All Forum Posts by: Arianna Farinas
Arianna Farinas has started 2 posts and replied 16 times.
Quote from @Drew Sygit:
You could find an attorney or agent - recommend negotiating a flat fee with either of them as pretty standard docs.
great advice, thank you!
Quote from @Max Ferguson:
Congratulations!! Sounds like a solid deal and nice to do it with family.
But as @Charles Carillo said, even with family an attorney is going to be the best for drafting something like this. It is very important to not miss something.
Google RE centric lawyers, call the largest property management companies in the areas for lawyer rec's, or local investors or investment centric agents in the area to find a good one. Good luck and let us know what you figure out!
Yes agreed! need to make sure everything is layed out on the table. Thank you!
Thank you Charles!
Hello Bigger Pockets Fam!
I need a little help finding out who would be an ideal contact to start a Seller financing agreement. Im going to buy my parents apt, we have most of the details worked out but im not sure who i speak to to create the actual document.
Any direction would be appreciated!
Post: Should i buy a Primary or Out of State Investing?
- miami fl
- Posts 16
- Votes 16
Quote from @Anderson S.:
Investing out of state is a smart idea, however you'll need to put in a significant amount of time in research and will need a considerable amount of trust in your contractor/team to ensure work is getting done in a timely and effective manner. First step is to identify the area you want to target!
Your decision should balance financial prudence with your long-term goals. It’s crucial to have a clear plan and build a support network, whether you choose to invest locally or out-of-state. Take your time to research and ensure your investment aligns with your financial and personal objectives.
Feel free to reach out if you have more questions or need further guidance. Best of luck on your real estate journey!
Research is imperative! Its overwhelming but im grateful for this community and all the free resources. You guys are a wealth of knowledge
Post: Should i buy a Primary or Out of State Investing?
- miami fl
- Posts 16
- Votes 16
Quote from @Bob S.:
Quote from @Anderson S.:
Investing out of state is a smart idea, however you'll need to put in a significant amount of time in research and will need a considerable amount of trust in your contractor/team to ensure work is getting done in a timely and effective manner. First step is to identify the area you want to target!
Your decision should balance financial prudence with your long-term goals. It’s crucial to have a clear plan and build a support network, whether you choose to invest locally or out-of-state. Take your time to research and ensure your investment aligns with your financial and personal objectives.
Feel free to reach out if you have more questions or need further guidance. Best of luck on your real estate journey!
Or just connect with those that provide rentals as I did. I live in FL and do all my biz in the Cleveland markets, My phone never rings. 15- 20% net per year :)
Great idea Bob! Ill look into this as well. Thank you
Post: Should i buy a Primary or Out of State Investing?
- miami fl
- Posts 16
- Votes 16
Quote from @Leah Smith:
Maybe my advice is not the best, but I wish I had bought my own primary residence before I started my investment journey. That way, I wouldn’t need to worry about my primary home anymore, and I could just focus 100% on my investments.
Your opinion is totally valid, i hear you! im leaning more towards home base. Thank you for your input
Post: Should i buy a Primary or Out of State Investing?
- miami fl
- Posts 16
- Votes 16
Quote from @Nicholas L.:
I like house hacking locally first. I just don't think you're going to get meaningful returns on some random property thousands of miles away that is going to help you build momentum in any way.
Say you find a duplex in a solid neighborhood for $150K. You put 20-25% down plus closing costs - that's 35-45K. Maybe you net $100-200 a month. So... now what? You sunk a bunch of cash into something just to 'do a deal'? Then a furnace goes and you have a rough tenant turnover...
House hacking is incredibly powerful because (A) lower down payment options and (B) you're repurposing your own housing payment.
Here are a couple good threads on this topic.
https://www.biggerpockets.com/forums/12/topics/1171104-the-m...
https://www.biggerpockets.com/forums/48/topics/1159104-overl...
Post: Should i buy a Primary or Out of State Investing?
- miami fl
- Posts 16
- Votes 16
Quote from @Branden Rivero:
Quote from @Arianna Farinas:
Hello BP Fam,
Im new to REI and i need some advice.
Should i focus on purchasing a primary residence or look into out of state investment property?
Heres my situation...My husband and i live in Miami, FL and the market here is ridiculously expensive. I was thinking of house hacking but a decent duplex here is in the 600s and up. Moving further north to house hack is out of the question because our businesses are located here.
We currently rent an apt that my parents own outright. They have offered to sell this place and gift us a portion for downpayment. Honestly i dont want them to sell this apt, it brings in steady cash flow for them.
My thoughts are to purchase a duplex in Cleveland or somewhere in Ohio. Build my core 4 there and start my investing journey.
Some forums suggest to invest in states where i have friends or family... which is only Georgia or Louisiana but seems almost impossible to find a decent duplex within the range of 85-$110k in those states without having to invest in major repair.
I feel like my thoughts are scattered and need to speak to someone that can lead me in the right direction.
Thank you for your time
Arianna
Fellow Miami resident and investor. I would purchase it here, house hacking would be great and it is expensive down here, and so are rents but it will be worth it.I am very bullish on South Florida Another option for the down payment can be a helo on the apartment you live in to use for your house hack