All Forum Posts by: Kevin Auyong

J Martin . . . .

Maybe we can make a few signs to put up for the different categories so people can find each other easier? We had so many people last time it was hard to find out who was who.

Just an idea.

Why doesn't my @ thingy work?

In State / Out of State?
Both

Strategy?
but and hold, 'Fix' and hold, notes.

Type of properties?
open to many things, but probably sfh and small multi family

Looking for?
people who have invested in notes and also out of state or bay area rental homes.

Can offer / knowledgeable about?
Advice: what I learned from my research or my mistakes. Also owned vacation resort rentals on the Beach in Galveston Tx that I self managed in Ca.

About me:

My name is Kevin Auyong and I live here in Pleasanton California. I've been a landlord for over 30 years and have owned property locally and out-of-state such as Texas, Ms, Washington, and Fl and almost Boise Idaho. Like some others I got wiped out when all the real estate crashed. My lesson learned was to not buy for appreciation but the buy for cash flow. While I know this is kind of the universal axiom, keep in mind in the bay area cash flow was very seldom achieved and most people made money off appreciation, so that was a mindset that I grew up with.

I am interested in looking for cash flow properties to buy-and-hold out of the bay area since cash flow is very difficult here, although you could have done pretty well if you bought real estate in the bay area about a year and half ago. I am also very interested in investing in notes so if anyone here has experience doing so I would love to talk to you about it.

The reason I am looking for cash flow is I am looking at retiring early. I'm hoping to sell my two properties here in the bay area and use that money to invest either in notes or out-of-state cash flowing properties. I am also looking to move out-of-state myself, quite possibly Atlanta. Back in November I went to Atlanta for a week to look the properties and actually made two offers, none of which went through. I believe it is not easy to invest wisely out-of-state as it presents a lot of obstacles, but it can be done. You have to be careful of those that basically prey on naive out of state investors. I think the bigger problem is finding a good property manager that won't nickel and dime you and also look after the property as if it were their own, or at least close to it. I have had several property managers out-of-state that basically just looked at you more as a cash cow and if you bled a little bit it wasn't a big deal as long as you were always there to provide them a property to manage.

So any out of state property owners or people who buy notes-I'm all ears.

that would be great Ken. What states did you buy in?

J Martin

I'm wondering if we can organize this a bit. Maybe divide the room into

Flipping and wholesaling locally

Out of state investing

etc.

For me I don't have that much interest in working the local market here in the bay area. But maybe 100 miles out or so. I am especially interested in out of state investing in areas like Atlanta, Memphis, etc. I was hoping to chat with Michaela Graham about Atlanta if she shows up.

Thanks in advance for setting this up again.

Steve, I understand as a fellow Bay area person. You can't even buy anything close to $60K here. A year and a half ago there was some good buys on townhouses at that price point in Concord, but they have sine tripled in price. So what have you discovered in those areas? Turn key I assume?

Steve do you have an area you are looking at for these numbers? Have you found good property managers-I assume you are not buying here in the Bay area.

Sharon, that is a good point that I never even thought of...thanks

I wasn't condeming how you got your rent amount, but was curious as to your sources. I had properties out of state myself and can't tell you how many times rents were overstated to me by realtors and property managers. You are looking to buy for cash flow so getting accurate rents are important.

I learned lessons the hard way that once you owned the property suddenly the managers couldn't rent the place out for what they told you and were suggesting a drop in the asking amount which really screws up your numbers.

I'm just wondering how you came out with your numbers. The rent seems pretty far off from what you thought and what Joey says and he lives in the area.