All Forum Posts by: Mike Paolucci

Quote from @Nicholas Vialpando:

I’m a new real estate investor and I’m looking for my first deal. The market in Colorado is vary competitive. Where are some places I should look for my first rental property.

 I've done pretty well in Columbus, OH. Depending on your strategy, you can find some great single families in A/B neighborhoods for around 220-250k that would appreciate very well over the years and have good school systems. Multi-family will be in the 300k+ range for those type of neighborhoods as well. 

If you're ok with C class rentals then you can find some stuff in the 100-250k range as well (single & multi-fmaily). 

Quote from @Syed Naqvi:

Hello Everone:

What do you think are the top five U.S. cities to buy 1–3 bedroom condos for investment? For each city, please share the typical purchase price and estimated monthly rent for 1BR, 2BR, and 3BR units. Thanks!

I've been really happy with my Columbus properties. I'd recommend steering more towards single family as they'll be a better long term appreciating asset over condo's. 

You can find some good single families for 150-250k. You'll be in the 230-250k range for better A/B neighborhoods with better schools but should still get a great investment property there. 

Quote from @Adan Caballero:

Quote from @Mike Paolucci:

Quote from @Adan Caballero:

Quote from @Mike Paolucci:

Quote from @Adan Caballero:

Hi everyone, my name’s Adan and I’m completely new to real estate investing. I’ve always been interested in the industry, but I’m finally taking the first steps to learn about it seriously.

My goal is to build up my knowledge and skills with the hope of eventually turning real estate into a full-time career.

I’d really appreciate any tips, resources, or advice from those of you who’ve been doing this for a while — especially on how you got started, what to avoid, and what helped you most early on.

Looking forward to learning from you all and hopefully contributing as I grow!

 I'd recommend starting off with house hacking a 2-4 unit. You can house hack a single and rent out by the rooms as well but a 2-4 unit will give you better bang for your buck. 

Next, live well below your means and make smart financial decisions. 

 I've heard that house hacking is the way to go, so thank you for the insight. When you first got started, what steps did you take to find the right property to invest in?

Unfortunately, I wasn't able to start off house hacking. Properties in the bay area were WAY too expensive for the numbers to make sense. I turned to OOS investing to get started but have been house hacking for almost a year now in a duplex I bought. 

I looked at the market itself -> did it have good projections for economic growth, population growth/decline, price of properties vs rental numbers. 

Next I took some advice from my elders and started off with a single family investment property. Easier to get started, manage and rent out + higher appreciation. 

Once I got in town, then I started looking for a good house hack in a good neighborhood that I could see myself living in. Found the deal through my network and didn't hesitate. 

 Based on your experience, what has been the most effective way to network? I tried reaching out to a realtor association, but they told me I had to be a member to attend, and their events were tailored to professionals already in the industry. 

There are plenty of networking events that are specifically geared towards investors. You can often find them on facebook, evetnbrite and other online methods. 

Quote from @Cody White:

Hi everybody. I'm a relatively new investor who'd like to connect and expand my portfolio. I'm interested in flipping single family properties and holding multi-family properties. My wife is in the process of getting her real estate license and we're excited to make a better life for our children and make a difference in our community.

 Welcome to BP! 

Quote from @Adan Caballero:

Quote from @Mike Paolucci:

Quote from @Adan Caballero:

Hi everyone, my name’s Adan and I’m completely new to real estate investing. I’ve always been interested in the industry, but I’m finally taking the first steps to learn about it seriously.

My goal is to build up my knowledge and skills with the hope of eventually turning real estate into a full-time career.

I’d really appreciate any tips, resources, or advice from those of you who’ve been doing this for a while — especially on how you got started, what to avoid, and what helped you most early on.

Looking forward to learning from you all and hopefully contributing as I grow!

 I'd recommend starting off with house hacking a 2-4 unit. You can house hack a single and rent out by the rooms as well but a 2-4 unit will give you better bang for your buck. 

Next, live well below your means and make smart financial decisions. 

 I've heard that house hacking is the way to go, so thank you for the insight. When you first got started, what steps did you take to find the right property to invest in?

Unfortunately, I wasn't able to start off house hacking. Properties in the bay area were WAY too expensive for the numbers to make sense. I turned to OOS investing to get started but have been house hacking for almost a year now in a duplex I bought. 

I looked at the market itself -> did it have good projections for economic growth, population growth/decline, price of properties vs rental numbers. 

Next I took some advice from my elders and started off with a single family investment property. Easier to get started, manage and rent out + higher appreciation. 

Once I got in town, then I started looking for a good house hack in a good neighborhood that I could see myself living in. Found the deal through my network and didn't hesitate. 

Quote from @AJ Longo:

Recently getting started in the real estate investing world. What are thoughts on first property being out of state like 8hrs away. If you learn the area and find real great deals and have a hunch on what might be a up and coming area. Even if your first is more risky isn't it worth it!! 

I'd recommend house hacking locally first if possible. 

However, if you're only a day's drive away, then I'd recommend carving out the time to drive up and take a look at it with your own eyes. Do your research on the city, subrubs and economics of the city and figure out what areas look appealing to you and drive those areas. I'd also recommend driving other parts of town as well to get a good idea of what's going on and make a final determination after that. 

I've helped a lot of people invest out of state and was an OOS investor myself so I understand what kind of hurdles you'll be going through. 

Hope this helps. Happy to chat further if you'd like. 

Yes, it's common for PM's to do both leasing + management. 

As far as units sitting for lease, that is very common for this time of year. Most renters have settled in before the school year and winter. There are still people looking but the ideal time to get units rented out are end of spring and during the summer. 

I've never heard of a property management company lower their fee's if they don't rent it out with a hard deadline. I've had units on the rental market for up to 3 months before. It's part of owning rentals. 

Quote from @Jakub R.:

Hi,

Is anyone successful acquiring and renting out duplexes and fourplexes in the current market?

Yes, lot of my clients are acquiring, renovating and renting 2-4 units out, even in today's market. 

Quote from @Adan Caballero:

Hi everyone, my name’s Adan and I’m completely new to real estate investing. I’ve always been interested in the industry, but I’m finally taking the first steps to learn about it seriously.

My goal is to build up my knowledge and skills with the hope of eventually turning real estate into a full-time career.

I’d really appreciate any tips, resources, or advice from those of you who’ve been doing this for a while — especially on how you got started, what to avoid, and what helped you most early on.

Looking forward to learning from you all and hopefully contributing as I grow!

 I'd recommend starting off with house hacking a 2-4 unit. You can house hack a single and rent out by the rooms as well but a 2-4 unit will give you better bang for your buck. 

Next, live well below your means and make smart financial decisions. 

Hey Marissa. Welcome to BP. How much longer does the tenant have on the lease? I'd recommend reaching out to an eviction lawyer to get an idea on what the timelines are looking like at the moment. The eviction process can take about a 1-3 months depending on the amount of evictions they're processing at the moment + the bailiff's set out schedule. 

That being said, ss long as you have good documentation of the lease violations (pictures, tenant ledgers, documented late fee's and other items to build a rock solid case), they should be able to help you without a problem. 

I'll send you a couple of referrals. Hope this helps.