All Forum Posts by: Warren Smith

Thanks for responding Mike. I appreciate your input.

As you pointed out, hard to give specifics with such a broad question. My intention is to gain a 10000 foot view to start with regards to legalities of ownership (example, Costa Rica allows fee simple ownership, but through a corporation owned by the investor), lending - will the country you wish to invest in have banks willing to fund or is it best to find funding within country of citizenship... Local issues like safety of market, economy, access, will be necessary as I focus down into specific markets, condos vs houses vs developments. 

Overall, my intention is to STR the property, use for personal vacation a couple times per year. ROI minimum is 15% for my current US investments. 20% would be better. Looking around central America, there appears to be plenty of development and vacation home in the airbnb and VRBO market. Recent international travel has been diminished vs drive-to destinations in the US for STR's, so one of my questions is about the viability of out of country vacation rentals currently and projections going forward.

I hope that helps focus some perspective.  Again, thanks for helping shape the direction I'm trying to gain perspective from.

I'm currently working on a couple long term multifamily BRRR's and 2 STR townhome builds, but looking for other options: specifically out of country STR opportunities. What I am interested in is getting some insight into risk/reward for international investing, what concerns I should be addressing, what are the biggest issues tax/lending/renting you've run into so far. Thanks for your input!!

I have several rehab projects out of state and need some direction on how to manage a contract with our GC. The details:

a 7 unit rehab, rent and refi and a 4 plex rehab, rent and refi. GC is experienced, but can not bring money to the table right now due recent bankruptcy. What is a typical equity deal structure with a GC who is not investing money into the project?

I've heard of waterfall agreements, and had a simple calculation of equity creation based on how much value the GC creates in the property, but I want your feedback to help guide the process. Thanks in advance!

Sannibel, I don't see any BP REI meetups posted under the network tab above. Network and find locals in your area who are involved in real estate in the realms you are interested in. I've had job shadows in my primary business by teens interested in my field (Healthcare related career). Your school may have programs like that where you can make introductions if you ask the guidance counsellor. This will help you narrow your target from general field - real estate is a huge field - to areas of higher interest, from which you can start looking for a mentor you can bring hustle and hard work to as you learn about what they do. Choose wisely. You may have several mentors before you find the best fit. Don't give up, and keep your eyes on where you want to go, not just where you are right now! I'm proud of you for choosing a passion to follow and rooting for you!

Lauren, I'm getting your REI date and location to my boots on the ground in Ashland. I'm hopeful he can make it to your meeting on the 19th. As much as I'd like to, I'm kinda stuck to Montana for the upcoming future. When I do get to KY in 2021, I hope to meet.

@John Warren The cash out re-fi is a 2/1 single family.  We have a 3/1 single family under contract, a duplex and a mixed use commercial with a 3/1 upstairs on the same property also under contract. 

I'll keep trying the local lenders. Getting started is the most challenging part, but once a portfolio is up and going should be much easier.  Thanks for the input @Jon Kelly and @Marcus Auerbach

I'm in a good position, house rehabbed and rented for a BRRR re-fi, and now have 2 more properties under contract in a 100,000+ population in Kentucky. The challenge has been finding a local lender in my investment market to work with, as I am an out of state investor trying to get established in this market. I have my network in my home state and town, but their local institutions cannot lend on out of state properties.

What options have worked best for you in the past?  National lenders?  Local lenders (local to where the properties are)?  I'm making the assumption that national lenders who do this type of re-fi regularly will be much easier to work with, as this is normal practice for them?

Thanks for your input!

W

I am investing out of state with a partner whereby he is finding deals in his local area, I am funding the deals. His background in investing is significantly greater than mine, and as such I an funding deals that he will do the ground work, management and most everything related to the projects. There is collaboration between us daily and all final funding decisions will go through me.

What kind of operating agreements are suitable for such an investing partnership such that we are both still maximally protected within our own states. 

Thanks!

Hey Tonya, I watched the CI webinar, read through the BBB ratings and complaints, seems there's lots of people who were unhappy.  Not sure what to think at this point, as happy people are not usually the loudest voices in the crowd.  Did you have any luck finding an answer?  

I'm trying to find a means to search properties -  land and multifamily - that would render results based on date of purchase. Reasoning is thus: find mom and pop owned properties that may be c class or similar, owned free and clear, potential for seller financed.  If anyone has done this kind of search in the past, or even has a place to search and some guidelines they have used in the past, this seems like a great tool to share with the community.  In advance, thanks for your input!