All Forum Posts by: Bryan Escudero

I live in Miami, but don't invest here. Does anyone have a good PM in Miami? This is for a co-worker who is considering holding and renting a flip. I will have him interview a few candidates, but looking to get some people with experience in Single Family.

Thanks

I think there is something to keeping the property rented. The hardest part about today's market is vacancy loss. We are keeping a close eye on this in Tampa now.

@Kristin Riker

I use RESCO Realty in Columbus. They have been good for me. 

Property Manager - Resco Realty -Raymond Smith 614-419-3011

He manages a 6-Unit for me, he is renovating and will manage a SFH.

I would also reccoment Jon Styer as a Realtor. He has vast knowledge of the market and he is an investor too.

The Styer Group

Jon Styer 614-843-5656

Hope that helps. Let us know how your journey goes!

@Ryan,

For us, our goal is to help as many people get into real estate. The fear of investing is holding others back. "Making it" is growing and taking as many others along with me as possible. We can't take any of the money with us. We can help people take steps forward and build foundations for the people around them. If we can affect lives around us, that is SUCCESS. It is no use for me to amass any measure of wealth if I end up...alone. Would love to hear what it means to others in the group. 

 Pillar, I would say that it depends on your goals. You want to at least be able to pay off your refi with the cash flow that you have left after your expenses (and maybe a little more to pocket). We are buying properties with leverage now because, as you mentioned, you can get more income sources for the same amount of money. I would make sure that if you are buying three properties, you underwrite them conservatively. Be patient and you will find yourself doing a few things...

1. Getting more experience with each property.

2. Spreading out your risk profile across more than one property. 

3. Creating more opportunities for 3 cash out refi's in a few years. 

That being said, if you do possibly buy 1 larger deal with a mortgage, you can get a lot of the benefits I just mentioned, but also gain efficiency in the cost per unit, you might be in the commercial space which has some nice benefits in how you can force the appreciation on your properties. A word of advise would be to think like an investor and not like a consumer on this. You should look at your numbers and let them tell you the story. You might want to partner with someone who has done this before to give you some information that will give you peace of mind (but you might see less returns). In any case, if you go with commercial, look up DSCR loans which are great for commercial properties (these can be residential or business). I wish you luck on your endeavor. Make sure you study the market and if you are going out of state, get yourself a good real estate agent and property manager. Let me know if I can help you and your husband in any way.

Have fun!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000
Cash invested: $40,000

This purchase is a SFH in downtown Columbus. We will BRRR this one.

The rehab budget is $27,000 and the ARV is $145,000.

If nothing else, the rents are strong and the area has strong appreciation so we will hold them and make them move for us and our partners!

What made you interested in investing in this type of deal?

The interesting thing about this one is that we will rent this out to a veteran. Also, it is next door to the 6-unit we purchased a month ago. This makes us the owners of 1/2 a city block in Columbus! Our long term plan is to get the city to get the infrastructure to a place that we can turn these two lots into a build and rent for 30 units. We are expecting the project to take flight in 5 years, but we are happy to have gotten this one. We are happy to take care of a vet and we are excited to

How did you find this deal and how did you negotiate it?

I spoke with the property manager of the newly acquired property next door.

How did you finance this deal?

We have a hard money loan for 6 months and we will roll it into a long-term loan once the SFH is rented (we have 4 people waiting in line to move in).

How did you add value to the deal?

We are fixing floors, kitchen, siding, painting, roof and adding a handicap ramp.

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Jon Styer who has been a great resource for us in the Columbus, Ohio area.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000
Cash invested: $40,000

This purchase is a SFH in downtown Columbus. We will BRRR this one.

The rehab budget is $27,000 and the ARV is $145,000.

The interesting thing about this one is that we will rent this out to a veteran. Also, it is next door to the 6-unit we purchased a month ago. This makes us the owners of 1/2 a city block in Columbus! Our long term plan is to get the city to get the infrastructure to a place that we can turn these two lots into a build and rent for 30 units. We are expecting the project to take flight in 5 years, but we are happy to have gotten this one. We are happy to take care of a vet and we are excited to see what we can do in the next 5 years with these two properties.

If nothing else, the rents are strong and the area has strong appreciation so we will hold them and make them move for us and our partners!

What made you interested in investing in this type of deal?

We wanted to get the two properties side by side for the option of building a midsize MF in the coming years.

How did you find this deal and how did you negotiate it?

I spoke with the property manager of the newly acquired property next door.

How did you finance this deal?

We have a hard money loan for 6 months and we will roll it into a long-term loan once the SFH is rented (we have 4 people waiting in line to move in).

How did you add value to the deal?

We are fixing floors, kitchen, siding, painting, roof and adding a handicap ramp.

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Jon Styer who has been a great resource for us in the Columbus, Ohio area.

@Mike Beer I joined RaiseMasters about 4 weeks ago (during recovery from a surgery). I am fairly new to real estate, but have been able to get a few properties which will help us own a block in downtown Columbus, OH. I was trying to figure out how to raise capital so that I could build to rent a 50-75 apartment unit in the next 5 years. I joined RaiseMasters with this mindset and have been totally blown away with the information I have been able to receive, not only from Hunter, Adam and Cam, but the support and openness from the team has been stellar.

They truly have created an environment that emphasizes collaboration. The people that are years ahead of me have been very open with their experiences and this has helped me grow my new business. I feel supported by the fellow RaiseMasters and have had a very positive experience thus far. I am on tap to raise 1mm well within my first year...I would have never even tried to do that without this group!

Hello there BP Community,

I have a question regarding the terminology on the Rental Property Calculator. Is the Annualized return the same as Projected Average IRR?

Thank you

Hi there. Jackson, TN can get you 1 percent. You won't get as strong appreciation as this not a major market, but if it is cash flow you are looking for, you can find it there. I would say you want to be careful with the age of the properties, but Jackson is a growing small market. Hope that helps. Good luck!