All Forum Posts by: Robert Fuhs

I could use some advice. I am in the process of buying my first rental property. I just learned that the appraisal came in 10k under the asking price. It's a turnkey deal so there's no room to renegotiate the price. ROI is still 10% even with the extra cash I would need to throw in. It clears a little over 200$ a month cash flow after all expenses. So, is it still a good deal? Any thoughts from those who have been there before? Thanks!

@Joel Owens @Manolo D. @Gideon Sylvan @Clint Kreider @Elizabeth Colegrove Thanks for the honest, helpful, and varied responses! I love the various perspectives that BP users offer.  

I feel like I am paying him to do something that a regular realtor wouldn't do for me.  As an out of state investor, I have not had much luck finding a realtor who will do all the legwork and vetting of properties for me to ensure I am getting a good deal.  Maybe they are out there, but I have not found them.  Maybe I'm lazy, but I'm trying to do this as passively as I can. 

On his end, perhaps he wants to make sure I am serious, especially since I have not bought anything yet.  Like I said, I'm new at this.

Thanks for your advice...you all gave me a lot to think about.

Hi friends!

I am a newbie investor looking to invest out of state in an area I used to live.  I have a friend in that area who is a contractor who also has his RE license, and owns several rentals himself in that area.  I trust him completely as we've known each other for a while.  

He has offered to do all the leg work of finding a place and evaluating its potential for me, as well as doing all the needed repairs to make something rent-ready.  What he's asking from me is a $1500 retainer.  The deal would be, if I buy something with him in the next year, the retainer is applied to the closing costs, but if I don't, I lose the retainer.  

Personally, I don't think it's that bad a deal.  That way, he isn't working for free, but he's committed to doing the work to get me a property or two.  

I'd love to hear what the experts think of this arrangement.  Should I get into this partnership?

Way to go @Paul Hoeppner I'm trying to buy out of state as well and I'd love to hear more about your process.

How did you find the property? MLS?

Do you have someone there locally helping you out? Contractor? Realtor? If so, how did you find those people?

And, finally, did you even have to travel there or did you do it all from a distance?

Thanks and again congrats on your investment!

I was sad to miss the last meetup! Hopefully I can make the next one.

Thanks Charles McNelly! 

Hi gang!

I am looking at buying SFR in Visalia, CA and want to talk with some potential management companies there. Anyone have good ones they recommend?

Thanks!

I'd love some help from anyone who knows the Anaheim CA market. I'm looking at a 2/1 condo in NW Anaheim. My realtor says there are rental comps at $1600. Right now the asking price is $200K and I figure it needs $2500 in work to make it rentable. The margins are tight and possibly nonexistent. 

Is there anyone who knows that area who might be able to give me some advice?

I'll be there. Looking forward to it! I'm interested in talking to anyone who invests in another state.

Aaron Norris Thanks! I'm going to send you a request to connect. I'd love to learn more from you.