Broker Challenge: Find me a $1M+ House - 7-8% Rental Yield

[Account Closed]

Hey everyone,

Looking to buy LTR in the US. Cash in hand and also pre-approved if I go financing route. 

Please keep in mind, anything that is sent to me will go through extensive checks via different resources I have, so please let's be practical and realistic about everything. 

Let me know if the below exists today:

Dos

Must be ~A neighborhood, and I hope to be one of the less expensive houses in the neighborhood

Open to renovation - Rather have turn key

Minimum 1M, ideally 1.25-1.5M

Must be off market deal under inflated market

Do nots

No STR / AirBNB based asset - Don't tell me that the asset will make 7% if I AirBNB it

Not in vacation markets!

Not in a market that has appreciated 50% in the last 24 months

Not Multi-Family or Condo

Please do not BS me with comps of different neighborhoods and hypothetical rental yield that based on what the mansion on the beach rented for 2 years ago or what it has been doing on AirBNB.

Only things that can easily be compd to long term rentals

Ready to pull the trigger on a deal, please don't waste my time and I promise I won't waste yours

Below are examples of price to rent I am looking for:

Home price - Rental price

1M - $7,000 / month

1.1M - $8,000 / month

1.2M - $9,000 / month

1.35M - $10,000 / month

1.45M - $10,500 / month

1.55M - $11,000 / month

[Carlos Ptriawan]

Quote from @Account Closed:

Hey everyone,

Looking to buy LTR in the US. Cash in hand and also pre-approved if I go financing route. 

Please keep in mind, anything that is sent to me will go through extensive checks via different resources I have, so please let's be practical and realistic about everything. 

Try to understand cap rate.
Your understanding of market is deeply flawed (or skewed).

There's distribution of rent that at certain rent price (les say 5K rent) it is making more sense for the renter to buy their own house. The rent distribution are not linear progressive. 

Once the rent is above 4k, this is the situation where renter is very qualified to get mortgage and quite well versed in their financial situation that they may just choose to rent for a house of 4k or less rather than spending 7k a month for rental; or get mortgage and paying only 4-5K per month for one mil house.