Tied the Knot...Time to Celebrate

2 Replies

Hello fellow investors!

I just tied the knot with my amazing bride in Poland last week. First big win!!!!! After a two day long party, would anyone agree that it’s time to continue the celebration with my next investment property?

Of course we still have some bills to pay after our wedding, but I’ve got the itch after I bought my first rental property right before the wedding. I must say thank you to my amazing wife first and the remainder of the thanks goes to BiggerPockets for the plethora of free education. Second big win!!!!

I have now truly found two loves of my life. I’ll spare you the story of my best love so let’s celebrate my second best by talking real estate...

I have no regrets so far with my first rental property in Kansas, but I do work overseas and I would like to be able to scale my U.S. portfolio to 10+ units in less than 10 years. Has anyone purchased U.S. property remotely from overseas that could offer some tips on how to streamline the closing process without being physically present? In other words, is there an easier way of doing it without doing a new power of attorney for every individual transaction? Has anyone ever heard of a HELOC or Cash Out Finance that can be closed on remotely? Basically, does anyone have any good or bad experiences to share about this subject?

Help me celebrate my third big win!!!

Originally posted by @Joe Podwats :

Hello fellow investors!

I just tied the knot with my amazing bride in Poland last week. First big win!!!!! After a two day long party, would anyone agree that it’s time to continue the celebration with my next investment property?

Of course we still have some bills to pay after our wedding, but I’ve got the itch after I bought my first rental property right before the wedding. I must say thank you to my amazing wife first and the remainder of the thanks goes to BiggerPockets for the plethora of free education. Second big win!!!!

I have now truly found two loves of my life. I’ll spare you the story of my best love so let’s celebrate my second best by talking real estate...

I have no regrets so far with my first rental property in Kansas, but I do work overseas and I would like to be able to scale my U.S. portfolio to 10+ units in less than 10 years. Has anyone purchased U.S. property remotely from overseas that could offer some tips on how to streamline the closing process without being physically present? In other words, is there an easier way of doing it without doing a new power of attorney for every individual transaction? Has anyone ever heard of a HELOC or Cash Out Finance that can be closed on remotely? Basically, does anyone have any good or bad experiences to share about this subject?

Help me celebrate my third big win!!!

 What part of Kansas are you investing in? I am actually in your situation as i have invested in Kansas while stationed overseas. best way in my opinion is to find key players that can help you while help themselves in real estate deals. find people looking for a win-win situation.

- Jimmy

Hi Jimmy,

I'm currently invested in the Kansas side. My approach was somewhat the path of least resistance. In other words, once I found team members with responses I liked, I had no choice other than to put my trust in them and followed their advice. I found some real estate agents that were sending me deals I wasn't attracted to without taking the time to fully understand my financing situation. On a parallel path, I found a property manager that ended up being a licensed agent and the transition worked much smoother. She took the time to understand what my DTI challenges were and even shared several team members from her network. She kicked over deals that were more closely aligned to what I was looking for while I closed the loop on financing with one of her suggested lenders. She spoke to the lender and other team members on my behalf to further refine my affordability range and other caveats to financing approval. This ended up saving me hundreds of dollars on international calling charges. After submitting just a handful of offers once she understood the situation, one was accepted.

I didn’t want my first overseas purchase to be a full renovation or flip so I’m in this one for the cash flow. Now I’m trying to build the portfolio a little faster and recycle my downpayment so to speak. 

Although my experience is still limited, I think I have a strong team member for the agent/manager, but think I need to work on a better partner for the financing. This is mostly due to the hoops and hurdles of the traditional financing process that were more challenging being located overseas. I realize I may pay a higher interest rate, but it might be worth it for now. 

Jimmy, where did you invest in Kansas? Are you still in that market? What challenges did you experience? What type of financing did you use?

Thanks for replying.