All Forum Posts by: Timothy Casallas

IIll try to keep it simple because this is an action packed question.

Pros:

Cheaper than your current market possibly and you truly learn how to manage people in a way not many can.

Cons:

Managing people in a way not many can. Ive lost a lot of money because people dont do the job I need them to do in the time I need it done. There is something lost when they know you are not there and you are essentially just a voice on the phone. You really need to be organized and ready to stay on top of people or they will lose you money. Vet all members of your team but ESPECIALLY your PM.

Hey Jaden. Good points made by all. I'll add a new one. Pay attention to weather and natural disasters that are common in the area. Each market and location brings a new challenge that you might not think to underwrite for. For example, for my properties in Oklahoma its obviously tornadoes. In Milwaukee it is the harsh winters. Do some research here because it wont just affect your numbers, it will play into the insurance as well.

No, I own three co-ops in Queens but I am using them for personal reasons. I am also a limited partner on a multifamily in Albany but I dont have much say in that one.

My real portfolio is around the country. Oklahoma, Memphis, Milwaukee and Georgia currently.

That escalated quickly!

Lmao. I most definitely grinded my way into getting my teams setup in different markets and let me tell you, it aint easy. I think these people that you speak of are just shooting their shot going for the Hail Mary throw. They know getting ignored or cursed out will come with it, but the potential benefit is that someone will share that information with them.

Good afternoon all. Happy Superbowl Sunday! This is NOT a soliciting message. I am not selling my services as an agent here. For that please DM me or BP will take down this post.

This is more a message to meet more people in the area and discuss strategies with like minded individuals. Also, for new investors Id love to answer questions if I can. I want to be able to be a part of the growth of this BiggerPockets community. How has your journeys been going? What have been your biggest obstacles or issues that youve had getting started or with your current business?

I look forward to hearing from all of you!

We found our deal on the MLS. It went under contract and fell through so we jumped on it and got a steal of a deal. Bought the triplex for 225k and it ended up appraising for 265k.

Quote from @Brandon Gamblin:

Are there any RE investors interested in investing outside the state of where you currently reside?  If so, which states? And what is it about it that compels or stops you to invest this way?

Yes! Actually all of my investments are out of state because I live in NYC and not only is it expensive, I am not in love with the tenant friendly laws and the returns.

I've had investments in NC, NM and FL that I've sold.

And I am currently in Milwaukee, Memphis, Athens GA and Oklahoma!

The biggest key is to establish a rockstar team that you can trust. If your agent, PM, lender, contractor etc is a big weak link, the whole operation suffers TRUST ME. But it's not the end of the world, you just cut ties and get someone else in there ASAP and you should be good to go!

I would say right now we have been having the hardest time nailing down solid rehab numbers. We work in a few markets and none of them are the same so the same rules do not apply. I think as we get more established in our markets and build trust with the right contractors, this will no longer be an issue.

Hey everyone,

I am running into an issue I never had before. I used to contact lenders and they would call me back nonstop looking to do business. Recently (last 3 months), I've been through 4 lenders that barely communicate with me. It is like they aren't really looking to work with me. I am buying single families and duplexes in Georgia with a conventional loan and one just told me that his company can only accept 7% investors and they can't even refinance investment properties right now. 

Am I just running into bad luck or is there something else going on that I am only now starting to witness?