All Forum Posts by: Noah Chappell

@Natalie Schanne I second this 100%. When you're still starting out, it's invaluable to have something you can see and touch while you're still getting your head around the game. Once you develop an intuition for systems and can tell when someone's lying to you, etc, then maybe move out of state. 

Why don't you try Philadelphia first? If you cut your teeth in that market, I think you'd be ready for pretty much anything. 

@Aemon Gariety why don't you look into markets in New York which is right next to your state, like Buffalo, Rochester, Syracuse? 

@Matt Stenlund maybe you could talk to the original owner, and work out to buy the house for its appraised value once its taken back in foreclosure. If you want it sooner, maybe you could offer to pay the appraised value to the original owner, and agree to repay the holder of the contract for deed's down payment, which if it were 10% for ex at 80k would be <10k. 

I currently have a decently performing duplex in an ok ish area that's located right next to a brazenly obvious house of prostitution. My contractor has even been solicited... The owner hasn't wanted to sell. Still trying to figure out what to do. Anyways, my point is it isn't earth shattering, just something to have a plan regarding for the medium to long term. 

@Ruben Correa if you act now maybe somewhere in Ohio like Cleveland, Columbus, Cincinnati? Parts of Milwaukee but seems like that's getting expensive. I know too much but I've heard Des Moines or Indianapolis could be good. 

100% financed and 42k, a no brainer. What if someone came up to you and asked if you wanted 100% control of an asset at 0 expense? Even if it broke even for years due to high debt payments, you'd still have appreciation, tax benefits, loan pay down. 

Another angle to take is that anyone who's ever house hacked would agree with above, given they've essentially fully leveraged the assent, putting down 3.5% 

If anything goes wrong, you could essentially just walk away.. 

But of course it would predicate 100% on the asset, if it was a wrecked 4 plex built in 1860 with years of pending cap ex then no.. this is assuming it would at least break even. 

@Clayton Templeton I'm assuming you're saying when you're getting pre qualified, in preparation for your move. If you're using a large national bank for a Freddie/ Fannie loan it shouldn't matter, though you'll need to get local of course when it's time to buy and you organize your appraisal, etc. For portfolio or commercial loans, I've found its hyper local. Most community banks and credit unions will not lend outside of their specific county or area. 

@Patrick E Plowman experienced real estate investors when interviewed stated their biggest regret was not buying more earlier. Buy as much as you can as soon as you can. Seek fortune. 

@Justin Gustafson cool! Yep that's one way. Otherwise you can skip trace them with one of many shady free websites that search public records, then call or text message the #'s you find. You can leave a note in the mail box. You can ask the tenants who they contact with problems, then contact that person. You can look at the assessors website, which will usually have the name and sometimes # of the owner. If it's owned in an LLC, call the associated number which will probably be for the property manager, explain the situation, they'll tell the owner.

I think it's about systematizing. If you do above once, you have 0 change of success, but if you do it 3 times daily, you'll probably get several strong leads a month. 

@Vianey Monica galdamez maybe research and go with a reputable turn key company in Texas? Although turn key isn't the absolute highest return on investment way to invest long distance, the returns would be way better than your Cali properties. I'd hold on to your Cali ones too. If you invest in both markets, you'll have a good balance between cash flow and appreciation, and you'll be diversified across 2 strong markets. 

@Andre Sanchez are you able to save up 75k in a year or 2? If you do you might be able to go the David Greene way and buy a single fam with multiple rooms, rent them out, and house hack. Young cat like yourself wouldn't mind living with others. In doing so you'd own for the price of paying rent, and have exposure to LA appreciation.