All Forum Posts by: Chris Davidson

Search engines are powerful along with search boxes. Hop on a computer and put some time in.

@Victor Funes check out meetup type sites a lot of investing groups post there for some cities. For people in Ohio check out the local forms and do some posting there. 

@Chris Snyder Private money and family and friends. Not many details, what about seller financing, if its a property can you get traditional loan approval?

@Brooke Szyjka with the duplex you would bee looking at paying 500 a month for housing where the single family 900 and not have to deal with tenants. If you think you would like to get into rentals do the duplex. If you hate it move out and sell it after a year and you saved 400/ month on housing or 4,800 that year and learned a lot (granted this is all assuming are in good condition and no rehabs). 

My thoughts are you wouldn't be here if you didn't want to get into investing. Now will it be buy and hold rentals who knows, but now seems like a good time to figure out if you want to. Lastly just because you take a path doesn't mean you have to continue down it forever if you don't like it.

Best of luck and have fun changing your future for the positive.

@Victor Funes Do you have a state you are looking at buying in? Or looking to meet up with investors in Modesto who buy out of state?

@Brian Allen This is a tough question in that it really depends on the market and what other rentals are providing and the market is demanding. If like most of the country and a tight rental market the update may just need to be minimal; however if a lot of similar units are available the more intense the upgrade the quicker the unit may be rented and at a higher price.

I'd start looking at other ads for rentals and get an idea of what is normal and gauge your remodel accordingly.

Hope this helps out!

@Andy Paul what @Aaron K. said in the order is pretty spot on, I would just add a book keeper/ accountant in there if you have a lot of properties or not using a PM. They will be involved at many different phases as well. Some PM's do more than others so a lot will depend on what services the PM is providing.

@Sarah Lu you have a great plan in place, and a nice chunk of change to get it rolling. Hopefully this helps.

1: you can refinance at any point, however if you have no upfront equity you will be waiting on market appreciation/ debt pay down to create the ability to pull money out. 

2. If you can find a realtor in the area that works with PM's that would be the go to.

3 & 4. As long as your DTI is in check you can get the loans at the same time. However if you are looking to use the income from rents to discount the 1st loan you will need it rented out, and depending on the lender a couple months of rent flowing in.

The team I work with in Boise mostly solves the issue you are talking about in #2. You work with a realtor, and then as closing draws near the PM side is ironed out, and after closing takes over and the ball starts rolling day one.

Cheers!

@Bill Ward

With most of the comments here as depends on location. But also what does the market demand. Lastly you don't have to do a full replacement what if you made a hard edge out of pavers and spent a couple hundred bucks and eased your need to make it look better and also saved the big cost of total replacement.

Best of luck mate!

@Halldor Arinbjarnar This is a pro perk that would be awesome!