All Forum Posts by: Irvin Nguyen

Quote from @Caroline Widjaja:

Quote from @Irvin Nguyen:

Quote from @Allan Smith:

If I were starting over, I would start with lead sources first (could be agents, i use wholesalers mostly). I would get that funnel going and the pipeline trickling in.

then while that is going I'd make sure I have my financing nailed down because it's easier to make offers if you have a strong and confident funding strategy. Plus sellers like to see any kind of documentation you can provide for funding

Ah true. I never looked into wholesalers for leads and stuff yet. Will have to check that route also 

If you're just starting to invest properties in other state, don't go this wholesaler route unless you really know the area, sorry if I have to tell you the truth.
The reason I am telling you like this is because when you have enough experience, you will know which wholesaler is giving the real figures and which one are not. You will thank me one day. 

 Hey Caroline,

No need to apologize, I appreciate all the honesty, I rather have that than be presented false info! I really want to avoid being mislead especially since still being so new into this all so I will take any advice I can to note and learn from. So thank you! 

Quote from @Allan Smith:

If I were starting over, I would start with lead sources first (could be agents, i use wholesalers mostly). I would get that funnel going and the pipeline trickling in.

then while that is going I'd make sure I have my financing nailed down because it's easier to make offers if you have a strong and confident funding strategy. Plus sellers like to see any kind of documentation you can provide for funding

Ah true. I never looked into wholesalers for leads and stuff yet. Will have to check that route also 

Quote from @Eliott Elias:

If you find one rockstar they will be able to refer you to the rest of your core 4 

 Sweet! Back to the search board for that person! 

Quote from @Anthony Catoni:

Hey Irvin,

I had this same issue, I was living in SC and wanting to invest in FL. I found the agent first and then had them recommend PMs. This worked well for me because my agent was an active investor in the market I was looking to buy in and knew the good from the bad PMs. I still did my due diligence with the PM he recommended, but it makes the decision easier. See if the new market has a real estate investing FB group. Sometimes those groups will be quick to post bad PMs, but not so quick to post the good ones haha I think the trick to doing it this way is to make sure your agent is investor-friendly. When I was looking for my agent, I had some that said they worked with investors before...that's not good enough for me. I would ask if the agent is an active investor in the market I'm looking to buy in. If yes, how long ago was their last purchase, what're the numbers they're seeing, what's the worst situation you've had investing in this area, etc. I've found that helps weed out the agents that are just looking for a commission versus the ones who are actually investor-friendly and know what they're doing. Hope this helps!

Anthony

Awesome! Thank you for the advice!  

Hey guys, 

Trying to get into out of state investing as the state (Oregon) I am in isnt so landlord friendly. Currently have 1 rental that used to be our primary so all I had to do was look for a property manager. When looking for out of state, would you guys rather find a good PM and go with the agents they recommend? Of course I would still do my research on the agents to make sure we are aligned and on the same page etc. Or would you rather find a good agent then try to go with his recommendations for PM? Reason why I ask this is because I was looking into some places where the agents were highly rated on zillow etc. but the PM they recommended had really bad reviews. Its a littler harder to trust when it involves out of state stuff since I wont be there to look at houses in person, relying on other people etc. I know it all comes with risk of doing out of state stuff but  I would like to cover all my bases to decrease the chances of that happening to me. I guess long story short, is there a  1 right way to go about it? Or is it all based on preference? Based on what I have seen so far its a toss up between PM first or agent first. 

Hi guys,

Fairly new to bigger pockets and real estate investing in general. I was browsing the forums and came across this thread as I live in Portland, OR as well. Was curious to know if these meetups still happen? Looking to network, bounce ideas off each other, etc with people in the area. 

I am currently in the process of getting a heloc as well and so far it has been about 2 weeks. I can let you know how long mines takes onces it all done!

Quote from @Julie Asmussen:

@Don Konipol. Which lenders will do this?

How long before I have to pay the principal back ?

Thanks so much !

Hi Julie, 

US banks does it but best luck would be with smaller banks in my opinion. Usually its your first 10 years (draw period) is paying interest only on your balance. Once draw period is up, what you have left will be amortized over a 20 year period (most common) but some will say 15 years or so also. You just gotta check with your lenders terms. 

@Brad Hammond Thank you and will do! got a meeting with the property manager today to see what they will say

Quote from @Joe Villeneuve:

Quote from @Irvin Nguyen:

@Joe Villeneuve

Would you plan to sell with the tenants currently in it? I guess my question is how would you go about it to make the most profit or get best offer on the house because their lease ends February 2023. I guess my options would be the following and please correct me if I am wrong or missing something.

1. Sell with current tenants in it to possible investors

2. notify tenants and PM that I plan to sell and they have 3 months (based on my research for oregon, not sure how true) 

3. wait till contract ends, say I wont be renewing after feb 2023 and then sell? My biggest worry here is if market isnt so seller friendly by then vs now? 

4. seeing if tenants would be willing to buy it go that route? but I could be missing out on higher offers etc. 

I wanna get the most out of selling it and I am not sure if it would be selling to investor route, or maybe someone who wants it as their family home looking to offer more to sell it to them? 

...or, 
5 - Do all of the above.
Put it on the market with the tenant in place.  If another REI buys it great, if not, then keep it on the market, don't renew the lease, and sell it without a tenant in place.

 Thanks @Joe Villeneuve. Will do all these. I will follow up once everything completes to let you guys know how it goes :) I appreciate the help!