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18 July 2024 | 24 replies
Constant housekeeping complaints, bookkeeping errors, them using my property for their personal gain without me knowing it, charging outrageous "fees" that they didn't share with me, which effectively lowered my rents, and questionable repairs and maintenance expenses and quality.
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18 July 2024 | 3 replies
Refinancing doesn't make sense as I'd effectively double the current interest rate and have additional closing costs surpassing the PMI.
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18 July 2024 | 5 replies
Neither of those options are extremely efficient or effective.
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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
Not so much in actual terms of the deal (although that can be intricate also) but for the effects on the seller and/or their portfolio.
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19 July 2024 | 17 replies
If that's the case, while I agree you should submit the claim to your title insurer and not the agent who issued the policy, I suspect the claim may denied as a matter occurring after the date of policy and therefore excluded from coverage.I handled a similar title claim and found courts had found that a tax lien as a result of a reassessment of the property became effective when assessed and was not retroactive.
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19 July 2024 | 12 replies
I have used zero % very effectively over the years.WE started using it back in the early 80s the last time interest rates went nuts.
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19 July 2024 | 12 replies
I pay attention to our competence, responsiveness, effectiveness, and other internal metrics.
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18 July 2024 | 4 replies
The effect was that he had near 100% financing, and a property worth $450,000 at a cost of $381k.
18 July 2024 | 6 replies
. - All the gains in real estate come from network effect & relationships.