All Forum Posts by: Teresa F.

Hi Stacy, Yes, there are real estate agents that work with investors. To make life easier for the agent, you may want to ask an agent to send you listings meeting whatever your buying criteria is (e.g., REO under whatever amount in particular area with 3 or more bedrooms). Once you have those, then you can look through and if something looks interesting ask for area comps on the property. This should be a fairly easy task for the agent and can help you narrow things down pretty quickly. In my market, this needs to happen within hours if we hope to catch a deal. Your REIA or fellow investors should be able to assist you in finding agents that work with investors.

Best, Teresa

Hi Tiana -- My LLC has a couple of business loans secured by rental property. Best, Teresa

Hi Jada!  You are starting off well, reaching out to other investors. From your post it seems like you would like people to “invest in you” so that you can buy multi family properties.  In other words, loan you money.  Two suggestions, take a hard look at your background.  What can you offer investors to give them confidence their money is safe?  You are just starting out so can’t boast of your experience.  Perhaps you are a contractor that can oversee construction and ensure completion of work is timely.  Second suggestion, talk to various types of lenders, banks, mortgage brokers, hard money and learn their terms and what each offers.  

Once last piece of advice, get yourself a mentor or three.  Spending time talking to people who have been there and done that will save you time, help you avoid mistakes, and hopefully result in new friends.  Best, Teresa

Hi Melissa, I agree with @HannahPeerbolt.  Ask the management company to provide you with a signed authorization from the previous tenant to disclose information about tenancy.  Once received, I typically verify dates of tenancy, amount of rent, if I would rent to them again.  Best, Teresa

Congratulations Mindi!  I drive a Tesla S.  I love it because it is fun to drive, easy to maintain, and I can run my office out of it.  However, I generally meet clients at properties.  Many of my clients like my car and may have been impressed by it.  However, I wouldn't choose a real estate agent or any other service person or vendor because of the car they drive.  Be a knowledgeable agent who follows up on questions and looks out for your client's best interests.  If you do that, people who deal with you will tell others about you.  Best, Teresa

Hi Ari, What a nice idea.  It may be helpful to know whether the property is an auction since auction listings are typically listed at a base price so you generally have to plan on a higher price.  Teresa

Hi Karelyn,  A few suggestions:  First, your agent can talk with the seller’s agent to see if there are any items that are important to the seller so that you can include them in your offer.  If you have the ability to do so, increase your earnest money deposit.  If you see a property you like, go see it ASAP, try to get your offer in before others have had a chance to see it.  Last, tell everyone you are looking to buy.  Friends, coworkers, etc.  If you have a particular neighborhood you are interested in let them know and ask if they have any friends who might be selling.  Good luck, try not to get frustrated you will find your home. Teresa

Hi Brent,  Yes.  If possible have a General Contractor walk through it with you to see if there are obvious issues.  You may also be able to check the status of permits.  Were permits pulled?  Is there a "stop work" order?  Red flags that mean you should lower your offer.  The seller may be able to provide you his/her plans for the renovation so that you and any contractors get an idea of what was planned. Good luck.  Teresa

Hi @Anthony Mowrey   16!!!  You are awesome.  Some general knowledge, one entrepreneur to another, look at situations and see if you can find three or more acceptable solutions.  It is a good way to learn how to see opportunities when they arise.  Of course, re real estate, educate yourself as much as possible, books, podcasts, if there is a local real estate investment association go, listen, and introduce yourself.  See if any of the investors need an intern in exchange for mentoring.  Wishing you much success.  Teresa

Hi @Quindarrius Davis .  I would suggest visiting a local real estate investors group or meet up.  It is always good to talk with like-minded individuals.   I am a buy and hold investor and think the rental property niche is great!  Drive around some areas and get to know neighborhoods.  Homesnap is an app you can use to learn what properties are for sale in an area.  It will also pull up listings so you can learn more.  You may also want to talk with real estate agents and ask if they will send you listings (once you find an area you like).  If you need to borrow money to purchase a property, then you want to start talking with mortgage brokers to see what lending options are available.  Hard money is typically short-term so if you can avoid using it, do.   Be sure to look at rental rates, maybe even attend a landlord training at a local housing office.  Good luck!  I hear Opelika is beautiful.  Teresa