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Updated almost 8 years ago,
Buying Davenport
And it begins! I FINALLY got a deal. I put offers out on 3 properties. One came back w a yes (3 flat), still waiting on the others. I have one other in Geneseo in negotiations (two flat). I'm writing the contract today! I have already taken an information packet to the bank for the cash out re-Fi. My banker is beginning to process it even before I close bc she knows I want my cash out so I can get my BRRR on. I have an offer for the 5 plex across the street, so if all goes well, 8 units right near each other. COMPS are really hard to find. I just know I will cash flow immediately and should have more than 30% equity without fixing it up. So, looking forward to my cash out payday (my fam's plan is to live off the difference in the equity cash out from the cash I invested, all rent will remain with the property until paid off).
So, one down and three to land. Wish me luck!!!
Ha Meghan
Song's good make that cash flow. We just got out of Devonport IA cash flow was good but too far from VA. Site visit was two flights and $400.00. But was a good experience.
Good luck
Hi @Meghan McCallum! How did your Davenport 5 plex work out? I'm in very pricey Austin TX and have some family in the quad cities, so I'm investigating the possibility of buying a MF in Davenport, where the initial cash flow estimates look waaaay better than they do down here, even after allowing for management/upkeep expenses. Doesn't seem to be too much about the QC on the forums (which I think might be a good thing-a heretofore untapped market?), so I'm curious to hear from someone in the area!
Hi Eddie,
I sent you a PM but, just to let others know, the Quad Cities on the IA/IL border is a great place to look for out of state investors. Cash flow is great if you aren't afraid of a renovation or buy a stabilized asset that is turnkey from an existing investor or turnkey company. I don't have ANY interaction with turnkey companies here but there are plenty of investors doing well. Some deals can be made to hit the 1.5-2%. These aren't you new builds or class A properties of course. But, my suggestion is to find a local investor willing to partner as its a complicated MSA to fully understand and not all deals are considered equal.
Originally posted by @Meghan McCallum:
And it begins! I FINALLY got a deal. I put offers out on 3 properties. One came back w a yes (3 flat), still waiting on the others. I have one other in Geneseo in negotiations (two flat). I'm writing the contract today! I have already taken an information packet to the bank for the cash out re-Fi. My banker is beginning to process it even before I close bc she knows I want my cash out so I can get my BRRR on. I have an offer for the 5 plex across the street, so if all goes well, 8 units right near each other. COMPS are really hard to find. I just know I will cash flow immediately and should have more than 30% equity without fixing it up. So, looking forward to my cash out payday (my fam's plan is to live off the difference in the equity cash out from the cash I invested, all rent will remain with the property until paid off).
So, one down and three to land. Wish me luck!!!
Congratulations! Best of luck to you out there! Sounds like it will be great.
@Meghan McCallum Hi! I have a few properties in IL, looking to unload. Are you still investing in single family homes or multi family only?
Todd, where do you own? I am always happy to look at any deal you have. Send me a message.