All Forum Posts by: Sean Tracey

I would like to hear some fresh perspectives and ideas from the community on how to go about making this a feasible situation. Since all I can do during my capital accumulation phase is read and think about REI, I end up giving myself anxiety about imagining all the potential headaches that could occur. I've tried to remain positive and think creatively about how I would solve hypothetical scenarios that come to mind.

Since most emergencies require police, fire departments etc., few situations should necessitate my immediate presence as a landlord. If I get a call about something not working, and they want me to come take a look? Sure, have a video call to see if it's something I can diagnose remotely. Doctors are literally seeing people via phones and tablets nowadays, even prescribing medicine. Landlords should take advantage of this. Contractors need to work on the place while vacant? Install a lockbox outside, install IP cameras inside. Send contractor the code, cameras turn on so you can keep an eye on things from your phone at work. You're good to go. 

I understand that many situations will require my presence, and if I get a bad tenant, or a bad contractor, those methods will cease to work. Tenant could be hostile, contractor could still screw me over. So really, it looks like screening will be the most important factor. I'd be interested if some of you could either poke some holes in all this, or just offer advice based on what you've gone through as a landlord that wouldn't have survived if you were this far away from your property. 

Interesting @Russell Brazil. I didn't expect to read that. What kind of counsel do you offer to your investor clients that offer to buy sight unseen? I could see that method working for seasoned investors but would assume it could be a disaster for up and comers. Do you think their offers of $50-100k over asking are frequently good or bad investment decisions?

I guess the specialization part isn't needed, but I was wondering what some traits of your ideal investor client would be. I've seen a few comments recently where Lenders gave a little insight into what they'd like to see from an investor. I'd be interested to hear an Agent's perspective. 

Edit: I think I should add that I'm most interested in the buy and hold rental side of REI. Also, I guess I wouldn't mind hearing from some wholesalers too.

This is a great question. I'd love to see a list of all the things someone without experience could do (like rip up a carpet as mentioned above) and even a breakdown of how much it could save you. 

Thanks for the reply @Lelith Walker. I bet it's been extremely helpful to have family that can assist with things in those locations. Did you travel down when purchasing the properties to inspect them yourself, or did family help with that? Also, do you have a property management company for them?

Hi, 

I'm interested to hear from investors based in New York that have chosen to invest out of state. Where are your properties located, and what factors drove your decision to invest there?

Hi @Jennifer Burgess. Your biggest hurdle might be financing. You can't get a traditional mortgage with 20% down for a distressed property that you intend to rehab and flip. Have you investigated other options for raising the capital you'll need for this?

I wonder what their actual net worth is @Russell Brazil. Most of my peers have nicer "things" than me, but I prefer to have financial freedom. Fancy cars, expensive gadgets, trips, clothes etc. just don't do anything for me. Watching my net worth increase, and getting closer to not having to depend on a "job" to survive is my goal. Well over 50% of my gross income is saved and invested annually, so there's no room left for all the fancy stuff. 

Congrats @Matt Turner! Best of luck. 

@Sarkis Vartanian I did a quick Google search, and came up with this result which I thought was an interesting read:

 https://www.biggerpockets.com/forums/51/topics/75277-2-names-on-deed-1-on-mortgage-possible

Not sure if it answers your question, but it might shed some light. 

Edit: It appears that a number of people in that thread claim it is possible.