All Forum Posts by: Will Fraser

Hi @Lin Ding, in general if all other factors are equal then new construction usually trumps existing homes.  

All factors usually aren't equal, though, and a deeper look is necessary.

Depending on your cash position and your overall economic picture you may favor one over the other.  Buying a new construction home will allow you to bring only the down payment and closing costs and to have a predictably low-maintenance decade or so in front of you.  An existing home will not necessity afford you the same perks, but rather you'll need to bring your down payment, closing costs, and renovation money.  

And as renovations go, starting off with a deep renovation is a gnarly and ill-advised task.  In general you're better off starting with a "lipstick flip" and working your way up from there, and a 203k loan is simply a slow, laborious version of the normal experience.  

For my money I'd househack the best turnkey or new construction property I could, and start getting some rehab experience so that I can handle more and more gnarly deals in the near future.

 Makes sense!  How many units will they be managing initially?

:) May it go will with you!  

In my opinion you aught to death-march it to 10 units as quickly as you can, then reevaluate your strategy and either double down or reiterate slightly, then run some more!

 1 in 5,500 period?  . . .. whoa, that's nuts!

 What type of investing do you do? 

Hey @Amir Navabpour, is the tree causing any issue currently?  Also, how old is the home? 

if there's no foundation issue yet and the home and tree are both fairly mature then it's likely that the root profile of the tree is more "down" than "out" and you may be safe.  However, even with that being the case when the tree nears the end of its life cycle you'll definitely want it to come down on YOUR terms rather than its own :)

Yes indeed, exactly as Jewel has said, working with a Texas real estate attorney is the next right move.  If you're interested in a recommendation I work with a firm that can serve you well in this.

Then, once you have this tenant out I would HIGHLY recommend that you hire a good PM company.  We exist for exactly this kind of situation (and the hundred others that an investor will experience in the day to day operations of rental properties.

Best of luck with this tenant, @Yakir Sheli

Hey @Arin Kenard!

Why do you want to invest in real estate?

Why specifically are you interested in properties with tenants already in place?

Where are you going to invest?

@Bjorn Ahlblad are these common in Washington at all?

This is a tricky issue indeed, @John Bernardo.

The best way to have accuracy in this is the same as the best way to shorten your learning curve in real estate investing:  have a great team.

Your real estate agent, property manager, lender, and contractors can all be dynamite reference points and guides for building out your Scope of Work and executing it.

Prevailing wisdom would say that your agent or PM will be the most valuable first member of your team, and I'd encourage you to find one that is a master at their craft and great to work with.