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6 March 2024 | 3 replies
What would be the proper solution to this in order for a potential buyer to be attracted to this deal and inherit the tenants?
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5 March 2024 | 9 replies
Hard money, creative financing, or traditional financing should be viewed as different tools that you can use; try not to worry too much about finding one, singular way to finance every deal.For example, if you are buying an off-market deal from a family member, you may want to see if you can use traditional financing or creative financing since there's no competition and you'll get the most attractive/flexible terms.On the other hand, if you see a newly listed deal on the MLS, you may want to look at hard money since it can fund quickly like cash.Hard money loans are more expensive so you'll want to plan your exit before you get in whether that be refinancing into a long term note or selling the property.Hope this helps!
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7 March 2024 | 11 replies
You can also search for real estate associations in the area, utilize websites such as neighborhoodscout (there are several others like this, which I'm sure you will also find in forums/blog posts), and sometimes even local entities such as title companies will put out information on their local market that has great info on demographics, price points, growth areas, etc.Long story short - there are ways to get all the information you're looking for but in some cases it may take some extra effort if you're not working with an agent or property manager.In any case, wish you the best of luck!
6 March 2024 | 19 replies
Hmmm that is nearly 5 years backlog if NO new homeowners miss any payments.But in real estate investing, Short Sales only need "1 house payment" missed.
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6 March 2024 | 12 replies
Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.Class A is relatively easy to manage, can even be DIY remote managed from another state.
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6 March 2024 | 22 replies
I bought the house in December 2022 to start a short term rental.
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6 March 2024 | 1 reply
Your home insurance might allow for short term rental use with an endorsement but you'll have to discuss with your agent.
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6 March 2024 | 12 replies
The intentions were to buy a 2nd property within 2-3 years and then use this home as long, medium or short term rental.
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5 March 2024 | 8 replies
I had my short list of 3 cities to choose a property in, and then curiosity got the best of me, I analyzed 5-6 more places and now I'm lost in the weeds again.
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6 March 2024 | 2 replies
Long story short, he wants to build a new home that would serve as his primary on the 5 acre lot.