All Forum Posts by: Glenn Matthews

Thanks Bruce M.

I agree with @Chris T. Insurance is going to be your biggest hurdle. 

For something like this I would have a 12 month option period, but it all depends on what makes he seller feel comfortable. By for you, the period only needs to be as long as you need to get everything done. The lease option contract will allow you to execute the option anytime within the option period. But make sure you have a clause in the agreement that allows you to sub-lease the space and do renovations.

Monica, could you put in an offer for a lease option, repurpose the property by adding a tenant downstairs and increasing rent upstairs? You could then sell the house before the option expires and the only money in the deal would be your option fee and whatever renovations you needed to complete to rent out downstairs. But you'd have to review if this property would be attractive to investors wanting cash flow. I.e. Does it make sense on paper and what are the returns? And will the city permit multi-family for this property? Glenn

Hey Todd, very inspiring. I'm curious, did you establish a set criteria when you started your research in various states? .....like population growth, population size, median income, cap rates, cost per unit, etc? Or did you just research deals and then work backwards verifying the city/town was a viable option? Glenn

Hey JB, you need to establish your goals and criteria and stick to them. It's so easy to get distracted and move away from your original goals that you will never do a deal. If you are looking for a buy and hold, set your max purchase price, minimum return and area you want to purchase and start making offers. When I first started looking at deals I'd go on the 100:10:3:1 Rule (I didn't come up with it): If you look at 100 properties, put offers in on 10, and try to arrange financing for 3, you may end up buying 1. The way I looked at 100 properties varied, but mainly scanning through the newspaper. Now it can be website listings, MLS, broker sending you listings etc. Bottom line, stick to your rules and go for it.

Actually I have no idea how to IM or email private messages on BP.

Hi Jarred, I'm happy to entertain any property that has a decent upside, even SFH's. I'll shoot you a message with my email address.

Hi All, 

I discovered BP several months ago and have really enjoyed diving into the forum and listening to their pod casts. 

I'm originally from Sydney Australia, I moved to San Diego in 2008 with my wife who is American. In Australia I actively invested in real estate for almost 10 years, completing a good number of deals (mainly single family). Moving to the US I worked on my job and finding new friends and took my focus off real estate  

Now that I'm well established here, I'm eager to get back investing in real estate and am very interested in multi-family. Having a background in Construction you would think Flips are more suited to me, however, I love cash flow and want to start building a portfolio over the long term and I work in a good circle that could allow a future syndicate. 

Being in San Diego there aren't many multi-family deals available. I'm contemplating investing in Phoenix, where there seems to be way more performing properties. 

I know being an out of state investor comes with difficulties, and I'd love to get some feedback.

Glenn