All Forum Posts by: Nicholas Mann

Hello all,

After researching and listening to bigger pockets podcast for the past 7 years or so (maybe longer), reading several real estate books (probably too many) and finally making offers in 2020. It took me about as long as possible to finally close on my first investment property (last week). Before all the headaches start coming in and I complain about something small, I am truly happy and grateful I finally did what I always said I wanted to do and made the leap of faith into “real estate investing”. I believe anyone can do it as long as you keep realistic expectations and know that you should buy with the intention of passing down the property to your grandchildren (at least I plan to). So good luck to anyone out there and hopefully you can make a purchase way quicker and easier than it took me (my best guess is close to 10 years).

cheers!

Thanks for the responses. I was able to get some references from another landlord in the area and now have numbers for a handyman, electrician, and plumber. 

Hello all,

I am ready to close on a rental property that I plan on self managing, I was just wondering if anyone had a list or rule of thumb on who and how many people to have on call if and when a repair would need to be made. I’m guessing most investors would have a plumber, handyman, electrician, etc, who they are familiar with to help with repairs. Obviously references help but I’m wondering what some investors strategies are in gathering reliable people to help handle any issues that occur for there property.  I was thinking of getting 3 or so numbers of recommended electricians, plumbers, HVAC and handymen to have ready but wanted some extra insight on how experienced investors have gone about this. 

Thanks in advance 

Nick

Hello all,


After a few months of having a property under contract and waiting for lawyers and title to clear everything we are finally ready to close on an investment property. This property is a mixed used commercial (retail storefront) and 2 apartments above. The property is occupied with leases in place. My question is what would the next step be once we close? Should I send out updated leases with our new landlord information ( I know the old leases are still binding until they expire) . Do a walkthrough and talk to all the tenants? Not sure what the proper etiquette is once you close on an occupied building. Any and all tips would be greatly appreciated. 
thanks in advance

Nick

Quick question. When creating an LLC for a rental property and subsequently having rental checks mailed or deposited. Do most investors use there home/primary address or is it wise to use a PO BOX or separate address.

Thanks in advance

Hello All,

I am currently looking at a 5.99% interest rate on a commercial property loan for 30 years. I plan to put 30-35% down as I want to have less debt on the property and help cashflow increase. (I’m aware many investors want to put less down but I just hate having debt hanging over my head).

While speaking with my mortgage lender he advised me I could buy down the interest rate by paying points. For this particular loan I could pay $12000 approximately up front which would save me about $300 in loan payments a month. It appears I could recoup that $12000 in 32 months at the lower payment and ultimately save a lot more money for the life

Of the loan.

If I could get the interest rate to 5% and if I hold the property for 32 month or 30 years (which I intend to) am I crazy for paying $12000 to buy down the interest rate?

Any and all advice is greatly appreciated. Thank you.

@Alfonzo C Rushin II

Buy low sell high!! No seriously you're best bet for learning your specific or target market is to just check the MLS everyday, look up property history, recently sold and etc. Any deal or potential deal can be vetted by quickly researching surround areas past sals history. If your buying for rentals use Zillow rentals or any rent app and make comparable lists. A few hours or a couple minutes everyday for a few weeks can definitely give you a pretty good idea of average house and rental sales that are comps... another tip would to be specific on what type of property you want maybe you will only buy 3bd 2ba Single family houses in a specific neighborhood and after a little research you should be able to get a good idea if something is a deal or not.. best of luck feel free to message me with any more questions

Nick Mann

@Thomas St pierre

This may not pertain to your question directly but I’m sure any online course will assist in the learning part. My wife just took an in person course for her License but still had to study and research on her own and is scheduled to take the test next month.

Best of luck

Hello all,

A property I'm interested in just hit the MLS as a Homepath foreclosure, i would like to buy and flip this property but have never dealt with Homepath before. Reaching out on here for any other investors advice and experience dealing with the Homepath process? Also I want to use my own financing or cash for this purchase and want to close fast. Again any insight or knowledge on this would be greatly appreciated.

Thanks

Nick Mann

@Terrell Murray

Hey Terell,

First off thank you for serving our country!! Secondly I would look into reaching out to a hard money lender possibly and then refinancing out. A lot of the lenders will loan based on the deal and not necessarily your financial situation (although you would need a good credit score typically 650+) If you don’t know how to already, start analyzing multifamily properties and as the saying goes “if you find a deal the money will come easily.” I am not a lender but I just spoke with a hard money lender yesterday to help me finance a deal I am purchasing. If you have any further questions feel free to ask.

Nicholas Mann