All Forum Posts by: Logan Laperriere
Logan Laperriere has started 0 posts and replied 325 times.
Post: First Investment Property at 20
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Congrats! Purchasing your first property at 20 is a big achievement!
Post: Tools for determining average rent in an area, and other apps?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
The rent estimator tool on BP does a good job at pulling current and previous listings from multiple sites. If you are working with an agent ask them to run a CMA for rents in the area.
Post: Aspiring investors with 200k+ income looking for guidance
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Savannah Walbert:
Hello! My fiancé and I will be beginning our real estate investment journey in 2024 and are looking for any suggestions or pointers as we make some of our initial decisions.
We live in Los Angeles, so it’s probably not surprising that we are leaning toward out-of-state investing. Combined we are making about 250-300k annually pre-tax. However, we aren’t W2 employees, all that income is from 1099 independent contractor work, which of course will limit what financing we can qualify for.
We have 100k+ saved in the bank, but don’t want to plow all of it into our first deal. Ideally we will find a (relatively) low priced market to be able to get into without putting up huge amounts of capital.
If it were possible to invest within driving distance we would love that, since we are a little nervous about dealing with any renovations or even just unexpected maintenance from out-of-state. However, I think the prices in California will cause us to invest out of state and we will just have to learn how to set up the right systems and processes to deal with issues as they come up.
Any pointers on decently priced markets that we could get into in 2024 for a solid first investment property would be much appreciated. We are open to single and multi family, although we’d prefer multi of course. We also aren’t set on doing long, medium, or short term, and would be open to advice about which way will probably be best for our given situation.
Thank you and look forward to starting our investment career!
Hi Savannah,
Congratulations on starting your real estate investing journey! Out of state investing can be risky, it is always best to work with a trusted team. I recommend building your "Core 4" (Realtor, Property Manager, Lender, Contractor) in the area you are looking to invest. The Midwest has several areas that still cash flow with the current interest rates. I personally invest in Michigan, I own properties in Grand Rapids, Kalamazoo, and Metro Detroit. Michigan still has several markets that exceed the 1% rule. I work with several out of state investors, if you would ever like to talk about the market here in Michigan feel free to reach out. It's always nice to chat with fellow investors.
Post: Money Pit, what to do?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
What was your exit plan when your purchased the property? Fix and Flip or turn it into a rental? Would this cashflow as a STR? How much will you lose by selling in its current condition?
Post: First time - out of state investor - looking for multi family
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Hi Ilyas,
The agent finder tool at the top of the page is a great way to get connected with a real estate agent in Dallas.
Post: Should I do this????
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Sounds like it could potentially be a good deal, just remember your fiduciary duty is to represent the sellers best interest. It sounds like you have done a good job at explaining potential options to your client.
Post: Cold calling possible sellers
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Jordan Ryan:
Hi everyone i was wondering if anyone has a good cold calling script or if you could point me in the direction of any podcast or videos on this topic. I havent been able to find anything yet i been searching for a while. I really want to master this part of the process. Thanks
My best advice is to just start calling and have natural conversations.
Post: Who does negotiating?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Joe Tarley:
If you are making an offer below asking price, are you contacting the seller or sellers agent directly to negotiate or is your real estate agent doing that for you?
My real estate agent started during the covid boom, so I think many sales were pretty easy for them. I do not think they are used to working with investors who are looking for a good deal in order for the investment to make sense.
What are others doing?
One of an agents most important skills is being a strong negotiator. Your agent should know the market and be negotiating for you, deals only work if there is profit to be made. Work with an agent who can help you run numbers and is a strong negotiator.
Post: New to group
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Hi Armin,
Welcome to the group. Do you currently invest in real estate?
Post: Subject to deal
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Awesome deal! Gotta love it when persistence pays off. What was the previous owners motivation to do a sub 2 deal rather than a traditional sale?