All Forum Posts by: Chris Sellers

David,

I use "searching online, then driving " for dollars.  I enjoy it and I've picked up several properties this way (an 8plex and a duplex I currently own).  Use the online tools to keep the driving to a minimum, but can't replace driving buy. 

Good Luck!

Chris

David,

Sounds like a great plan to me.  You should listen to a like minded investor who implemented your plan 10-15 years ago; Bigger Pockets Podcast Aug 23, 2018 with Chad Carson.

Good Luck!

Chris

Stephen,

I'm no expert on this, but I'd look up the PA laws on evictions from a storage unit.  So common, I'm sure it's covered.  Also, another BP member had a similar issue.  Maybe hit him up, see how it ended:  https://www.biggerpockets.com/forums/52/topics/589...  

Good Luck!

Chris

Michael,

California is unusually bad for real estate investing, but a great place to visit (and probably live, I'd guess).  For real estate investing, I'd say the best place is the middle of the country (Indiana, Ohio, Kentucky, Missouri, Kansas).  Still great cash flow and low prices.  If those places don't excite you and you're looking for a good Quality of life and lower prices, I'd say go for TX, Carolina Coast or Oregon (or any place except CA, NY, NJ, MA).  

Bottom line, go where you want and learn the market.  You can really succeed anywhere with hard work.

Good Luck!

Chris

Casey,

I wouldn't try to get double rent.  Hold them accountable until you can rent it out or sell.  Works out best.

Rent vs Sell depends a lot on your goals.  If I'm negatively cash flowing and don't have a great plan for what I'm doing with the property, I'd probably sell. 

Good Luck,

Chris

Holly,

One famous proponent of owning multi-family while renting is Grant Cardone.  He has thousands of units and rents instead of owning his residences (and is very outspoken on why this is the best way).  House hacking can be a good option, but only works for some people and only when you're starting out.  If you live in an expensive city with high crime (like Philly), it's probably not going to work.  I'd recommend staying in your apartment (or where you want to live) and invest separately.   

I started out house hacking a duplex, but it was new and in small town America (low cost, low crime).   Another option for you might be to buy a 3br+ residence in a trendy area and rent bedrooms to roommates (carefully screened).  

Good Luck!

Chris

Chris,

Congratulations on taking steps to becoming a landlord!  Duplex house hacking is a great entry; it was my first one too.  Taking over is easy.  At closing, you'll get the security deposit and any rents already paid for the remainder of the month transferred to you.  You'll just need to tell the tenants where to send next month's check (to you).   

For the lease, you'll need to be sure to get one that covers Oklahoma laws.  Try BP (they sell them), or you can get from other sources on line.  They're pretty available, can probably pick a blank up from a big apartment complex and customize to suit your needs.  Be sure to use the OK language for when rent is late, late fees and other rules that are often dictated by state law.  

Good Luck!

Chris

David,

I totally agree.  Sounds like you have an inner socialist.  Don't listen to him.  

Good Luck!

Chris

Chris T,

Thanks for doing this.  Too bad Aug 7 is the same day Gordon Lightfoot is in town ;-)

I'll be sure to make the Sep one!

In Hickory, NC (outside Charlotte), $200k can get you a 1960s, C-class 4 plex (2br/1ba / $500 per month per unit).