All Forum Posts by: Jordan Ray

I've been working with a contractor on some renovations and they are threatening to take me to court.  We do not have any signed contracts in place.  What we have is a good spreadsheet with a list of tasks, and as they perform the tasks, I've been paying him via Zelle.  I did not pay him the final amount (less that $2K) because he did not finish the job according to my satisfaction.  Can he really take me to court when we do not have any contract in place?   I live out of state from my property. What should I do?

Hi everyone,

My name is Celine, and I live in Los Angeles. I've been learning about real estate investing and am ready to take action on my first out-of-state property using the BRRRR method (with plans for short-term rentals). I have enough cash to invest and am considering cities like Indianapolis, IN; Cincinnati, OH; Cleveland, OH; Atlanta, GA; and Charlotte, NC.

I’m looking to purchase houses around $300K, with the intention of fixing them up. For experienced out-of-state investors, where have you invested? Which cities and areas do you think have the greatest potential for appreciation?

Thanks in advance for sharing your insights!

Hi!

I am starting out newbie, have young kids, have been a homemaker, but now want to do more for the family financially while also being available for my family. After reading & researching, I have decided to take the real estate route, read 'Rental Property Investing" and came out with the plan to buy single family homes LTR cash flow. I live in California, but being the market it is, I want to invest outside. I have garnered a 50K to get started, I am having difficulty choosing markets, although I have shortlisted it to be a 'landlord friendly state". It looks so wide and vast, I am overwhelmed and don't know where to start. I have been reading the forums out here but how should I narrow down to that one market?

I also tried biggerpockets/wheretostart, but for some reason the .xls would constantly keep opening skype files. What am I doing wrong here?

What should be my next step to narrow down and research?

I am also beginning to talk to CPAs and attorneys, but not sure What all questions I should have cleared at a minimum, to confidently take the big step.

I may be over thinking, but I think it is also the cautious me who does not want to screw up financially in my desire to help the family financially.

If I'm a first time rental investor, will I be able to hire a property manager to help me with research, etc. prior to getting my first property or will they only work with you if you already have a property?

Hi BP Community,

I’m looking into my first out-of-state multi-family partnership with someone that already has experience in the local market and connections to the operational teams required to make out of state investing successful. I am debating using my local lawyer vs. finding a lawyer in the state where the property is located. Is it too much of a hurdle for the Local, Esq. to review the local law? Obviously this depends on whether Local, Esq. is willing to do it (and whether there is a state-specific bar requirement just for this type of work), but I want an outside perspective first.

Thanks,

Looking in Baltimore

I've been investing in Chicago for almost 15 years.  I've been incredibly lucky with tenants, turnover, properties, appreciation, connections etc.

That said I do occasionally find myself wondering, what if....

If I had bought in Florida or Texas or a booming college town.  Would slow and steady be replaced with meteoric?

Am I suffering from greener grass syndrome, or should I have "Lived where I want to live and invested where the money made sense."? What do you think the best "markets that got away" are?

Let's say you are a brand new investor. You are 40 years old and you have a family. You have $80K in your savings account, and you decide you want to invest in real estate.

Knowing what you know now, what would you do with your 80K? How would you make it grow the quickest?

Hey all,

I'm looking to make an offer on my first rental this week and was wanting to get different inputs on LLC vs Umbrella policies.

I will be using a conventional loan and I was told by my loan officer that I can not buy the property under an LLC, but I could transfer to an LLC after acquiring.

This is just a duplex, so my total number of rental units will just be 2. I own my own house and I own some land out of state, so I have assets I want protected.

I have quotes and will be purchasing an insurance policy that provides 1 million in landlord liability and I can also purchase an additional 1 million in an umbrella policy.

My question is, is it even possible, or has anyone heard of a landlord getting sued and losing over $2 million on a simple duplex? I feel like I'd have to do something crazy negligent to even possibly have a lawsuit that severe. 

All inputs are appreciated.

Thanks!

Hi all! 

My husband and I live in San Antonio and have been investing in real estate for a couple years. My father in law lives in hot spring and we go visit him once or twice a year. We are looking into investing in Hot Spring and hope to make some connection with local investors. Are there any investors meet up there? We also would like to see if we can find an awesome agent to help us with this out of state investing journey. 

Thanks

I totally get what you mean about Facebook groups being more wholesaler-focused, but I’ve also seen some great discussions on BiggerPockets around wholesaling. It’s interesting how different platforms can have such varying groups, but I’m curious how others have been able to connect with agents who are more wholesaler-friendly on BiggerPockets.