All Forum Posts by: Andrew Halbert
Andrew Halbert has started 21 posts and replied 136 times.
Post: 2/1 comps at 26,000 rents at 750
- Macomb, MI
- Posts 141
- Votes 45
pm me and I can take a look
@Raina Wells There are numerous podcasts and blog posts that cover this question.
This is to broad of a question to answer in a single post. To many variables.
What are you short term/long term goals?
How much cash do you have?
What is your risk tolerance?
Hard money, private money, crowdfunding... etc..
There's no one size fits all answer.
Post: Accept partial rent or only full payments?
- Macomb, MI
- Posts 141
- Votes 45
Send the notice to quit, take the partial payment.
Proceed with eviction unless they pay in full.
Charge all applicable late fees.
Post: Fannie eligibility Matrix
- Macomb, MI
- Posts 141
- Votes 45
Came across this nice matrix which spells out conventional loan requirements in plain English. Figured I'd share.
https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf
Post: Method of understanding your local markets
- Macomb, MI
- Posts 141
- Votes 45
I physically visit the neighborhoods I am targeting. In the Metro Detroit surrounding cities it's critical to know the local neighborhoods. Things can be worlds different block by block.
I don't have a good answer as to know "when" to buy distressed property, I think that depends on a lot of factors. What do you mean as best time? Are referring to the time of year?
Post: What are the best ways to find deals starting off?
- Macomb, MI
- Posts 141
- Votes 45
Originally posted by @Sheldon Alex:
Sounds good @Andrew Halbert I figured I'd ask since I recently came up on a article written by Brandon of Bigger Pockets on how he makes offers without looking at the property first. Obviously he's got data in place to make the decision beforehand, but I thought it would also be necessary when investing in properties outside your city/state.
At this point I am sure he's also got the wallet to be able to do that. Full rehab system in place.
Dude is a pro.
Post: AC "tune up"
- Macomb, MI
- Posts 141
- Votes 45
Post: What are the best ways to find deals starting off?
- Macomb, MI
- Posts 141
- Votes 45
I am very risk adverse at this point in my life, so I can't fathom making an offer without a full walkthrough. In fact I am going through a property for the second time this weekend. I have a good agent, so all my offers are prepared by her. My wife is also my business partner so typically I will walkthrough a house first, then we'll go again together. Some might say I am wasting time, ohh well. There will always be another deal. My goal right now is to be conservative and consistent. We are very careful not to over extend/over leverage ourselves.
Post: What are the best ways to find deals starting off?
- Macomb, MI
- Posts 141
- Votes 45
Originally posted by @Sheldon Alex:
Thanks @Andrew Halbert, but I read recently that the best deals through MLS are rare since they'd either been on the market for awhile or the many investors who looked at the property while off market concluded that it wasn't a good deal.
Have you had any success through using MLS?
Listen to the podcasts and you'll see how many guests Brandon and Josh have to still use MLS for deals. Personally I specifically look for properties that other investors may have passed up. Yes great deals are rare, but not as rare as you think. Of course it depends on your specific market. I like MLS, because its a cheap easy way to get listings sent to your inbox.
Post: What are the best ways to find deals starting off?
- Macomb, MI
- Posts 141
- Votes 45