All Forum Posts by: Brendan M Hornung

Hello all,

I have recently developed a growing interest on self-storage and even a storage lot. I a new in the game and would like to get started. Wondering what the communities thoughts are on buying a dirt lot, storing RVs, trailers, etc. on it. Eventually, I hope that the rented spaces would generate enough cash flow to pave of concrete the lot to give it a better look and increasing the price of the rented spaces. Any thoughts, good or bad?

Hi Jack,

I have also been eyeing Ohio as a place to start and have narrowed it down to Cleveland and Columbus. I am interested in residential buy and hold mfh or sfr long-term rentals, and also short-term rentals (Air BNB) if the market allows it. Looking to generate a good passive income.

Brendan

Congratulations on the first deal! It seems you took the opposite move of me, I went from Phoenix to LA. Mind sharing some more details about the deal Austin? Excited for you.

Originally posted by @Tina Tsysh:

Even though Arizona voted blue this past election, it has landlord-friendly laws. I am not sure how soon those will change but Phoenix is projected to be the number 1 market with the highest rent growth over the next 5 years by CBRE. It's not too far from California and many Californians are fleeing there. You can find something in the 200k range.

Hey Tina,

Thanks for the message! I actually used to live in Tempe/Scottsdale on Tempe Town Lake. I wasn't as involved in real estate when I lived there last year, but I know a lot of people from California are fleeing there. Thank you for the information on the rental market as well as this really opened my eyes to the potential. I would like to invest out of state and this helps being the closest state to California. Are there decent cash-flowing duplex properties for 200K though? Would love to go through a mock deal together.

Hello all,

Not sure if this is the right thread for deal analysis. I am looking to start my real estate career and buy my first property. I am currently looking at a home in Texas (I live in California) and want to start creating some cash flow. Let's get to it!

The property is a renovated turnkey tenant-occupied duplex with a 9+% CAP offered at $214,900. The total rent is $2100 per month. All CapEx is completed and it is leased until July 2022. There is a main home and an ADU above the garage in the back. Unit 1 ($1500 per month) is a 3/2 1800 sq ft house with everything renovated and looks extremely nice indoors. Unit 2 ($600 per month) is a 600 sq ft apartment that could use some work e.g. older roof and HVAC, but no immediate maintenance/repairs needed. Each unit is on separate meters and tenants pay all bills/utilities/lawn on their own. No HOA. Could have a property management team for 6%.

Thank you! Excited for my first deal.

Quick question: How do Colombus and Cleveland compare to one another in regards to MFH or SFR investment properties?

@Michael Dumler thank you for the reply! I will start looking more towards Georgia now, any cities that you recommend? 

Lane,

Newbie investor here and Nicholas' question pertains to me as well. I found a turnkey property in TX for 215K and the monthly rent is about 2100 with tenants until 2022. I estimate the cash flow at about $550 per month. How many properties does it usually take until you are able to start purchasing property that will create a larger cash flow? 

For example, I purchase the above property for 215K and put 50K down. Do I refinance, pull out all 50K and buy another property for the same price? What would this timeline look like to have 5 properties if I have 50K to be used towards the first investment?

@Bob Stevens I am a new investor and Cleveland keeps popping up in my research. Want to buy my first property but I also hear places like Tampa, Phoenix, and cities in TX. I believe Cleveland would be a great place to start with an investment property as I need to live in LA for work. However, in regards to COVID, how hard is it to get your tenants to pay? In places like CA, it seems they do not have to at all.

Hello all,

My name is Brendan Hornung and I am a potential investor living near Los Angeles, in the city of Corona, California! I am a retired professional baseball player and now do sales for a large logistics company. I have no property, a decent amount of savings, and I am looking to purchase my first within the next 3 months. I would like to buy a SFR or MFH that would give me some cash flow. I am most interested in fix-and-flip and buy-and-hold rentals. House-hacking in CA seems like a good idea but I am also able to buy an investment property around the 200K range. If there is anyone in the Riverside area that would like to connect, feel free to add me!