All Forum Posts by: Joseph Banko

Can anyone recommend a good lawyer to use for a seller financed self-storage deal?  Looking in the Raleigh, Cary, Fuquay, Holly Springs, Angier, NC areas.  

The family of an elderly home owner wishes to sell their single family home without listing it on the market.  I happen to be actively looking for a new primary residence (live-in flip) with the assistance of my buyer's agent.  I found this deal, not my buyer's agent.  I'm pre-approved for a conventional loan with underwriting complete.  What's the best move here?  How does one buy directly from an owner, with a loan, and both sides benefit mutually?  

@Adam Odom Henry Ford said it. That’s the quote I was going to use!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi all, This is by far the most inexpensive property I've seen on the market in Western WA.  I do not know a lot about Longview though.  Are my assumptions for ARV, rent, repair, etc. close?  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $3,100

Very first real estate investment. Conventional investment loan, 20% down. End unit townhouse, 2b/2ba. B-/C+ neighborhood. Cash flowing about $200/month after all expenses.

What made you interested in investing in this type of deal?

Taking action was the biggest hurdle. I sat on the proceeds from the sale of my previous residence for 2 years because I wasn't sure what to do with it. I'm renting in Seattle, and saving it for another primary residence isn't an option here. I put that cash back into a rental property in a cheaper market.

How did you find this deal and how did you negotiate it?

On the market. Didn't negotiate. Actually paid over asking price in a very competitive market.

How did you finance this deal?

Conventional investment loan.

How did you add value to the deal?

Minor repairs to make it rent ready. No real value added yet.

What was the outcome?

Cash flowing with a good tenant in place.

Lessons learned? Challenges?

Probably shouldn't have spent all my cash on a big down payment. Next investment will have to be a BRRRR.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jenn Rowland in Raleigh.

Looking for an agent, lender, contractor, and property manager in Fayetteville, NC. I'm looking at a potential BRRRR property and my calcs look great. Just wondering if my assumptions are correct. If you're familiar with the area and want to possibly work together, please reach out. I am an out of state investor, originally from NC, now in WA. I will be making trips to NC frequently.

What questions do you ask a potential property management company, especially if you're a remote investor?  

Thank you @Julie Marquez!  A telecom construction manager could be a few different things, but in my case I handle structural upgrades and antenna upgrades to existing cell phone towers and roof top cell sites.  I also do ICC special inspections and consultations on cell phone tower construction projects.  

Thanks for the positive reinforcement!  Hopefully I will be posting about my first purchase soon.    

Hi All,

My name is Joe Banko. I'm a 31 year old, outdoor loving, dog dad, licensed Professional Engineer, telecom construction manager, and I'm basically new to REI. I became obsessed with the idea of buying and holding rental properties like many people here - after reading Rich Dad, Poor Dad. I also went through a rough career transition which opened my eyes to what life is like without a bi-weekly paycheck. The experience has really motivated me to learn as much as possible about investing in assets. I listen to the BP podcast regularly and per Josh and Brandon's advice, I'm now attempting to be active in these forums.

To explain what I mean by "basically" new to REI:

I bought my first house in 2012 in Raleigh, NC, which is where I'm from.  I lived in the house for 2.5 years, made a few updates including HVAC and flooring, and sold the house for a nice a little profit in 2015.  

In 2015, I moved to Seattle with my fiance, where we have been renting since 2015.  I've been holding that little profit from that house this entire time with intentions to put it back into a primary residence.  However, as you all know, the market here is ridiculous.  We plan on staying here for at least another year, but I don't think I can wait that long without starting my new investing career.  

My goal is to be financially free and able to live anywhere, not confined to a market where my investments are.  I know it is highly recommended to live in the area where you invest, but this isn't in the cards right now.  

More specifically, my short-term goals are to find my first investment property, somewhere in the Southeast or Midwest, and get my feet wet!  I'm leaning towards Raleigh/Durham (because I do visit the area 2-3 times a year), Ohio, Texas, and Atlanta.    

Thank you!  

Hi Jonathan,

I'm also new to REI and to bigger pockets (this is actually my first activity; I plan on making my intro shortly). I live in Seattle and can attest that there aren't many deals for beginners here. Even in Tacoma, where prices are about 50% of that in Seattle, the numbers for rent/mortgage ratio still don't work. After many hours on Redfin, Zillow, and talking to a local broker, I've made up my mind that out-of-state REI is my goal. If you do decide to relocate to Seattle touch base with me sometime. Good luck!