All Forum Posts by: Michael Junior

Quote from @Melanie Thomas:

Austin & San Antonio, Texas! 

 Thank you !

Thanks Joshua Appreciate this ! 

I recently moved from Connecticut to California. I own some units back in CT and sell Real Estate as a residential agent in both markets. 

I have not picked up any new units since 2021. And am looking to get back into buying pretty heavy. 

What I have learned in the year I have been in CA is I do not want to invest in long term rentals in this market. At least not right now. Cash flow does not seem to exist on small multi family. I do not want to invest for appreciation especially seeing as where the current prices are now. I just don't see them getting much higher in the near future. It's already extremely affordable as is in CA today. 

So im looking to invest out of state. Looking at some deals in CT where im from, but also looking to invest in other markets such as ohio, or indy. 

Curious to see what everyone who is investing OOS is looking at as far as markets go! 

Quote from @Ryan Cousins:

Hi There!

My fiance and I are looking to buy a SFH as well as an investment property in San Diego. The only issue we have run into is the prices and bidding wars.

Every single home we have looked at for personal use or an investment seems to have 5+ offers and go MUCH over asking.

We are currently looking at Bay Park / Clairemont / Carlsbad / Oceanside. 

I am curious if anyone has had success in other areas let me know.

We are thinking of relocating as it looks like there is no end in sight for this.

Hey Ryan! I moved to San Diego from CT about a year ago. 

After doing quite well in the CT market space, I’m finally starting to adjust to the Ca market.
I think it’s key to be in the know about off market deals, for both your primary and investment. 

From what I gathered thus far as an agent, a lot of trading goes on behind the scenes. My best advice would be to link up with an agent with access to some off market inventory. Contact wholesalers and maybe do some digging of your own via driving for dollars. 

I’m in the La Jolla area, but service all your targeted locations. If you want to chat let me know! 

I would say look for a better deal! Duplex's are a great first investment, I bought one for my first home and first investment. Only difference is it was clear when I would be ready to move out that it would cashflow based off conservative rent comps. 

You deff want to find something that you know makes sense, and not leave it up to chance. Even if the 2/1 went for $2000 and the 1/1 went for $1200-$1400 you would still be in the hole. Look for a deal either at a lower price point or something that can fetch a higher rent. 

If you have any questions or concerns lmk, I have connections in Staten Island and would be happy to connect you with an investor savvy agent!

Quote from @Devon Yates:

Quote from @Michael Junior:

What's up buddy! 

What I would recommend to my clients in this situation would be: 

Include a clause within your offer that states you will cover the cost of any repairs needed to appease the FHA appraiser ( make sure you are ready and able to foot the bill some issues arise )

Typically in this market buyers are having to offer over asking price, which can be an issue for appraisal. To be more competitive, Waive the appraisal contingency or include an appraisal gap ( offer to cover up to a certain amount should the appraisal come in lite )

Waive your inspection contingency - Do your necessary due diligence prior too. Throughout walk through yourself, or bring your inspector/contractor to a showing prior to offering. 

Switch to conventional- 5% down, primary loan. 

I live in Santa monica, if you need anything lmk I'd be happy to chat. I'm an investor and an agent 

The issue is I can only do conventional financing at 15 percent with a duplex.  Unfortunately, I really won't get there until the end of the year or longer.

 Shop lenders, you can find a lower DP conventional loan for sure

What's up buddy! 

What I would recommend to my clients in this situation would be: 

Include a clause within your offer that states you will cover the cost of any repairs needed to appease the FHA appraiser ( make sure you are ready and able to foot the bill some issues arise )

Typically in this market buyers are having to offer over asking price, which can be an issue for appraisal. To be more competitive, Waive the appraisal contingency or include an appraisal gap ( offer to cover up to a certain amount should the appraisal come in lite )

Waive your inspection contingency - Do your necessary due diligence prior too. Throughout walk through yourself, or bring your inspector/contractor to a showing prior to offering. 

Switch to conventional- 5% down, primary loan. 

I live in Santa monica, if you need anything lmk I'd be happy to chat. I'm an investor and an agent 

What platform do you guys use to purchase your lists ? Beyond listsource do you have any other recommendations ? I'm looking to buy a list for mailing and calling, any recommendations would be helpful! 

Ready to expand and grow. Started 2018 with buying a duplex. 2019 I bought a 3 and 4 unit side by side. 2020 I bought another triplex. This year I exited the 3 and 4 family and turned a wonderful profit. I learned a lot in the past three years.

1. I’m not good at managing property

2. I don’t want to manage property

3. I shouldn’t be managing my own properties

The last few months I have been struggling with what to do. I love looking at deals, running numbers and pursing the deal. I just don’t love the day to day!

At this point in my RE career I feel I’m ready to grow. Looking to purchase a 10-15 unit and start to scale. Implementing a management company and taking myself out of the day to day.

I have about $250k liquid and a partner with about 500k liquid.

If you were me, what areas would you be looking at to buy smaller apartment buildings as I am?

Fully ready to invest out of state ( I currently live in CT ) so open to all options!

Any insight helps. Thank you guys!!!

@Yosef Lee

Hey I’m in Fairfield county CT, what’s up brother!

Question, which mastermind group did you join. And what is the group you currently host now?