All Forum Posts by: Todd Anderson

 Huong 

If you are looking to rent for a couple of month that would be considered short term, and yes most renters would be looking for a furnished unit.  The market for long term is starting to get a little better.  With LTR most renters are looking for a unit without furnishings.  

The choice between the two would be up to your investing goals and what you are wanting to do with the property.  Most of the investors that I work with like the LTR option. because as said above the time is much less burdensome.  

Connect if I can help.

Matt,

There is always another timeframe to alkalize or another area to look at. I think all the other seasoned investors would agree the best timing to make your first step into REI is yesterday. When you have the funds available and you find a deal that works, that is the right time.

With the new investors that I work with the biggest step is saying yes when you are ready.  In a buy and hold investment strategy for building wealth. having the first month vacant in a 10 year hold is a blip on the radar.

Best of luck getting ready,  use the time that you are getting the funds available to look at deals.  

Micheal,

There is a couple of other things to consider.   Are you planning on managing the properties yourself?  Are you planning on doing the maintenance your self?

Many first time investors don't realize that by getting into the management they are getting another job. Many of the investors that I work with have good jobs and are looking to get into REI to grow wealth not get another job. They are happy to look further from where they live, in a better rental market, because they do not want to do the management.

If this were the case, then as others have said a hybrid of a 2-4 unit might be the best place to start.  The investors that I work with find that the financing for this size unit is that same as SF and they are able to cashflow nicely day one.  

Just another thing to think about.

Devin,

What you are working on looks very exciting to me.  I to believe that the new construction rental communities are a growing and very needed platform.  With the changes in the thinking of the new generations and the increased mobility of our society, I believe that a new rental community of single or smaller homes will become more and more popular in many areas of the country.  

I have been involved with a few of these projects in different areas of the country and each one I have worked with has been a great success.  The idea one a smaller living area and greater community amenities have been a super popular platform for people.  I will not be surprised to see more and more of projects like this get developed in the future.  

Best of luck all.  

Matt,

As others have said you need to find where you want to live,  I work with investors that find house hacking new construction properties give them great bang for the buck.  I have worked with a number that were able to get into a new construction Quad with 5% down and control 1M of property for just over 50k.  

This is a great option just look for a market that you want to be in that is growing.  

best of luck on your start in to REI

Mike ,

Congrats on getting into Real Estate Investing.  Unless you are planning on investing in your back yard and have extra time to spend, getting a good PM is very important.   If you are planning on investing out of your area a team in general is very important.  

The other option that I talk about with a lot of the investor that I work with is investing in a turnkey situation.  This will also take some research because not all are the same.  For an investor that is looking to create wealth and keep doing what they are doing this is a great strategy.  

Most of the investors I talk with are looking for an easy deal for them that can create early cashflow and long term appreciation with out taking up a page chunk of their time.  This type of investment can also offer great tax deduction, depending on your situation.

Best of luck on your first deal, feel free to connect with more questions.

I like areas of obvious growth just outside the major metro areas.  that larger areas like Tampa and Miami are difficult, because prices are so high, it is hard to find cashflow.  I have recommended areas in SW, central and NE Florida

Kody,

I work with investors all the time from California, they have found the same thing.  When I talk with them we talk about Florida and North Carolina.  They agree that these markets are worth looking at.  I moved to Florida over a year ago and have found the growth opportunities great here.  

I also am working with an investor who is about to close on a unit just outside of Charlotte. 

let me know if you would like to connect and have a chat about the areas.

Ryan,

I am not a lender but I work with a number. I have talked with a number of builders in Florida,  who like to keep some of the builds they do to get steady cashflow.

let me know if you ever want to talk about how they are doing that 

Brett,

Welcome to BP and good for you to aspire to invest in Real Estate. 

I work with investors all the time in your situation.  You have a job that keeps you busy, but you want to start creating wealth through Real Estate.  What the people that I talk to find is that they don't need to be confined to one area.  If you are looking to invest for wealth and not looking for another job don't be afraid to look at investing out of state.  

When I finally did this I found that I could invest in a market that had far better growth and for sure better landlord laws.  Many of the investors that I work with are from the West coast or the Northeast and it just doesn't make sense for them to invest around where they live.  To do this you will need to find a good team or a turnkey provider.  There is no doubt you will be able to find a deal that work in any area it is just easer in some.  

Best of luck to you and keep learning.