All Forum Posts by: Travis Main

@Corazon B.

Considering that the average realtor typically completes only 3-4 deals per year, it's unlikely that many are poised to seize those opportunities. While MLS remains the primary platform for on-market deals, the majority of deals I encounter originate from off-market sources, often through wholesale channels.

Hey Kelvin, 

Given that you're planning to house hack, my suggestion would be to make the purchase now. As Ashlee mentioned, when rates decrease, property values tend to increase. By buying now, you'll benefit from a discounted price but potentially higher interest rates. You'll have the option to refinance later when rates decrease, if necessary. Otherwise, you'll be acquiring a property at a lower price with the expectation of selling it for a higher return when rates drop and property prices surge.

Hey Marco, 

To Jacob's point, if that's true, you will not have any issues doing a cash out refinance. 

Hey Tyquan, 

An important aspect to note regarding investing in Arkansas is the relatively lower property values. Many lenders typically establish their minimum loan sizes at around $100,000, encompassing both the initial loan amount for the purchase price and any needed rehab expenses. It's essential to ensure that the properties you're considering investing in meet these minimum thresholds.

@Andrew Sullivan

I believe the key to your success lies in focusing your efforts and setting clear, achievable goals. Without a defined starting point and goals to work towards, you may find yourself feeling overwhelmed and directionless. Once you've established your goals, develop a strategic plan to attain them. Building this foundation of goals and action plans will provide the structure and framework necessary for success.

It seems you've mentioned feeling hesitant to take action and also facing liquidity challenges. One approach to building the capital needed for investment is to explore lending out of your IRA. This can serve as a passive method to accumulate the funds required to kickstart your investment journey. Additionally, consider wholesaling as another avenue to both gain valuable knowledge and bolster your cash reserves. These strategies can serve as effective starting points for your investment endeavors.

Should you wish to discuss further or require assistance, please don't hesitate to reach out. I'm more than willing to offer my support and guidance.

@Mark Walker

To piggy back off Logan's response, if the lender includes a partial release clause that imposes restrictions or penalties on property sales within the portfolio, this clause would also apply to refinances. Consequently, it could hinder your ability to refinance individual properties within the portfolio.

@Ian Morales

From my perspective as a lender, I consider ourselves the final piece of the puzzle in your real estate investment journey. Before seeking out a lender, it's crucial to assemble the rest of your team. I recommend starting with finding a reliable agent who can introduce you to both on and off-market deals suited for investors. Additionally, it's essential to establish relationships with other key team members, including a competent general contractor, insurance agent, and title company.

Your agent plays a pivotal role in finding suitable properties and ensuring a smooth exit strategy. Look for an agent with a proven track record of successfully selling properties in your target market. A history of past sales can indicate their effectiveness in the field. As for general contractors, they are vital to the success of your projects. Networking with local investors can provide valuable referrals to reputable contractors. Always request examples of prior work to gauge the quality they deliver.

Insurance agents are often overlooked but are integral to safeguarding your investments. Ensure they can provide the necessary coverage for your business operations, especially in areas prone to named storms like Florida. Likewise, partnering with an investment-friendly title company is crucial. Not all title companies are equal, and choosing the right one can make or break a deal. While sellers or wholesalers may sometimes dictate the title company, having your preferred option ready can be advantageous.

To vet potential team members, engage in conversations and assess their responsiveness. Prompt and efficient communication is essential in this industry. After initial discussions, observe how quickly they respond to follow-up emails. A timely response indicates reliability and can contribute to the overall success of your investments.

@Shakil Ahmed

I would avoid HOA's like the plague, especially when in certain states as you have pointed out Florida, which has no cap.

@Jacob Burr

Welcome to the BiggerPockets community! Your enthusiasm for real estate investing at a young age is truly inspiring. You've joined a vibrant community filled with like-minded individuals who possess a wealth of knowledge to offer. Wishing you all the best on your journey to success! If you ever need guidance or simply want to connect, don't hesitate to reach out—I'm here to assist you in any way I can.

@Lanre Akande While I'm not acquainted with the St. Louis area, I firmly believe it's never too early to embark on your real estate journey. Before taking the plunge, I recommend investing time in educating yourself and connecting with local investors. There's a wealth of knowledge to be gained before making significant moves in real estate.

Consider joining a local real estate investors association to start networking with like-minded individuals. Building a solid foundation through networking is crucial for overcoming any obstacles that may arise. Networking becomes particularly vital when investing in areas where you lack expertise. Take advantage of the opportunity to learn from experienced investors who have navigated similar paths and those currently active in the local market. Their experiential knowledge can help mitigate potential risks and propel your success as an investor.