All Forum Posts by: Vera Herlihy

@Kevin Kraver We used them and would recommend them. There were a couple of minor communications issues, but nothing that we would say was horrible or not worth doing business with. Just be sure to stay on top of things and get clear and specific dates. Also be sure to speak and review the property management company's contract. 

If you can, we would recommend going out for their tour. We found it very helpful. 

Let me know if you have any specific questions, happy to help in any way. 

Hi there, 

I'm not trying to be a negative Nelly, but we actually toured with them and passed. Someone posted their experience with Morris here yesterday. I cannot remember her name, only that she is an investor from La Palma, Ca. Do yourself a favor and read it before you invest. 

Best wishes, 

@Caleb Heimsoth Hi and thanks for replying. We are investing in Pittsburgh, PA. That's what I figured, i just wanted to make sure I wasn't missing a tool, site or book that would help me with these variables. In Pitts, a fuse box replacement with service runs about 2,500. 

Thanks again.

Bigger Pockets Forum Members,

I have recently purchased my first investment property out-of-state. Living in CA, the cost and risk of passive income investment is a bit more challenging so my husband and I are targeting developing markets outside of CA.

While we have read many books and viewed many blogs regarding how to calculate if a property is worth investing in, we do find that calculating closing costs and capital expense costs is not included and that these costs can vary quite a bit from market to market.

To calculate estimates for rent, property taxes and property values, we use many websites like Zillow, Rentometer, Realtor and Craigslist, but were wondering if you could direct us to a resource to better calculate closing costs (inspections, appraisals, property taxes, transfer fees, title insurance, etc) and capital expenditure repair costs (roofs, water heaters, etc..) as these seem to vary market to market.

Any advice would be appreciated.

@Arifa Khandwalla Hi there. I'm sure you did your homework and the numbers were right when you bought. Your questions are well founded but unless someone has a crystal ball, it's difficult to know the answers to your questions. 

I listened to Gary Keller's book and found these note online someone put together. I wanted to share with you. I italicized the portion I thought you could use. 

"You make your money going in." If you haven't read it. I highly recommend it. 

By the way, I too am an out of state investor. We purchased our first SF property in Pittsburgh. I'm looking for my next opportunity in Pitts. 

Four basic ways people approach investing: 1. Observers – most – inaction. 2. Speculators – some – impetuous, adrenaline addicts. ◦ Dutch tulip bulb bubble of 1636 ◦ Florida land boom & bust of 1920s ◦ Internet boom of late 1990s 3. Collectors – some – sentimental value 4. Investors – few : • Take action • Minimize risk • Buy on the basis of investment value. • Don't count on appreciation to bail them out; make their money going in. • Find as much joy in the search for a bargain as in the transaction itself. • They're not the kind to get lost on the sidelines. They watch the game unfold, and as soon as they feel they understand what's going on, they act.

Best wishes! Happy investing all. :)

Hello. I am interested in subscribing to this site and wanted to hear if anyone had feedback about it.

I was referred to a site called Housing Alert and was wondering if anyone had any reviews or comments about it? Also can you tell me if the pro membership is worth the investment?

It's seems like there's a lot of data? A little overwhelming.

If you do use it, can you tell me what your three favorite features are and why?

Thank you so much for your time and consideration.

@Mike G. ok, I'll get that to you.

@China Wheeler You are, welcome! :)

@Mike G. I am, I'm really working on getting better at analyzing and being more patient. Listings look great, then I do the numbers, and they're not. 

Looking to buy at least a duplex or fourplex, by the end of the year. 

Wish me good numbers. 

vera

@James Hill III 

We used a semi turnkey company, since it was our first deal out of state. So far, it's been great, everything takes time and work, no matter how hands off you are. TRUST BUT VERIFY is something you hear often and you should. This morning we went through a 16 page Property Mgt Co. contract with a bunch of questions and things that didn't sound right. Luckily we're getting off to a good start, as they'll be taking out about 90% of the language we didn't agree with. So again it's work, but at least there won't be any or as many questions later. 

The Turnkey company did a really good job with rehab. The only hiccup we had with them was the start date of the work. They didn't give us a date, so we were under the impression that the rehab would start ASAP. Well they were back logged, so we closed in October of 2017 and the rehab wasn't going to start until April or May of this year, depending on weather. NO BUENO, or as I would say MUY MALO!

But because we voiced our concern and their lack of transparency, they started the rehab work much earlier. That's really about it. Moving forward, if we use another semi turnkey, we will make sure to gets all the dates in writing and make sure we get all the specifics. 

By the way, semi-turnkey, with this company means you buy the property with cah and basically use the BRRR method, but they have the team, so that's what you're paying for, their team and expertise.

Having number crunching. 

:)

@Terry Lao 

thanks for sharing the link, will look at it too. 

:)