All Forum Posts by: Alex K.

Any advice on how long you should usually wait until refinancing a property after purchasing? I'm new to this and wondering if there is a general rule of thumb on when to refinance the property. 

The property is in a great location in Royal Oak, Michigan, and did not require any repairs except cosmetic things like new paint. 

Thanks

I just went under contract on a row home property in Philadelphia. It's a 3 bedroom 1 bath SFH with current tenants paying on a month to month lease. Seller is requesting cash offers only and 30 days or sooner on closing. In the original offer we requested for the seller to provide the property vacant at closing. The listing agent got back to us saying "serving vacant would be a deal breaker". Owner has verbally said to our agent that the current tenants are up to date on rent. I'm assuming the seller is apprehensive that serving vacant could delay closing? Other than that I don't understand why the seller would not want to provide vacant at closing. I even requested permission and reached out to the current tenant to get more details but have not received a response. Does this give off any red flags to anyone? Does anyone have any advice on what we can do to protect ourselves in this situation? My biggest concern is that we get the property and the tenants refuse to leave after terminating their rental agreement. I appreciate any advice.

Welcome to the remote investing club! I am in the same boat, recently started looking. I live in NC, trying to find good locations to invest myself. So far I have been looking into the usual suspects: Mid-western states > Growing cities with rising populations & wage growth like Memphis, Indianapolis. Everywhere I look it's a seller's market and the numbers are not making sense. I have signed up for the BP Rookie investor bootcamp, starts in about 10 days. Only way I have kinda gotten close to good rental markets is by following where Turnkey investment companies have been flipping properties? Been looking at Memphis, Indianapolis, Columbus, Birmingham, Cape Coral recently. I have to say it seems to be a seller's market everywhere, not just the coastal states! Even in the suburbs, outrageous asking prices make cashflow quite elusive. It's a tough job...like finding a needle in a haystack. More I think about it, the more I feel Turnkey will probably end up fetching my first deal. Been looking into multiple Turnkey providers from Roofstock.com to  "FS Houses" to one called "Rent to Retire". Will let you know if anything pans out, would appreciate the same from you. Good luck with your search!