All Forum Posts by: Anthony L Amos Jr

I have some very basic work that needs doing. But would also like to add a trustworthy contact who I can work with again in the future. I've reached out to a couple but not many responses. I feel maybe the  job is too small or they are unhappy that I'm not a local. Any suggestions here ? 

The work : 

-Gutter cleaning
-fix downspouts
-fix loose sidings
-carbon monoxide detector install
-bath silicone

I am new member looking to learn more about real estate. I have full time job. earning very comfortable salary. looking mainly to create other income streams because of all the "what ifs..." and because I want to gain more freedom and time. no prior real estate experience. read couple of BP books and listened to a few BP podcasts. Multi family appeals to me due to the consistent cash flow but I do not know if it is a reasonable way to get started. Given my busy career, I am interested in learning about a decent method of investing whereby I can simply contribute funds to purchase deals and get certain percentage back. Would that be similar to crowdfunding or syndication? I am not sure which terms apply here. And not sure where to start. Thanks so much. 

Hello, I read Rich Dad, Poor Dad in my 30s  and I thought I would be in real estate by 40.  Fast forward 10 years later  I have yet to invest in real estate. Lurked around BP site for the past year, have listened to  the BP Rookie Podcast on my drive to work, read books Skip the Flip and Financial Freedom with Real Estate Investing; then decided to FINALLY  make an account the other day, just  accept my vulnerability and ask the forum for direction. I find all the info very overwhelming, but decided to commit  myself to making my first deal this 2024. I tried Fundrise which i thought was dipping my feet into real estate investing,  but find I want to do more of the actual owning of the property myself. The intent is for cash flow so I can be released (even partially) from my 9-5 grind. Possibly start with one duplex or a 3-family home as a long term rental. I wish I could invest in my backyard but I  live in RI and our inventory here is very expensive.  I also wish I could get my hands dirty but with my job responsibilities currently, I do not have the ability to directly oversee property rehab and will also have to rely on property managers. A few questions:

1. What US states would you recommend to invest in for a newbie like me looking to invest out of state, but hoping for something simple to start with? I was thinking of limiting it to a couple of states where we have direct flights from RI so it would be easier to fly in/out to oversee things. I read about OH, FL, NC…?

2. Once I do narrow it down to a state, how do I find reliable people to work with? Locally, we would rely on connections and word of mouth, but for an out of state person, where do you even start?

2. I found a couple of online property groups that rehab/rent out/property manage units and they help you from finding the  property then manage it for you long-term. The sites do not really divulge the specifics. I  have emailed them but did not get a response. I figured maybe they deal with investors who are more nuanced than a newbie? How do you get taken seriously when you have never done a deal??

Looking forward to hearing from anyone. Even just writing this post felt cathartic.

Aileen

Hey everyone, I've had some attorneys draft a wholesale contract for me in Illinois, but now I have a really good lead in Ohio. Does anyone know the steps I take to change this contract up? For example: do I have to register my business as a foreign entity in Ohio?  or is there a "universal" wholesale contract that covers most states? In the latter case, where would I find that contra? Thanks!

Hello! I am a new investor looking to purchase my first property in the next few months in Columbus, Ohio. I haven't had much luck with the "Find An Agent" tool and would love to get connected with an agent in the area who is new-investor friendly. I am hoping to come out to Columbus in the next few weeks to get a better feel for the neighborhoods and would love to meet with someone who can show me around and hopefully get me in to see some properties.

Thanks!

I made the decision to sell my rental property in OR that I've had for 18 years - the time was right for reasons I won't get into. Now I'm trying to figure out where to invest the proceeds - I estimate it will be about $400k - and defer taxes. My priority is income more than capital gains. I don't have high income that I need to shelter (semi-retired). I live in California and would invest out of state. I am overwhelmed trying to figure out where and how to reinvest, and the clock on a 1031 exchange will tick once I get an offer and close. We put in the listing that I want to close after 1/1 so I estimate I have until mid-Feb to identify a replacement property. I plan on being invested in real estate for another 20 years. I have one other property in Bellingham WA near the university with a great property manager but the prices there are too high to get a decent cash on cash return right now.

Here is what I've considered so far and I'm open to other ideas. One of the mistakes I made in OR is not taking enough time to search for the right property (and not switching property manager years ago). Any thoughts on how to make a decision and move forward within my time frame? 

1) Buying another property - I would have to figure out what markets to potentially look for a replacement property. I'm okay with managing a property manager. I'm concerned I won't be able to identify a replacement property in time as so far I haven't even identified which markets to look in. I do like neighborhoods near colleges where one year leases are the norm. Any suggestions for me to research?

2) 721 exchange into an UPREIT. I like the diversity of eventually being in a REIT, but I can't go back and do anymore 1031 exchanges if I am unhappy with the UPREIT I choose. It also is very hard for me to really understand the cash flow and fees of an UPREIT to evaluate if the investment is right for me.

3) DST - I'm not crazy about investing in a DST because I'd have to do another 1031 exchange when the property sells and pay another load to buy into another DST and if the DST has only 1 property it wouldn't provide the diversification benefit of an UPREIT. I would consider a DST as a backup option in case I can't identify a replacement property in time, though I have the same problem as an UPREIT which is really understanding the cash flow and fees.

TIA,

Laura

Hi BP community!

My name is Mike and I currently live in the suburbs of Columbus, Ohio. I have been interested in pursuing real estate investing as a way to generate wealth and - over time - replace my W2 income. I am renting out a condo I own in Arlington, Virginia and own the home I currently live in. 

I'd love to dive in a bit more seriously with a 2-4 unit multi-family home purchase, BUT my fiance is in medical school and we will be relocating to ??? for her residency program in about 1.5 years. As a beginner, I'm hesitant to invest in a property in the Columbus, Ohio area that I likely won't be local to (the DC condo is easy because it's walls-in and I have a close realtor friend who shows the property to prospective tenants for me). Instead, I am strongly considering doubling down on further building up my cash reserves for a purchase wherever we land next. We'd find out where she "matches" in late-March 2025 (16 months) and I'd be able to start deep researching the market at that point. 

I have two questions for this knowledgable group!

1. Assuming this is the strategy I stick with, could you recommend a resource (e.g., worksheets, spreadsheets) for real estate investing goal-setting and planning? I'd love to leverage a trusted resource rather than build my own!

2. Anyone disagree with my thinking and/or approach? Very open to feedback. Columbus is a great area to invest in given the home prices and numerous universities, hospitals, top school districts, and legacy (Nationwide, JP Morgan Chase, etc) and emerging (Amazon, Intel) employers in the area. But likely being distant, I'd have to heavily rely on a property management company for just a single property (unless I also rent my current home).

Thanks in advance. Looking forward to networking with and learning from you all!

-Mike

Hello. I'm planning a move to Ohio next year sometime and I just wanted to reintroduce myself here. I am a content creator and I do freelance writing. I look forward to meeting everyone here.

Hi all. I live in Buffalo, NY and am closing on my first home this week. It'll be my primary for a bit, but I intend to turn it into an MTR when I move on to a new place.

I plan to buy my first investment property in 2024 (for MTR, LTR as backup), and I'm stuck between three markets at this point in my analysis. I'm almost wondering if it's an arbitrary decision – like maybe I should just choose one and get to work and the exact place doesn't matter... But thought I'd ask here in case anyone has some opinions or experience on the specifics.

A) Buffalo, NY – 0.61% price to rent. hometown advantage, lots of connections, familiar with good and bad areas. I'm priced out of the hot areas, but occasionally there will be a fixer or full gut job for ~100k if you act fast with cash. Or there are less desirable areas that may appreciate in a few years where homes are consistently ~100k.

B) Rochester, NY – 0.79% price to rent. Next city over (~1 hour drive). Less familiar with the area but close enough that I could take some trips. Seems to come up pretty consistently in real estate investing content I read / listen to. Median price is less than Buffalo, so I assume I could still find some good fixers occasionally for ~100k? 

C) Columbus, OH – 0.72% price to rent. Wildcard, but seems like this is slated to become a major hub within the next few years so appreciation could be great, plus several level 1 hospitals in the city. On paper this seems like the best place to get in early, but I just feel like I know very little about it comparatively. 

Worth noting: I know hometown advantage is huge, and I am weighing that but I'm ultimately not afraid to do the work to set up a team elsewhere. Even if that means moving there for a few months or visiting frequently... So though it's an advantage, I wouldn't say it should be the deciding factor. 

Anyone have any advice? Am I just in analysis paralysis and need to make ANY move? Thanks!

Hello! My name is Nadia Ananya. I’m an investor looking for a reliable person to take photos of properties when I am not in town. I’m not looking for professional quality photos, most of the properties will be fixer-uppers and might be in rough shape. Please respond with your prices, I typically pay $50 per property, but am flexible on price. Thanks!