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20 July 2024 | 6 replies
Below are a few ideas to think about.Appraisal Concerns: Include a clause in the counteroffer to address any potential gap if the appraisal comes in lower than the offer price.Closing Costs: If the requested $10k seems high, propose a lower amount or adjust the sale price to cover some of these costs.Escrow Deposit: Counter with a higher deposit to ensure buyer commitment.Financing Contingency: Make sure there's a clause that protects you if the buyer’s financing falls through.VA Requirements: Understand and prepare for the specific requirements and inspections associated with VA loans.Professional Advice: Consult with a real estate agent or legal professional for tailored advice.Communication: Maintain open communication with the buyers for a smooth negotiation process.Best of luck with your sale,KC
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19 July 2024 | 9 replies
You'll want a great team in place that can - work efficiently and in a timely manner considering your loan time frame- communicates very well as you are remote and not at the place- priced well.
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19 July 2024 | 8 replies
I usually will say who referred me to them and say that they are a friend, neighbor, family, etc and will then ask what their lead times usually are for work to be completed, how they communicate, are they comfortable working with me being out of state, how do they collect payment (terms and preferred method) and do they offer a business rate?
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19 July 2024 | 6 replies
If you're looking for more sophistication like to move leads through stages, to have built in tools that help you communicate by text/email, bring in team members to own leads, etc.. then more of a CRM may be helpful for you there.
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19 July 2024 | 6 replies
Begin by setting up online tools for rent collection, maintenance requests, and communication with tenants.
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20 July 2024 | 29 replies
Know exactly what the property category is and communicate that upfront.
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18 July 2024 | 2 replies
Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time.
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18 July 2024 | 1 reply
Hi Trevor, I totally get the partnership struggles—communication can be tricky.
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18 July 2024 | 11 replies
It's not for a lack of trying.I've asked him to try working some other channels to see what we can put together for you.Sorry for any slow communication; it's a crazy time in the markets and the low/tight inventory has made it rather challenging for everyone in the industry.I'll follow up with Micheal more tomorrow.Feel free to contact me anytime!
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18 July 2024 | 8 replies
You can look into the BiggerPockets-affiliated software for landlords here in the Tools section.Another option could be a local Realtor who either works a ton of rentals or does a lot of business in North Austin.The software route may still require involvement on your end i.e. setup, communication, document review, etc.