All Forum Posts by: Angelica M Garzon

Thank you for sharing this!

Hey Robin, 

I live in Miami, nothing really makes sense here so I too purchase long distance. 

I specialized in multifamily properties, this has proven a rewarding niche because I mostly buy from investors that (the majority of the time) already have a property manager in place. If I see that their current arrangement works for me I keep the same company, if not I find other local companies online and feel them out over the phone/website/emails and through reviews (google & biggerpockets are best friends). 

I recommend that you do an inspection on any property you plan to purchase, this is going to give you a good idea of any repairs/future expenses you might run into. If you have the budget or your property has great cashflow, fix them in your first year, this will make management sooo much easier. 

 Lastly, if you can try to pick a state or city that's within driving distance or a cheap and short flight, I recommend it. I live in Miami and invest in Orlando, Jacksonville, Tampa, SC, GA NC and Texas. They are all close enough for me to drive (no more than 10 hours) or $250 dollar round-trip. 

Good Luck and feel free to reach out if you're interested in any cities in Florida! 

Hi Terri, 

I too invest in Orlando Fl and love to see how you're planning out your business!

Personally, I find it very useful to not be a real estate agent. Other real estate agents react "better" when I mention I am an investor and not an agent, sellers from off market properties are always more willing to discuss a sale when I mention the same fact. I feel like not being an agent is a negotiation tactic in itself.

On the other hand, having your license can come in handy for acquiring deals or information from the mls quicker, sometimes it takes me days to know that a property is already under contract or other important information. For flips, you could list the properties yourself and either keep that commission or remove it from your expense items. If your plan is to eventually do this full time, being a real estate agent is a great way to make money that "pays the bills" and also provides a great advantage to finding great flips. 

Hey Seyi, 

I recommend that you choose an attorney with a great record and results, if that means a consultation fee then so be it. 

To optimize my cash I usually stick to one attorney over time to handle all of my transactions. I also make sure the consultation fee can go towards the final bill amount as a credit. Lastly, I suggest you have the questions you want to ask ready and the information you want them to provide in a list of some sort, in my city attorneys charge between $300-400 dollars per hour so I try to not waste any time! 

Good Luck!

Hey Chadd, 

For my buy and hold properties I like to use local credit unions or portfolio lenders. I practice long distance investing and have learned that the easiest way to open a credit union account in a state that you do not reside in is by opening an LLC or Corp in that state and then opening the account under that company. This allows you to qualify to the great products small credit unions have to offer.

For my Fix-n-Flips I usually do private money (hard money) or conventional rehab loans (the application and approval process is tedious but they have better interest rates and fees). 

When I first started and had "no money or credit" family and friends were my lenders. I approached them with specific terms that would benefit them and secure their investment on me (interest, payment due dates etc..). 

Best of luck! 

Hey Alexander, 

How much are you going to have invested in the property after the cash out? If your cash in is not much and you're netting a good ROI then I would hold on to the property since you took care of the majority of capx expenses. That is also considering that you bought in an up and coming area where you will be able to sell in the future for a lot more. Also, making sure you do thorough screening of your tenant to avoid an eviction or property negligence.

If that's not really the case, I would sell and reinvest cash on another project with a better cash flow. 

Good Luck! :)

@Matt P. Thanks for the information Matt. Makes sense why I'm having such a hard time finding an 80%LTV product.

@Will Gaston hi will, property is in Varnville,SC.

@Gabe Amedee hi Gabe ! I would love to get more information about your meet ups ! When’s your next meet up ?

@Jared Rine hi Jared , I would like to take out as much cash as possible. Ideal scenario would be 30 year amortization with a 5-7% interest and 80%LTV.

I purchased the property in December, seller financing, mortgage is for 62,000 and ARV is between 90-100k.

Property has a rental income of 1,050 increasing in June.