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Scott Trench
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National Newspaper Wants BP Community's Input!

Scott Trench
Pro Member
  • President of BiggerPockets
  • Denver, CO
Posted Aug 11 2022, 18:18

A reporter from a national newspaper that you've all definitely heard of reached out with some questions for me. She told me that she wanted to hear from some REAL investors, and I told her that I know just the place! 

Please find her questions below, and note that by replying here, you are agreeing to have your responses republished or quoted by that newspaper! 


Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

-How much are you hoping to make on the investment? How much have you made so far?

- If you are planning to buy an investment property soon, how come? 

- What are you looking for and how come you think now is a good time?

- What advice would you give to others thinking about this decision? Anything surprise you?

-First/last name, age, profession, city/state where they live-email for follow up questions


This is an exception to our normal forum rules - you can post contact information here, for the reporter to reach out (or you can DM it to me, if you don't want to post it to the forum). 


Thanks in advance for any help with this!

Also, I want to quickly call out that this is my 2,000th forum post

It's been a wild ride and I've learned so much from this community. Thank you to everyone who's asked a great question, answered one of mine, or corrected me the many times I've been wrong or given terrible advice here. This community is just incredible and I'm very grateful.

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Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
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Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
Replied Aug 13 2022, 19:32
Quote from @Scott Trench:

A reporter from a national newspaper that you've all definitely heard of reached out with some questions for me. She told me that she wanted to hear from some REAL investors, and I told her that I know just the place! 

Please find her questions below, and note that by replying here, you are agreeing to have your responses republished or quoted by that newspaper! 


Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

-How much are you hoping to make on the investment? How much have you made so far?

- If you are planning to buy an investment property soon, how come? 

- What are you looking for and how come you think now is a good time?

- What advice would you give to others thinking about this decision? Anything surprise you?

-First/last name, age, profession, city/state where they live-email for follow up questions


This is an exception to our normal forum rules - you can post contact information here, for the reporter to reach out (or you can DM it to me, if you don't want to post it to the forum). 


Thanks in advance for any help with this!

Also, I want to quickly call out that this is my 2,000th forum post

It's been a wild ride and I've learned so much from this community. Thank you to everyone who's asked a great question, answered one of mine, or corrected me the many times I've been wrong or given terrible advice here. This community is just incredible and I'm very grateful.


 Scott, congrats on the 2000th post!  So many here have contributed to me over the years.



-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it?
Last purchase was a couple weeks ago, a 1,300sqft single family here in Rochester NY.  Paid $155k.


-How much are you hoping to make on the investment? How much have you made so far?
I'm both a remodeler/flipper, and a buy-and-hold investor.  This is one of those properties where it could go either way.  I kind of like it as a rental, at about 2k/mo, maybe 2,200.


- If you are planning to buy an investment property soon, how come?
I have another single family I should be closing on in another two weeks.  Why?  Because the price makes sense.  I'm definitely taking tighter deals these days--sometimes very tight.  I wouldn't say I'm hitting it out of the park, but it has been such a seller's market that I've had to adjust my expectations.

- What are you looking for and how come you think now is a good time? 
At the moment I'm focused on single families, though I have bought multis, including a small apartment complex.  Every time is a good time. Well, okay, some times are better, but I never stop looking. And, in fact, because prices have gone up so much, motivated sellers can still sell at a price that they are happy with, while leaving enough room for buyers to make a profit.


- What advice would you give to others thinking about this decision? Anything surprise you?
Do not wait, there are always deals, in up markets, down markets, always.  That doesn't mean to buy just anything. It has to be a deal. One of the big surprises is that deals have actually picked up lately.
    

Larry Turowski, 58, full-time investor, Rochester NY. You can reach me at www.flowercityhousebuyers.com 585-678-5050, larry _at_ flowercityhousebuyers.com.

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Chris Seveney
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Chris Seveney
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  • Virginia
Replied Aug 14 2022, 14:41

Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

We are not your typical real estate investor, we buy distressed mortgage notes. Most people have not heard of this investment strategy, but we fill in the shoes of the lender and work with borrowers to try and keep them in their homes. Our last investment was in the state of Maine and we paid approx. $75,000 for a first position lien on a $500,000 property.

-How much are you hoping to make on the investment? How much have you made so far?

We anticipate making 25% yield on this asset on an annual basis.

- If you are planning to buy an investment property soon, how come?

We will continue to buy mortgage notes, and we expect to see greater inventory due to inflation and softening in the economy.

- What are you looking for and how come you think now is a good time?

We continue to acquire distressed mortgage notes, and the time is right because of the softening economy and inflation.

- What advice would you give to others thinking about this decision? Anything surprise you?

For those that invest in mortgage notes, especially distressed notes, the advice we give is it is often a better investment to work with a borrower to keep them in their property than foreclosing and taking the property back to either resell or use as an investment property.

-First/last name, age, profession, city/state where they live-email for follow up questions

Chris Seveney - 47, more info in footer

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Christina Carroll
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  • New to Real Estate
  • Syracuse, NY
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Christina Carroll
Pro Member
  • New to Real Estate
  • Syracuse, NY
Replied Aug 14 2022, 15:15

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? Nov 2021, a duplex in Syracuse, NY. 1/1 unit upstairs, 2/1 unit downstairs. 1,750 sqft. $154,000.

-How much are you hoping to make on the investment? How much have you made so far? The purpose of this investment was to get ourselves a place to live and lower our living expenses. We are essentially saving $725/mo on our first home. When we move out I expect to make ~$300/mo net. Appreciation will be slow.

- If you are planning to buy an investment property soon, how come? Looking to buy again at the end of the year to start building a portfolio of small multifamily homes. The ultimate goal for myself is financial flexibility, and I see real estate as the best option for my family.

- What are you looking for and how come you think now is a good time? There will always be a challenge waiting for you at some point, so why not now?

- What advice would you give to others thinking about this decision? Anything surprise you? I have been surprised at how straightforward it has been so far. I tell anyone who will listen to consider a house hack for their first home and find a real estate agent with experience as a landlord themselves. It's essential to spend time learning, preparing your finances, etc but there are incredible resources like Bigger Pockets to help you make informed choices and a house hack is one of the safest avenues to get started.

-First/last name, age, profession, city/state where they live-email for follow up questions Christina, 28, Marketing/HR professional, Syracuse NY

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Stephanie Ford
  • Real Estate Broker
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Stephanie Ford
  • Real Estate Broker
Replied Aug 14 2022, 15:33

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it?  Birmingham, AL.  I paid $8000 and it's 2000 sq ft

-How much are you hoping to make on the investment? How much have you made so far?  $100,000 after an $80,000 rehab

- If you are planning to buy an investment property soon, how come?  The market is still hot despite what the news is saying.  It may be bad for regular homeowners but for investors it's a paradise.

- What are you looking for and how come you think now is a good time?  I'm looking for single family and multifamily.  The need for housing won't ever go away.

- What advice would you give to others thinking about this decision? Anything surprise you?  Buy as much as possible for as low as possible.

-First/last name, age, profession, city/state where they live-email for follow up questions

Stephanie J Ford AKA She-Vestor, 46, Investor/Builder, Realtor, Birmingham, AL, ck profile for contact.  

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Scott Trench
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Scott Trench
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  • Denver, CO
Replied Aug 14 2022, 18:01
Quote from @Karen Margrave:

Whoot! Whoo! on the 2000 posts!! plus all your other duties on BP. I've definitely been slacking and am re-engaging. Though I'm not actively building right now (materials costs don't make sense) and doing sales, I still have some nuggets that may help others I think.  I can't wait to see all the answers from all of you!! 

 Awesome! Welcome back, @Karen Margrave!!

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Scott Trench
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Scott Trench
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  • President of BiggerPockets
  • Denver, CO
Replied Aug 14 2022, 18:07
Quote from @James Wise:
Quote from @Ariel K.:

@James Wise that’s kind of my point. The post says “national newspaper”. I am also not saying Scott would do anything to put people in harm’s way. My point is that when I see things like this, my alarm bells go up as most national papers do not see eye-to-eye with property owners, as you implied. I just wanted people to think before providing information - there may be some ulterior motives.

 I've had a lot of stuff written about me by journalists. Some bad, some good. Cool thing is, it doesn't really matter whether it's good or bad. If they are writing about you, it's all good in the end. You aren't going to change the population's mind, neither is the left wing or right wing journalist. A 3rd of the people who read the article won't care about you one way or the other. A 3rd will love you. A 3rd will hate you. You really just want your name out there and the business will come from the exposure regardless of the bias of the journalist.

I think that the intent of the article is more about "who is still buying when it is THIS scary out there in the real estate market?" than anything else. I don't think the publication is one to do a hit piece on BiggerPockets.

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Elise Watt
  • Realtor
  • Charleston, SC
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Elise Watt
  • Realtor
  • Charleston, SC
Replied Aug 15 2022, 06:06

- April 2022 in North Charleston, SC, paid $410,500, 1,489 sq ft

- It's a house-hack right now, so I haven't made any profit yet while living in it myself with roommates. Once I move out, I'm hoping to make $750/month profit per month. 

- Yes, planning to buy an investment property soon because my strategy is to have long-term buy and hold rental properties so I can retire early and live off the profits.

- Looking for a property to rent out by the room whether that's a turn-key property or a BRRRR. I believe "time in the market is better than timing the market". If it's right time for someone personally, then it's the right time.

- Advice - think about your long-term goals and strategize how Real Estate is going to align with your future. Additionally, surround yourself with people who are going to help you get there. 

-Elise Watt, 27, Real Estate Agent & Investor, Charleston, SC, email address on my BP profile

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David S.
  • Rental Property Investor
  • Larkspur, CO
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David S.
  • Rental Property Investor
  • Larkspur, CO
Replied Aug 15 2022, 10:23
Quote from @Steven Foster Wilson:
Quote from @Scott Trench:

A reporter from a national newspaper that you've all definitely heard of reached out with some questions for me. She told me that she wanted to hear from some REAL investors, and I told her that I know just the place! 

Please find her questions below, and note that by replying here, you are agreeing to have your responses republished or quoted by that newspaper! 


Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

-How much are you hoping to make on the investment? How much have you made so far?

- If you are planning to buy an investment property soon, how come? 

- What are you looking for and how come you think now is a good time?

- What advice would you give to others thinking about this decision? Anything surprise you?

-First/last name, age, profession, city/state where they live-email for follow up questions


This is an exception to our normal forum rules - you can post contact information here, for the reporter to reach out (or you can DM it to me, if you don't want to post it to the forum). 


Thanks in advance for any help with this!

Also, I want to quickly call out that this is my 2,000th forum post

It's been a wild ride and I've learned so much from this community. Thank you to everyone who's asked a great question, answered one of mine, or corrected me the many times I've been wrong or given terrible advice here. This community is just incredible and I'm very grateful.


-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? I bought a 4 bedroom 1 1/2 duplex (per side) in Columbus OH for $198k. I bought this duplex in April of 2022 and refinanced in June of 2022.

-How much are you hoping to make on the investment? How much have you made so far? The property is currently grossing $2,700 in rent. Also I refinanced cashed out 1 month after I bought it for a total value of $333k (found a local bank with no seasoning period requirements) . So I got around $60k back in cash out funds after the refinance.

- What advice would you give to others thinking about this decision? Anything surprise you? I would encourage people to stay onto of looking and be quick. This deal was bought on the MLS, however I offered within the first hour of it coming on market.

-First/last name, age, profession, city/state where they live-email for follow up questions. Steven Wilson, 28, real estate agent, Columbus OH


 Steve, real quick, as an agent did you have a chance to see it in that first hour or did you put an offer out sight unseen knowing that you could walk if it was in need of more than met the eye in the listing pictures? Thanks

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Joseph Cornwell#1 Real Estate Success Stories Contributor
  • Real Estate Agent
  • Cincinnati, OH
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Joseph Cornwell#1 Real Estate Success Stories Contributor
  • Real Estate Agent
  • Cincinnati, OH
Replied Aug 15 2022, 16:13
Quote from @Scott Trench:

A reporter from a national newspaper that you've all definitely heard of reached out with some questions for me. She told me that she wanted to hear from some REAL investors, and I told her that I know just the place! 

Please find her questions below, and note that by replying here, you are agreeing to have your responses republished or quoted by that newspaper! 


Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

-How much are you hoping to make on the investment? How much have you made so far?

- If you are planning to buy an investment property soon, how come? 

- What are you looking for and how come you think now is a good time?

- What advice would you give to others thinking about this decision? Anything surprise you?

-First/last name, age, profession, city/state where they live-email for follow up questions


This is an exception to our normal forum rules - you can post contact information here, for the reporter to reach out (or you can DM it to me, if you don't want to post it to the forum). 


Thanks in advance for any help with this!

Also, I want to quickly call out that this is my 2,000th forum post

It's been a wild ride and I've learned so much from this community. Thank you to everyone who's asked a great question, answered one of mine, or corrected me the many times I've been wrong or given terrible advice here. This community is just incredible and I'm very grateful.

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it?

My most recently completed project, a duplex in Cincinnati, Ohio. I paid 55k, purchased in 2021, its 2,700 sq. ft. total. 

-How much are you hoping to make on the investment? How much have you made so far?

It appraised for 455k post renovations, I put 225k into purchase and renovations. I was able to cash out 75k in proceeds after paying off my construction note, and my out of pocket expenses on the purchase, rehab and holding costs. It also cash flows about $800/mo currently.

- If you are planning to buy an investment property soon, how come? 

I am buying a 28 unit complex right now, I have been wanting to scale into mid size multifamily for several years, but finding the right deal has been challenging. I wanted to scale into larger multifamily for the economies of scale, and the bigger lever for value add on larger properties. This one finally checked all the boxes, and when rates jumped up, competition slowed down slightly. 

- What are you looking for and how come you think now is a good time?

I am still looking for other 20-80 unit properties in the Cincinnati area. While it is still very competitive, its a bit slower than last year, and there may be opportunities to get properties at or below market value. If the numbers work, I am not concerned with the interest rate in the short term.

- What advice would you give to others thinking about this decision? Anything surprise you?

I believe this shifting market has created a lot of opportunity that has not existed the past few years. The people who are waiting to see what happens, will miss out. Buy strong cash flowing properties, in good locations, and you will not regret it. 

-First/last name, age, profession, city/state where they live-email for follow up questions

Joseph Cornwell, 31. Full time real estate agent / real estate investor. Cincinnati, Ohio. Email: Jcornwell @ realtyonestop.com 

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Scott Trench
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Scott Trench
Pro Member
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Replied Aug 15 2022, 16:30

A Big thank you to everyone who replied. I'm moving the thread away from "featured" now, and appreciate all the responses! I will reach out to any folks she is interested in contacting!

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Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
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Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
Replied Aug 16 2022, 07:16
Quote from @David S.:
Quote from @Steven Foster Wilson:
Quote from @Scott Trench:

A reporter from a national newspaper that you've all definitely heard of reached out with some questions for me. She told me that she wanted to hear from some REAL investors, and I told her that I know just the place! 

Please find her questions below, and note that by replying here, you are agreeing to have your responses republished or quoted by that newspaper! 


Questions:

-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? 

-How much are you hoping to make on the investment? How much have you made so far?

- If you are planning to buy an investment property soon, how come? 

- What are you looking for and how come you think now is a good time?

- What advice would you give to others thinking about this decision? Anything surprise you?

-First/last name, age, profession, city/state where they live-email for follow up questions


This is an exception to our normal forum rules - you can post contact information here, for the reporter to reach out (or you can DM it to me, if you don't want to post it to the forum). 


Thanks in advance for any help with this!

Also, I want to quickly call out that this is my 2,000th forum post

It's been a wild ride and I've learned so much from this community. Thank you to everyone who's asked a great question, answered one of mine, or corrected me the many times I've been wrong or given terrible advice here. This community is just incredible and I'm very grateful.


-When did you buy your investment property recently/where (city/state), how much did you pay, how big is it? I bought a 4 bedroom 1 1/2 duplex (per side) in Columbus OH for $198k. I bought this duplex in April of 2022 and refinanced in June of 2022.

-How much are you hoping to make on the investment? How much have you made so far? The property is currently grossing $2,700 in rent. Also I refinanced cashed out 1 month after I bought it for a total value of $333k (found a local bank with no seasoning period requirements) . So I got around $60k back in cash out funds after the refinance.

- What advice would you give to others thinking about this decision? Anything surprise you? I would encourage people to stay onto of looking and be quick. This deal was bought on the MLS, however I offered within the first hour of it coming on market.

-First/last name, age, profession, city/state where they live-email for follow up questions. Steven Wilson, 28, real estate agent, Columbus OH


 Steve, real quick, as an agent did you have a chance to see it in that first hour or did you put an offer out sight unseen knowing that you could walk if it was in need of more than met the eye in the listing pictures? Thanks


 Sight unseen. With a lot of my properties I will do that and then in the expectation period check them out. There have been many times I will be on vacation and see a killer deal, put it into a contract then not see it till I get back. 

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Karen Margrave
  • Realtor, General Contractor, and Developer
  • Redding, CA & Bend OR
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Karen Margrave
  • Realtor, General Contractor, and Developer
  • Redding, CA & Bend OR
ModeratorReplied Aug 22 2022, 18:15

I'd like to answer as a Realtor and General Contractor. For many years we built spec new construction (bought property, built a new homes, office buildings, etc. and then sold to investors or owner/users) 

I live in Redding, CA. (IWe've also developed property in Orange County, CA and Bend, OR) We have a very unique set of circumstances here that is driving housing demand. We have had huge wild fires in northern CA (the real northern CA, not the bay area) Due to those fires destroying hundreds of homes it put a huge strain on our local housing inventory. Many of those burned out decided not to rebuild, having already raised their kids and are now empty nesters. Many are reinvesting the insurance money into rentals for income. Some are continuing to rent, others are traveling and enjoying life. 

Our rental market is driven by the normal need for housing, by the wildfire victims, a local ministry school that doesn't have any housing, traveling medical professionals, Covid refugees (those fleeing larger cities for a smaller one), tourism, and retirees moving here. HUGE demands. Unfortunately in CA the environmental regulations have driven the cost of EVERYTHING used in construction up. High fuel affects the cost of every item in a house.  In addition, the timeframe for getting land shovel ready is ridiculous, once again, regulations. Then there are the astronomical costs of permitting, putting in infrastructure, time it takes, etc. 

Though we have huge demand, the number of lots on which to build has been depleted, except for a few subdivisions that a large developer has going. With such high demand, most sellers don't want to sell, because they can't find another home they want to move into, and the costs are too high if they do. We're in a Catch 22 situation. Prices have started to come down every so slightly, due to the increased interest rates and a few less buyers. 

ALL of these things combine to make investing in our area, Redding, CA popular. We are a small city, surrounded by rivers, huge lakes, 2 volcanos (though no danger) hundreds of miles of walking/biking trails, etc. so for STR it's very popular.

I'm working as a Realtor at this time, though still a licensed GC. My son does remodels, etc. until costs of materials and availability stabilize some. 

When looking at markets, too many people think of the entire country. 

There's a saying that's been around a long time. All real estate is local. As you read my post, you will see what local issues affect our market. Every town in America has a story. That's what investors need to look at.  

Karen Margrave (Realtor, General Contractor, Moderator on BP)

Phone/text: 530-782-1800  Email: [email protected] 

www.Realtor530.com and www.1stamericanconstruction.co... 

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