All Forum Posts by: Benigno Cunanan

Does an exact 1% rule property really work when your are financing the property? I can’t seem to make it cash flow when I add in cap ex, repairs, prop management and vacancies. Am I doing it wrong? All seem to just break even or if anything cash flow $20 a month. I’m starting to feel like the 1% rule is only for all cash properties

@Clinton Davis is Shelby county a good place to buy? Possible get for mid 60s that rent for mid 800s, not sure if it’s a good area/neighborhood though. Thanks

Looking to buy my first buy and hold property at Memphis, TN. Looks like you can get property there around 1.5% rule or even higher. Any current investors in Memphis want to share insights? Are there places or neIghborhoods I should avoid? Focus on? I live in Northern VA and will be doing this from here. Thanks a lot

Thanks everyone!!! I have walked away from it

Well to be honest, it's the first off market potential deal I've gotten, close to home so I can personally do some of the renovations, been itching to find a deal in a while, this one with the potential of no down payment, and wanted to help the person out too. That's the reason. But I get the reasons why not and I agree as well...

Thank you all for your recommendations. I understand all the recommendations. Question though, what would make this deal doable? If he does a short sale (although there is no hardship) for $180k would this work if repairs would be $30k to $40k and comps are $260K? Rents are around $1700 to $1800. Or should I ask him to fix some of the bigger issues before I purchase for the same price at $210k?

Hi everyone! New investor looking to find my first deal in Northern Virginia. I may have just found my first deal but have some questions about it. 3 bed 2.5 bath in Northern Virginia where comps are around $260k. The owner of the house just wants out cause of all the maintenance and repair requirements the house needs (basically needs all new roof, HVAC, floors, windows, kitchen). He owes about $210K on the mortgage. What options does he have to sell this to me without short selling it but still giving me a good deal where I can purchase at around 70% ARV? If he agrees, would it be beneficial for me to just take over the loan? Would he need to short sale if that happens? Is it smart to do that deal of taking over the loan knowing the loan amount is $210, no down payment needed and comps are worth $260? Please help! Thanks everyone!!

Hi everyone! New investor looking to find my first deal in Northern Virginia. Just wanted to know if there are any local meet ups in Northern Virginia that I can attend. I joined one but I feel like they are too far ahead of me and need a smaller group to start. Any recommendations?

Thanks Kevin Hunter , would definitely appreciate the opportunity to chat some time soon to pick your brain and learn more about REI around here. Just trying to build my foundational knowledge so I can have a close to decent conversation when the time comes. I had recently joined an REIA that's called Northern Virginia RENC and I joined cause they pitched to me this 3 day free seminar to learn about everything in REI for free once I join aside from their monthly meetings. Anybody have any experience with them or member investors? I live in dale city right now so I kind of know the area but need to know the market in terms of real estate investing, comps, rents and all. How do I go about starting to learn? Do I just use Zillow and realtor.com to review listings everyday? Thanks a lot you all have been great!!

Hi everyone! New investor looking to find my first deal in Northern Virginia. Just wanted to know how to look for deals. How can I get access to MLS? Without it do I still have a chance? How do I get absentee owner lists, pre-foreclosure lists, or any type of list to start direct mailing? Thanks a lot everyone!