All Forum Posts by: Peter Stewart

No never trust any single source for ARV's. Especially an automated valuation from a website.

Get info from a few sources, online and at least 1 from a human (ie realtor). 

I take the same approach with my STR's. I buy most of my main furniture pieces at Haverty's and I always get the extended coverage plan (covers spills, tears, etc). I buy the secondary stuff (like side tables, coffee tables, rugs, etc) on Wayfair. They do have some cheap stuff, but usually price will dictate the quality level.

Indianapolis is an excellent market to invest in. A TON of my investment clients come from CA. 

You can do pretty much any strategy in our market, and $100k is plenty to work with (if you leverage financing). 

If you'd like to learn more about this market and the opportunities here, you can schedule a call with me here: https://calendar.app.google/YBLorivwHjBkFU468

That sounds like a very bad idea. Hire a specialist, meaning a buyers agent. Attorneys may be versed in real estate law, but that only helps you a teeny tiny bit in the grand scheme of things. Hire a competent investor friendly agent (one that also invests themselves) - their expertise will pay off ten-fold in helping you find the right investment property. Most likely the seller will pay their commission, so you would get their representation for free. You won't get that from an attorney. 

When I used to self manage my properties I used MySmartMove and felt it was a very good screening process - it checks all the main things you need to check (criminal history, bankruptcy/foreclosure history, credit, etc). And it's easy to send the link to the prospective tenant so they can complete the app and pay for it directly. Once done the report gets sent directly to you and they give a recommendation on whether or not to accept the tenant. 

Totally agree with the previous posters - start by checking the contract. All the PM's I use have a dollar limit in the contract (usually $500). Anything under that they can do without permission. Anything over that they have to contact me 1st for approval. All good PM's should have some type of language in their contracts like this. If not, you may need to switch. That, or insist they amend the contract to include that language for you as a protection. Without it you're writing blank checks - what if you have a sewer line issue and they charge you $20k to replace it? 

I went through Allstate and got a policy with Tower Hill for my FL STR's - it was the most affordable of all the quotes I received.

Have you considered Indianapolis? That market is often in the same conversation as the OH cities you are currently looking in. Based on the criteria you listed, I think our market may be perfect for you. There are both short and long term opportunities, and I feel our market has a better chance of solid appreciation vs the OH markets. 

I'd be happy to chat with you further about the market and available opportunities. I have been working with remote investors for over 15 years and I've been one myself for over a decade. 

You can schedule a call with me here: https://calendar.app.google/32zXfK5pMihKJLZK9

That is not necessarily true. Sure, you get some terrible ones. But I have seen, sold, and personally purchased ones that are in very good condition. 

It's a myth that foreclosure = a trashed property. 

But, even if it is a mess, if the price is right and the numbers make sense, who cares?

Now, buying at auction is a whole different animal since they are typically sight unseen. I assume that is what you are talking about, but the headline of the post is a bit misleading.

Don't we all wish that all rental properties would cover the expenses no matter what.

There are TONS of variables to factor in (price point, area, market, condition, etc), but at least in my market (Indianapolis) the rents on a SFR often do not cover all expenses. For cash flow most of my clients look for residential multifamily (2-4 units). That, or do medium or short term rentals (neighborhood and condition specific though, doesn't work for every property).

This is the "hard" part of RE investing - finding a market and property type where the #'s will work favorably. If it were so simple as just buying a SFR with 20% down and you'd cash flow automatically, everyone would be doing it.

My suggestion is to do your due diligence a bit more and understand all the #'s that go into the underwriting, and find a market that is known for cash flow, and then find an investor friendly agent in that market to help guide you further.