All Forum Posts by: Alicia Marks

Messaged you

Can you throw in Johnson County too?

Make sure your financing is allowed in Michigan. If you're using private funding, SDIRAs from others, or even loans you may be violating SEC. 

Detroit areas really can be block by block. Do your research and take time to walk it like you did Memphis. 

It's worth a call to the city using hypotheticals, but the liklihood it will be rezoned if there aren't already small multi in the area.

Disclaimer: I worked directly with dentists who were entrepreneurs and "invested in real estate". Sometimes they have a singular belief that they themselves can't move past (MB2 canals all should be referenced to endo only comes to mind). This doctor's thinking is very short-sighted because it's what they are comfortable with, but it may not fit your goals. In fact, I see a lot of disadvantages to investing in condos and my buy box is almost exclusively that I don't buy it if I don't own the entire roof. Someone else's negligence becomes your problem, associations are often poorly run, and assessments can hit hard out of nowhere. 

As for living in Manhattan or another high cost area, unless you plan to go into fee only practices, do high end cosmetic work, etc, your ROI on that expensive dental education isn't great. Insurance payouts are decreasing and overhead is increasing, so it sounds like this is ego driven bad advice on multiple fronts.

I have seen significant appreciation in the suburbs, and they are often less likely to have significant value swings like you have in downtown areas. My Downtown Los Angeles condo value has swung several hundred thousand in value either way in the 2 years renting it. I've never heard of it taking two years to sell a house in the suburbs, that's straight idiocy.

Going forward ask this guy about treatment plans, what CEs to pursue for after you graduate to help make you a better clinician, etc., but his real estate advice sounds like a wanna-be ego-driven baller who wants "sexy" properties to brag about at a dinner party with people they don't actually like instead of educating themselves about how to build a long term empire so they don't even have to bend over that perio patient in their op 8 hours a day. I'm not mincing words because I dealt with a lot of these types previously. They'll continue to gripe about all the hours they put into a career they no longer want, but didn't look for the actual exit door opportunities. 

Happy to chat real estate or DAT and dental school prep/ future of dentistry with you anytime! 

Our group is open to new and experienced investors alike. Flippers, multifamily, commercial, short term, wholesale, etc. We will network the first hour and have a presentation topic the second hour. No sales pitches here, just open discussion and encouragement! We will meet in the front lobby area of Hawaiian Bros. $10 event fee, please be a patron of the business as well. Get tickets HERE

March Topic: Good Design Practices

March is all about design! Rachel Rohlwing will be talking about design trends and getting the best return on your design budget! Whether you're flipping or renting, she's going to help guide you on using any budget effectively to maximize appeal and your returns.

I'm also doing BRRRS in DFW. I focus on just outside of the metroplex. More outdated homes, still strong rents. Keep in mind the new changes to the cash out refi requirements. We will be doing a DSCR with cash out refi on the property we are finishing this month. If our projections stay on target we will have about $25k in additional equity to pull out. That was from an MLS listing, so don't assume it has to be some secret to success.

Of Course! I’ll pm you

We are selling a property via owner finance, but wrapping our current mortgage. The confusion is how to handle the insurance. I am getting different answers as to if we both need to carry coverage with us making the first loan and them naming us on their policy. Other answers I have seen are that we carry to the first mortgage but the end buyer pays the premium, or some other option. Double coverage seems like a waste of money to me and a possible finger pointing fiasco if a claim happens. We are using a service to set everything up as well as a third party loan services. We want to make sure we are acting according to Texas law, but don’t want to spend on something we may not need.
TIA!

Reminder of our meetup tomorrow evening!