All Forum Posts by: Haven Garber

Hello 

Looking to make a change in my property manager for a multiplex in Monroe. We live out of state and need a great trustworthy property manager. 

Thanks in advance.

Hello 

does anyone have experience with investing in properties that have rent restriction covenants for low to moderate income tenants? I want to be sure I am maximizing the best way to handle the property on an ongoing basis. Any tips? Or success stories? 

Thanks

I have two properties that are currently under contract in Alaska. I am looking to do a 1031 exchange into a multifamily. Looking to hear people's experiences with the below markets and anyone with recommendations for boots on the ground. 

The areas I am looking into are: 

Detroit, MI

Cleveland or Columbus, OH

Indianapolis, IN 

San Antonio, TX 

Spokane. WA

thanks 

Haven

@ vincent roache

we are looking to invest in Ohio, either Columbus or Cleveland. Do you have any boots on the ground people, including real estate agents for the area that you would recommend?

@Cam Jimmy thanks. It is hard to find deals. All of our properties have been in mountain view which I know some people avoid but we like the area and are happy that we have properties up there to return to when we are ready. Good luck. If you need a realtor, I would recommend Jesse Knight. He is great and an investor himself.

@Franklyn Williams Thank you. We now have 7 doors and working on some flips now.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Anchorage.

Purchase price: $310,000
Cash invested: $25,000

This was our first investment property. This four plex was a HUD home and had been vacant for some time. We used a HELOC from a condo my wife owned outright for the down payment and to help with some repairs. We financed it using a FHA 203K loan, which only required 3.5% down. We lived in for a year rent free. A year and some months later, we bought a duplex using seller financing.

What made you interested in investing in this type of deal?

It was a great opportunity to maximize the use of a FHA loan with a low down payment and using 203k option to improve the property.

How did you find this deal and how did you negotiate it?

Found it on the HUD home listings. My agent put in our bid and it was accepted.

How did you finance this deal?

203k FHA Loan

How did you add value to the deal?

Remodeled it and got renters in place.

What was the outcome?

We have held it for the last four years. It is a great little property.

Lessons learned? Challenges?

Get everything in writing when it comes to contractors. Don't assume anything. Make sure your contractor does not paint the property before you actually close. We were out of town when the property closed and the painter had assumed it had closed so they painted it. We almost lost the deal because of this.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used an agent to purchase the property and a mortgage broker. Love our realtor, Jesse Knight, who helped us with multiple deals in Alaska.

Thanks Sharad, Michael and James.

My family is mainly in Peru and Indianapolis.

Hello,

I am new to BP and real estate investing. I live in Alaska and currently buying my first four-plex to hold for passive income. I really want to start flipping houses, but it takes a lot of cash to get into homes up here not to mention the high construction costs. I am originally from the Midwest and considering investing out there, but concerned about doing a flip with all that distance. I would have to build a team I trust out there, but don't know anyone in the business in that area.

My question is has anyone had success at flipping homes from a distance.

What are your feelings regarding the markets in the downriver Michigan area, Ohio and Indiana? I am from Michigan and have family in Indiana, so I am considering focusing on those areas.

Does anyone have a referral for a realtor, investor or contractor in these areas that are willing to work with an out of state investor?

thank you, Ann Marie