All Forum Posts by: Tiffany J.

@Tiffany J. Hi Tiffany I have owned bed and breakfasts for 25 years but technically got into real estate investing 26 years ago 1 year after I bought the first B&B. We bought two small commercial apartment buildings with a partner who eventually bought us out (my wife and I) after the friendship ended. Then we bought a few other SFHs but after the first 7 years we stopped investing and sold everything and I’m kicking myself now!

I got serious about investing again 4 years ago and while I don’t really have a mentor I’ve built a very good team. My contractor has been doing construction for about 38 years and has been doing some property management for local people off and on for about 25 years now so he’s been a big help.

I’d recommend networking at real estate meet ups if you can find any, even if you occasionally have to drive an hour or so to get to one it’s well worth it. Also find a good realtor or two depending on how big of an area you’re looking to invest in. Contact some banks and start getting on their radar and building a relationship with their lending department. If you find one that you feel is a good fit it might not hurt to open an account there if it’s local. I’ve been doing my loans with the bank I’ve been with for 27 years and they’ve been bending over backwards for my business.

Hey Tiffany, I was there with you and completely understand where you are coming from. I started studying real estate in 2019 and didnt pull the trigger until 2021. 

What I can say is you learn so much from the experience of doing! You might change your strategies as you go through the motions of doing so my best advice is to just start. 

How I started was I did a house hack on a duplex for my first property in a market where the properties were about $300K. This meant about $50K down payment. Not sure how much you're willing to spend or what your strategy is but I will say you probably know more than you think you know. 

Go ahead and go through the process and hopefully you have some friends you can hit up and ask some questions when you're not sure. Happy to be that friend if you don't have any! 

Best of luck!

Quote from @Tiffany J.:

Hi! I've been studying real estate since 2020 off and on and I think I'm finally ready to actually do something. I've been reading books and listening to podcasts. My main concern is that I don't know what I don't know. Did you have a mentor when you first started? Or is it enough to just teach yourself and then go out and do it?

I think starting out it's really hard to know where to begin. Having someone help you focus and get a path going toward your goal is a big plus. Yu may not even clearly understand your goal and how to get thhere at this point.
For instance, what I do isn't for everyone but if you don't know about it, how can you decide? There are many way to travel real estate.

I favor finding properties "Off Market" doing “Subject To” and selling on “Lease Option” for great cash flow and nice profits. Such as:

Buy using Subject To and sell on Lease Option which I explain at https://www.biggerpockets.com/forums/311/topics/1141313-subject-to-why-you-need-money-to-buy-using-subject-to-subto-safely-legally

Originally posted by @Brie Schmidt:

Originally posted by @Tiffany J.:

Thanks, Russell. If you were in this situation, would you anticipate having issues finding another renter in Chicago? I don't think it would be difficult during this season. I know that it would depend on the building and the area, etc. Any thoughts?

I have 3 leases up for June 1.  The first unit I had 6 showings in 1 day and an approved application.  The second I had 6 showings in 1 day and then 2 another day and have a pending application.  I just listed the 3rd yesterday and I already have 6 showings set up for tomorrow and am confident I will get it rented by next week.

Originally posted by @Dmitriy Fomichenko:

@Tiffany J. good luck with your REI journey!

Originally posted by @John Thedford:

I cannot say one is better than the other. I live in SW Florida and invest here. It is tough to find a deal anywhere at this point. I will be glad to set you up so that you can peruse the MLS listings and see if there is anything that interests you. My site is: wealth realty and property management dot com. You can also feel free to email or call with questions. I am currently working with a few buyers looking for new builds. I am working with a builder that has a nice product 3/2/2 in the 270K range. These were slightly cheaper not long ago but the price of materials is pushing the price up. I am in the process of closing on a 3/2/2 pool home in SW Cape Coral for $210K. I felt the deal is marginal at this time but there were two things I considered: we (I) expect a strong market in the area for the next few years. We have LOTS of people moving here. The second reason was the owner agreed to carry 160K at 4% for 20 years. That is CHEAP private money.
John L Thedford
Broker
Wealth Realty And Property Management, inc

Originally posted by @Jonathan Klemm:

@Tiffany J. - I am in agreement with @Brie Schmidt push back first and see if the tenant is willing to find a subleaser.  

If it ends up being more of problem and they aren't will to help then I'd side with @Mark Ainley to get as much $$$ as you can and move on.  You obviously have rights based on the contract, however, the cost to enforce them in this situation might cost more than they are worth.

Also, try putting yourself in the tenant's shoes and decide what the best move is to make the "right decision" and be a good person....

Originally posted by @John Thedford:

Have you looked at areas further south such as Cape Coral, Ft Myers, Lehigh, or Naples?

Originally posted by @Shawn McCormick:

Hi @Tiffany J. For long term buy and hold in Orlando is is tough ask right now. We literally only have a few weeks of inventory, so prices are ridiculous  (from what we are used to here). Going into the summer season, I'm expecting it to be even more competitive as once school is out, we typically see a lot more activity.

If you are able to wait (not always) for new construction, you can get some descent properties in some of the areas you mentioned (Groveland, Apopka, Haines City, St. Cloud to name a few) Cash flow will still be tough, but you will get appreciation and peace of mind with all mechanicals etc are new and warranted. Winter Park is too expensive for single family, you might get an older home on the Seminole Co. side for under $300.

Townhome vs single family is a supply issue right now, townhomes have higher HOA costs ,but generally no exterior maintenance, appealing to younger people that may need to have a room mate and don't want to have a yard etc. Single family, just watch the age of the home. You could walk into a ton of capex (roof, a/c, poly plumbing, electrical panel), not to mention updating if you want to maximize rents.

Hope this helps a bit, reach out if you would like to talk thru some scenarios. Good luck!