on larger projects and I do believe it's very important that you have a solid understanding of construction which I did.

2. You'll want references and lots of them! If investing out of state it's video walk throughs weekly with descriptions on work being performed. Again this still sets you up for the possibility to be taken advantage of. Release draws as work is completed and do not front rehab money if possible.

3. The only way I learn is by doing, and I've paid for my education with plenty of mistakes. Happy to discuss or help if I can.

@Matthew Powell @Andrew Korver

I live in Canby and our office is in Tualatin, let's grab a coffee and discuss. I've been investing out of state for several years and there's plenty of hurdles and hazards to be aware of.

Cheers!