All Forum Posts by: Account Closed

I'm in VA and also invest in NC. My suggestion is you can do a lot of networking + conversation's virtually. I think the key is getting 2-3 really good "boots on the ground" in the markets your going to be operating in. These are usually hungry real estate agents usually only a few years into their career and a good handyman or two. People that are part of your team that you can have go look at or inspect a property or even pay $50-$75 to check on a property during the process.

The key is to be a genuine + kind person that wants a win-win and identify others on your team that share that vision because 80% of the people you call/talk to will not be it. You have to weed through them to find the gems. Good luck!

@Account Closed I've done a lot of out-of-state investing from California, including flips and BRRRR's in Oklahoma (Tulsa and OKC), turnkey rentals in Milwaukee, Wisconsin, and a SFR in Pensacola Florida.

The most important thing is having the right people on your team in your market. Long Distance Real Estate investing my David Greene is the best book out there on this subject. I've read it twice. I'm a military guy so I knew id have to get comfortable investing out of state from the beginning of my real estate journey!

@Shivani Kumar

Finding people you can trust and rely on and finding a great property manager. May I suggest buying a small multifamily (2-4 units) to occupy in TX. Network to find a great PM or trades. This will allow you to get to know the property, its maintenance items, and slowly tenant proof(upgrade) the units before you move back to CA.

The key is TRUST! Do you have an experienced team in the town your investing in that you can trust? I did out-of-state investing all wrong. The biggest lesson I learn, is if you want to do it right; read and follow David Greene's book 'Long Distance Real Estate Investing'

Good Luck!

I'm based in the Seattle area, but invest mainly in the midwest. For me, its about having a trusted team in place. Without that, you are basically going at this blindly.

@Account Closed

i am happy to share some perspective.  can you clarify a few things?

1. are you saying you're going to move back to California, and then invest in Texas? 

2. have you considered also house hacking in California?  house hacking where you live does not mean you can't also invest somewhere else.  i always have to ask =)

3. it sounds like you're already doing direct marketing yourself.  that's great!  have you invested before?  or is this just something you're just starting up now?

I am seeing lot of people recommending attorney David Willis from Houston. Has anyone used his Lease document? He is charging $175 for Word document he has and I want to make sure that it will be useful for me to use on my SFR rental before I purchase it.

Pls let me know what are your thoughts on it.

Hey Stacy,

Here are some tips for first-time home buyers. I am a loan officer at Aslan Home Lending, and we deal with first time home buyers ALL THE TIME. Here are some things I would suggest.

1.Get Pre-Approved: Secure pre-approval for a mortgage to understand your budget and show sellers you’re serious.
2. Budget for More Than Just the Mortgage: Include property taxes, insurance, maintenance, and potential HOA fees.
3. Research Neighborhoods: Focus on areas with good schools, amenities, and growth potential.
4. Hire a Reliable Real Estate Agent (you!): An experienced agent can guide you through the process and negotiate on your behalf.
5. Don’t Skip the Home Inspection: Always get a thorough inspection to uncover any potential issues.
6. Understand Closing Costs: Be prepared for closing costs, which can be 2-5% of the purchase price.
7. Avoid Overextending: Buy within your means and avoid maxing out your budget.

Pitfalls to avoid:
1. Rushing the Process* Take your time to find the right home.
2. Ignoring Red Flags: Pay attention to potential problems highlighted during inspections.
3. Neglecting Future Resale Value: Consider how easy it will be to sell the property in the future.

These are all things we can help with at Aslan as well so feel free to reach out if you need a reliable Loan Officer, or if you just want to chat some more!

For the most part we don't really see much distress in MF in DFW area.  Even when they need total rehab, they will often sell at amazing prices right now.  Lots and lots of cash looking for deals.  Reports say 1/3 of all sales are for cash and I believe it.  Lots of dynamics for this.  One is we don't have a lot of MF to start with in my opinion.  What we have doesn't turn over a lot.

Just to give you an idea of what I see.  6 unit asking $600,000 in a very tough area.  100% vacant.  Needs probably $30,000/unit rehab.  Rents probably $1000/month/unit.  My buyer offered $300,000 on it, which is very very fair price.  Seller doesn't even respond, no counter, no discussion.   Stuff like that is pretty common.  I see plenty of places sell for let's say $450,000 with $1200/unit rent on duplexes.