All Forum Posts by: Andres M.

@James Wise I'm in NYC and everything is too expensive around here so I invest out of state.  I own a couple of turnkey properties in Indianapolis and one in Dayton.  I'm in the process of saving for another one and Cleveland is one of the markets I'm interested in.  I'll be sure to reach out to you when I'm ready for the next property.

James, no, I didn't do any business with Morris Invest. I heard about that whole mess from reading the forums here and from watching your YouTube videos.

James Wise, I finished watching the entire documentary yesterday and let me tell you, it was excellent. Lots of great information and tips for us out of state investors. Very sad to see so many people affected by that whole mess.

Thanks for taking the time to make it.

@Aaron Brown Thanks for the post on your PM interviews.  Very helpful.  I'm also looking for a PM in Indianapolis.  I'm an out of state investor from NYC and already own a couple of properties there and I'm looking to change PMs.  Just curious, have you decided on a PM yet?  Did you get a chance to interview T&H Realty?  I've seen them get recommended on a couple of other posts.

Hi @Brian Dvorak.  Were you able to work with an agent in Indianapolis?

@Jake S. were you able to work with an agent in Indianapolis?

Hi @Nick Maugeri. When you said you had a bit more success than expected with creative finance options and that it sucked not being able to get your realtor her commission, could you elaborate more on that if you don't mind? I'm very interested to know which finance options you've been using.

And by the way, that's great that you found a lender to lend you 85% LTV. I have a couple of out of state SFHs and I've had to put down 25% every time. I'd love to be able to only put down 15%. Thank you for mentioning that.

Thank you all for your input.  I really appreciate it.

I invest out of state. I have a couple of turnkey properties in Indiana, purchased from the same provider (who does the PM as well) 2 years ago.  One of my properties was vacated around November last year (eviction).  There was some damage but it was all repaired and taken care of and a new tenant was put in place in January of this year.  Today I got an email saying that some drywall repairs were needed in some areas.  I told them that as part of the turn over work, every wall should've been in good shape in order for the house to be rent-ready and asked what happened that some drywall areas need to be repaired.

My 2nd property was vacated a couple of months ago and still looking for a tenant.  The turn over was done and the house is on the market for a tenant.  Earlier this week I got an email saying that "the wiring" for my water heater tank needed to be repaired.  I asked for more details about this since the water heater tank was brand new when I bought the house 2 years ago.  I'm still waiting to hear the reply for both questions.

And it's not just these last couple of emails.  There were basically no issues the 1st year after I bought the properties but during the 2nd year, there have been emails every so often about things that need to be looked at.

I know no property is perfect, even turnkey but I can't help but feel frustrated about having to pay for these small things that keep adding up.  And since I don't live there, it's not like I can stop by the properties every time to confirm that something is indeed broken.  I'd like to give the PM the benefit of the doubt but I'm getting to the point where I'm starting to question if these repairs/charges are real or not.

I don't have too much experience investing out of state since I recently started doing it so I don't know what I should do.  Is it normal to ask for evidence (pictures, video, etc) of what needs to be repaired?

Any advice will be much appreciated and thank you for allowing me to vent my frustrations.

Hi guys.  I'm Colombian as well but it never crossed my mind to invest in RE over there.  You guys got me thinking about it now.  For those of you that invest there, what do you do with the monthly cash flow money?  Do you keep it in a local bank or do you bring it to the US?  Is the cash flow even that much when converting pesos to US dollars?  I'm curious as to how all of that works.

Thanks in advance for any info you can provide.