All Forum Posts by: Andrew Rosenberg

Love the positive attitude and persistence Bonnie!  This is not the wheelhouse for the easily discouraged nor the perfectionist.  My ID familiarity is up north in CDA.  Prices are crazy up there, but if you ever venture up that way let me know and I'll be happy to share what I can.  

@Brian Garrett Pretty much all the small potato locals invest OOS. Cap rates lower here than almost anywhere and incomes lower than other high priced markets. Rent to price ratios absurd. Constructions costs and material costs are higher than national average. There are exceptions of course and there are local developers that compete with huge corporate. In fact BP's Brandon Turner operates intelligently enough to succeed here, but I would venture that he's a statistical outlier. @Lane Kawaoka is most knowledgable frequent BP forum poster. We have a lot of overseas, primarily Asia, investment primarily focused on luxury high rises. Monster homes, are a also very controversial issue here - essentially illegal mid-sized multifamily new construction often flagrantly violating zoning and building codes. Sorry, just realized longer than anyone probably wants to know...Happy New Year. Thank you - you start and and further along outstanding OPs.

@Bonnie Low I'm really sorry to hear that your realtor fed you a $10k to finish a basement lie. Too many (not all) realtors are glorified sales people: always overstate rent and underestimate repairs. Rentometer is a good bs detector to roughly fact check rental estimates, as is your new relation with your PM. There's lots of online estimators for things like finishing a basement (reasonable ranges by square footage and by zipcode). Next time you do a deal run your realtors estimate by your PM and your BP friends. Pretty sure your BP friends would have been super skeptical of $10k estimate and/or could have referred you to a second opinion. Hoping you crush a new deal(s) in 2021!

@Brian Garrett Hawaii a SFH masquerading as MF

@Brandon Shaffer. Thanks much Brandon it really helps. Always good to know who's reputable. Really appreciate it.

@Gabriel Almendariz Definitely suggest you establish PM relationship. What an inspectors sees as fair as safety/repairs and what a PM sees as needing "sprucing" to optimize rent aren't necessarily the same. Like a bonehead I once bought a property in a tertiary market and struggled to find a PM, let alone a good one. Ended up selling and only made money, despite my rookie mistakes, because of luck/timing. Bought during the 2008/2009 market crash.

@Pride Davis Great Advice, Pride is right on with his advice

@Jacob Radawick. Suggest you reach out to David Clinton III, great guy that invests in Spokane. My understanding is CalExit has made inventory extra tight in the region - WA/North Idaho area.

@George Vigil Colin is a great guy.

@Greg N. really suggest you use the BP Rental Calculator. Vacancy, turnover, repairs and CAPEx need to be included in your math. Confer with an insurer to get a monthly cost estimate. Flood zone? If so, you MAY need flood insurance, an additional cost. I'm not familiar with the State of LA but suggest reconfirming property tax number - some states, like Indiana just as an example, have have a lower tax rate for homeowner vs. higher tax rate die non-occupant - spare yourself from any surprises if possible. 

In no way trying to discourage you - but my sense ia that most rookie 1% college student property buyers underestimate expenses when calculating cash flow and "expected" returns. Good luck and keep doing the mental leg work. Merry Christmas.