All Forum Posts by: Chris LumLee

I think it all depends what jurisdiction you're in. Some jurisdictions I'm seeing show signs of being in Seller's Phase II while others are in Seller's Phase I. Some are even in buyer's phases.

Congratulations!

Welcome from Hawaii!

I read this post from time to time. I still love it!

Welcome from Hawaii!

If your numbers are good that's only part of the equation. Learn about the market as much as you can. Talk to people, read stats on sites, I even found that the City/County/State's economic development agencies have pretty good information. Going back to your numbers, though. I'd say when you're absolutely sure you're being conservative, go a little deeper. It helps because sometimes life just happens.

I'd say @Jessica Zolotorofe has it right. But I'd ask them to do it right away as soon as they can because that stuff can become a real liability issue. I don't know about you but I'm not up for getting sued anytime soon. You know?

I'd say talk to @Robert Ellis. I get his listings, watch his YouTube videos, and check out his site. I even once talked to someone from his office about properties. I'd trust him based on his knowledge of the market and his authenticity.

Another spin you could put if you were looking at a conventional loan (or really any loan for that) is if what you're trying to buy outright costs less than what you have and any property you do have does generate income, that could be considered. It has for me when I've asked for loans and I wanted to show income on top of my W-2 income.

Both answers depend on you. I bought a rental property in two different jurisdictions with management already in place. When I made the purchase, the agent asked if I wanted to keep the existing management and I said yes so the management companies sent me the management agreement and that was that.

If you want to get rid of them when you assume the property, that's your choice, too. Of course that will lead into if you want to self-manage or find another manager.

As for visiting the properties, that's up to you also. I know some people who like to hop on a plane and see the properties and others who are fine with sight unseen. If you have a good support group on the ground or at least friends to do drive by checks every so often to see the neighborhood and report back to you that helps. Some people I know don't hop on a plane and go because listings can come and go very quickly.

Hope this helps!