All Forum Posts by: Peter Mckernan

@Shelley A. When they moved in and then out did you together or separately preform a walkthrough checklist? If this was done and there were no notations on if these doorknobs had problems; however, now they do I would use this for documentation that the tenants damaged the property and that is not normal wear and tear. 

If the doorknobs where loose and needed some tightening, or they needed a small piece of the mechanics fixed than I would say that is normal wear and tear. It comes down to the current condition upon move in and the current condition upon move out.

https://www.meetup.com/Irvine-Real-Estate-Networki...

Let’s try this one again! Thank you for letting me know! 

@Charles Stevenson

@Brandon Battle

Thank you for the correction! 

@Account Closed

@Jackson Long

It really depends and yes @Levi T. is right when he said a property that produces enough cash flow to produce the income to afford a PM. Also, double check your state requirement on multifamily and an onsite manager. I know in California the requirement is anything 16 units or more. That could be a manager that is an onsite resident that has a reduced rent for the position. 

@Stephen Igbeka

Yes, keep the money in the IRA account and let that grow. You can stop for the time being and put the money you would be putting into the IRA into your bank account for the next investment you are looking for.

So, if you are putting $500.00 a month into your IRA and now you want to start to fully invest in real estate, stop the investment into the IRA, let that money in their sit and grow, and then shift all the savings to your real estate investments. I would also add a side hustle that will create an even bigger income stream to save and grow that money to invest that money quicker!

Hello @Stephen Igbeka

If I were you I would super creative about raising money, or increasing your income with a second side hustle to get that first cash for a downpayment. I would leave the cash you have in the IRA and focus on getting extra cash somewhere else. The 10K could be raised quickly in other avenues.

Hello To all! 

I have scheduled our second real estate meet up in Orange County on meetup.com Check the link below!! I hope to see you there! 

https://www.meetup.com/Irvine-Real-Estate-Networking-Meetup/events/235933064/

I agree with @Mike Cumbie about the difficulty of listing a property at a distance on your own; however, it is not impossible. I would do what Mike suggested and go by Home Depot to grab a lockbox with a numbering combo, grab some signs while you are there, and once you are ready list it on every website you know (i.e. Craigslist, Zillow, Trulia, Redfin, and Realtor.com). There are many more out there, these I listed are just to name a few. 

I would also have a contact out there in the area of your rental that you trust. You could pay them a small fee to keep an eye on the property while it is listed. You also could contact some local real estate agents that are very new to the game of real estate to hold a couple open houses not to bring you a buyer since you are not wanting to pay a commission, but for them to pull clients. This would give you huge exposure to have someone hosting open houses for you. It would take some time to find an agent that would be willing to do that. 

Good Luck @Brian Christensen

Hello @Jonathan Johnson

The best way to perform this type of purchase would be to use all cash from your HELOC or a private investor(s). The courts will want to see cashier's checks and the way that you will get those is by having cash to turn them into cashier's checks.

The hard money route is too tricky because they want to have the property to analysis prior to investing in the deal, and that means (close to having in contract, or having in contract). Letting the hard money company you want to try to bid on a couple houses and use them for help to purchase the houses will not work.

@Michael Corbin

I would look at websites that give you information as in demographics of the area, price point, comps, population, job market, and anything else that can show you that it is a good market that can make investing in that area longterm, or short term. 

There are many factors going into it. A lot of these can also be big projects that are revitalizing the market that will create jobs and interest into moving to that specific market.