All Forum Posts by: Account Closed

Ok awesome def seems
Like a great way to get a better price and yes the tip income kills me! Lol on top of it all you can build your net worth easier by making about 10-15k if you buy right.

Hey I am wondering exactly how strict banks or lenders are If I was to buy a property cash then refinancing 70-80% of it? I am a server and don't make much a year on file and am wondering if the restrictions are the same for when you are applying for a conventional loan. Seems like a great way to get a great deal on a house if you have the cash. thanks

Ok who here has had success in investing in Florida from out of state over the past couple years. I have some properties being thrown at me now from few people on this site. One is Dennis Knows, and they seem to be good deals. Some properties are 700 sq ft and rent for about 400 for around 18k and need about 4k worth of work (I have not confirmed this only to the wholesalers which I know you can't trust) Has any one invested in these for the potential apperciation in Florida as well as the decent cash flow and what is your experience with buying properties like this thanks

how did you find your REO? was it on one of the websites off here (BP) or was it through an REO agent who you had connects with?

thanks yes, I think alot of knowing the market is just doing your homework. I still called PM companies and got ideas of rents up here, even with CList adds and that has given me the confidence as I get ready to close on my first deal needed to do the same to other markets.
Like the above person said his mistake in ATlanta was his rent was high but could of been avoided if he did his research before to know what others were paying

thanks for all the responses guys! How would the best way to be with going about finding a team in a specific area? For example would it be a good idea to try to fly out to that area to look at the properties the same time as a REIA meeting takes place in that city. Seems like a decent idea if it happens to fall around a certain date, because you can meet others there and build a relationship in the meetings that would take a while to build otherwise with contracters, PM company's etc.

Also maybe just looking at that REIA websites for advertisement may be a good idea. I know the CTREIA has a section where the y have inspections, insurance, lenders, etc.

ok perfect, how do you guys actually go about doing this? do you use a wholesaler on here? or do you find your own properties through bank Reos? I am guessing the best idea is to focus on certain area and have an idea of a few properties of interest before you go down so when you are down there you have a few options if your first one doesn't work out.. correct?

Jon did you already fly to Florida? Reason I ask is because I spoke with a Bob who said he has someone fly from Washington to evaluate a property?

Found a property in Eatonville Fl, from a person on here listed for 16k. Needs about 4k worth of rehab from what they say (obviously will check out myself) They also said rents are for 600, and the taxes are 304 for the year. Numbers look good on this one as well as many other Flordia properties, my question is to get more serious about an out of state investment property what research should be done.

I know I should call a PM company and track down a good one who can tell me about the area and one to use as well, I also need a good contractor or maybe can even take a week down there and get on them and make sure its complete while i am down there. As far as neighborhood goes, I can call up the county department as well as drive down at night, but what other factors should I consider about an investment property out of state. ? Who here has good experience regarding them? thanks

Ok If this is ok with Josh I would like people to chime in with what are the top mistakes when people invest out of state. I haven't seen much of a list besides a couple other threads about this but hopefully trying to get a bigger list. I have no experience and am interested in a couple different markets but a list that I can think of would be this.

1) No research on area/house. ( Some people won't even take a plane to see the house they are buying. Can be set up for code/building violations).
2)Property management issues (as always they won't take care of your property as much as you will, so maybe not doing enough research on a certain company)
3) No research on vacancy/neighborhood (maybe the area is extremely vacant and people don't visit and don't do the research to get it rented right away, also the neighborhood can look great in a picture but can be in a war zone..)

Everyone please input, if you have experience I want to make sure I cover all the aspects before deciding to invest out of state, this can be a great thread for anyone looking to do the same thanks!