All Forum Posts by: Andy Pham

I chose Buildium for the UI on both the TT & LL/Owner. Shortly after I slowly took on a fulltime postion at a large real estate firm and helped build out their residential PM service since mine was owner operator properties only. We used AppFolio since they used it with the commercial services they provided (which I took on too). I transitioned my business into AppFolio and am currently migrating out of QBO to only use AF for everything. I dropped Buildium about 6 months ago even though there were some features I liked better vs AF. It came down to ease of use because I spent more time in AF for my job.

I would look for a home with an existing ADU like you mentioned. I also would look into the MTR strategy. ADU's are perfect for traveling professionals. So look for one within 5-10 miles of a level 1 or level 2 trauma hospital. After a year, you can move out the ADU and rent it as a MTR to supercharge your cash flow. This is what I'm currently doing and I also live in an expensive market (SoCal)

@Andy Pham Do you mind sharing your property manager’s details with me? I’ve been actively looking for a PM.

Just finished a rehab and cash out refi in Southwest Hilltop which worked out great due to the sky rocketing home prices driving up the appraisal.  Unfortunately due to the sky rocketing home prices, all of the properties on the market are crazy expensive and going for way over asking with no inspection contingencies (absolutely terrible idea).  Off market properties are closer to on market property prices and aren't the deals they used to be.  Tons of new investors flooding the market willing to take lower returns just to get into the game so many properties are over priced.  It seems like the majority of the properties being sold on market are nearly turnkey not leaving any value add opportunities.  Most of the comments about the market being great come from realtors.  No knock to the realtors as they've been insanely helpful to me and I'll continue sending business their way, just a funny observation.  If you already own a property then I agree it's an amazing market for cash out refis and selling.

I used to only put offers on properties that had at least a minimum of 12% cash on cash return for C neighborhoods and 10% for B neighborhoods.  Now you're lucky if you can find 8% in the C neighborhoods.  Many investors I know are either waiting for the market to cool down or are looking in other markets at this point.  I continue to run the numbers on properties daily but I'm just not seeing anything that pencils out.

I'd be curious to hear other's opinions on the market there to see if they're seeing the same thing.