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19 July 2024 | 4 replies
That $15K could be saved for future renovations/repairs.
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19 July 2024 | 4 replies
Ask the power company to evaluate for any electrical leakage that you can repair.
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20 July 2024 | 10 replies
These connections will be crucial for your BRRRR projects down the line.With that in mind, I recommend starting with turnkey properties or those needing minor repairs.
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18 July 2024 | 4 replies
Now I am at the stage of negotiating a repair credit on the upleg and then removing contingencies.I know this is an unusual request but is there anyone who is experienced with 1031 that I could hire to make sure I do this right any my friend doesn't misguide me and mess this up?
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17 July 2024 | 19 replies
I know that my tenants could not really afford to pay for any major repairs, even though I would work with them to pay over time.
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19 July 2024 | 13 replies
Something to consider is with $30K (which is no small amount of money), you will need to factor in closing costs and repairs (unless you can negotiate with the Sellers).
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20 July 2024 | 7 replies
Leverage your connections with rehab contractors and general contractors to efficiently manage property renovations and repairs, maximizing property values and turnaround times.
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22 July 2024 | 120 replies
Repairs increasing due to cost of labor and materials.They also mention taxing assets, including property and stock market.
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18 July 2024 | 5 replies
A Heloc is a good tool for doing renovations or repairs but not for down payments.Especially now that rates are higher on HELOCs versus a simple cash out refinance.
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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.