All Forum Posts by: Nick Rutkowski

@Rob Sawyer Credit Unions would be a good place to try, they have more flexibility than National Banks.  Try a Mortgage broker, they could find you a lender as well. 

Is it located near a city, town, or natural attractions? Is your land zoned for any uses (residential or commercial)?

You have a good deal when your lender is willing to work with you. You have a bad deal when they toss your deal back at you saying “no”. You have a great deal when your lender starts looking at you wide eyed and drooling. Biggest red flags in my experience are paying too much for the acquisition, taxes, and maintenance. The location, of your property. (It cash flows but your house is on a bad side of town). The people, who lives around your property? Are they bad people? Red flag.

@Steven Pike I think if you buy your agent coffee and go over your plan, she wouldn't mind spending the time with you. As agents, we want to make sure our clients are well taken care of. So think of that coffee meeting like a business meeting and your agent as your potential business partner.

Hey Syracuse!! I'm from B'ville myself, now I live in Cortland investing in the Southern Tier. To put it simply, one must market out of state to attract out of state buyers. Your best bet is figuring out which state produces the most out of state buyers for SU. For starters, you could use the common real estate websites like Zillow and Trulia. Take some awesome marketing photos then put it out there in for everyone to see. You might need more specific exposure, so try FB buy, selling, trade groups, C-list boards in our neighboring states, and maybe put it on the MLS. Honestly, if you don't mind partnering with an Agent then I could bring in the people while you remodel the houses? If you're interested, PM me we can talk more.

@Benny Gelbendorf Those are the next steps you have mentioned above. Before you dive in, have you thought of your investing strategy and your exit strategy? Are you planning on buying multi families or single families? Flipping or Buy and Hold? Do you have a house criteria?  How you answer those questions will help you operate better in a new market.

As my daughter says "Dad, you're waffling!" So many options @Mary Jay, what if you refi your personal home and purchase the 4-plex? 

@Steven Pike  If your husband is like my girlfriend then you have to prove to them you're committed to investing. She's more of a "show me you can do this and I'll support you" kind of person. If you want to do MFH then start with one. You'll have the same headaches with a multifamily as you would with a single family, you'll just be making more money. (that was suppose to be funny, ha ha)  You and your property manager should have a great working relationship. It's okay to always check up on your property, just make sure you do it in a way you and your manager both agree upon. For instance, you both might agree to a weekly or bi weekly phone call. It's all about the relationship and the property. Finally, do yourself a solid and find your team of people to help you with your Real Estate transactions. I'm not too familiar if Louisiana is an attorney state or title state so find that out then find a title company or an attorney. Get an agent, a lender, and a general contractor (if you don't plan to do the work yourself). 

P.S Get prequalified. Unless you're buying all cash.  Good luck!

I use Bailey’s Place insurance. I got a good quote from them. You should ask your insurance agent what paperwork they will need for your business. By the way, if you like mobile home parks I know of one for sale, owner financing. Food for thought.

https://www.courts.state.md.us/sites/default/files/import/district/forms/civil/dccv082br.pdf I’d start here and research more about the paperwork you need. BY THE WAY YOU NEED TO SERVE THE NOTICES WITH A 3RD PARTY SERVER!!!! Do not not not not forget that. Everything you do now is evidence for court. That means you the “opposing party” can’t serve your tenant. I’m not a lawyer but I just evicted my tenant and learned the hard way to serve with a 3rd party. Food for thought.