All Forum Posts by: Chase Harris

If you have equity in a primary residence you could get a HELOC and leverage that for the next purchase...or pay cash for the property and get a cash out refi in 6 mo to get your cash back (all of it hopefully) and repeat.

Investing remotely is successfully accomplished by many...i would say the biggest key is building a trusted network in that market. Once you have your team together, ie contractors, real estate agent, wholesalers, re attorney, property manager, etc you will be able to rock and roll. The best way to get quality contacts in an area out of state for example would be to get references from BP members in those areas rather than craigslist or some other blind approach. Good luck!

Thanks for the response Antoine! Do you have a target for cash flow per door for each unit you acquire going forward after all expenses? 130 units would be incredible. I am interested in either turn key or value add as long as the numbers work for me. I see you are in Kansas City...I almost pulled the trigger on a property there and might get in that market in the future.

How do you do deals with other investors such as me? Just looking to see what you had in mind as you are more experience than I am after looking at your profile :)

Hello BP community!

I have my sites set on acquiring 100 units by the time I am 40 (8 1/2 years to go and 94 units to go)...I am looking to connect with someone who also has a similar goal of buying and holding on a large scale like me. Preferably someone that already has experience and has a number of single fam or multi fam properties. I want to share strategies, goals and keep each other accountable. If you are in similar markets as me (Spokane/dallas ft. worth/Sacramento) even better but not necessary.

Thank you!

Chase

Hi Taj,

You might consider the Spokane market for picking up your first deal. Vacancies are at an all time low, rents are rising and the market is looking better and better there. You could get into a lower end home maybe even with a conventional loan just to get your feet wet. 

I just picked up a 4plex in Spokane this week.

Good luck!

400 a door after all hard costs, vacancy and cap ex factored in? Where do you find most of your deals?

I am about to purchase my first 4 plex. Currently have 3 single fam rentals...I am at a point where I really want to take my portfolio up a few notches. I have a goal of reaching 100 doors at an average of somewhere between $150-$250 per door. I think with the right strategy and partners in place I can make this happen over the next 5 years or so. Does anyone here have a similar rule of thumb for what they expect to get per door? If so would you mind sharing what percentage you factor in for cap ex? (roof, siding, hvac replacement in long run)

The 4plex I am purchasing is priced at 155k...rents are at 2200...doesn't need any immediate work or repairs. 

Patience is the key. Keep a watch out for listings each day, in addition become familiar with the areas that you are interested in purchasing a 4plex in and become an expert in those areas. When something pops up for sale, and it will, you need to be able to make quick decisions. If you have already done your homework on the areas you are targeting you will greaten your chance of having an accepted offer simply because you won't be twiddling your thumbs while others are taking action once the next opportunity arises. Hope that helps.

Anytime you get a mortgage for an investment property you will need to show a history of rent payments to the lender when seeking loans in the future. Usually you can use 75% of the rents you receive from a single family home to offset the mortgage payment you have. If you are in a good cash flow situation the rent and mortgage will be a wash and the investment property won't really have an impact on your debt to income ratio. Hope that helps.

Hello BP members! I've been listening to the BP podcasts for some time now and I am looking to expand my real estate portfolio. I currently have a rental in Tx and two rentals in the Sacramento area. I want to acquire at least one property a year for the next 10 years and need some help deciding what markets I should look at for long term buy and hold rentals. I am from Texas and would be open to looking for more homes in the DFW area since they are more affordable than Ca. I am open to single and multi-family. Thoughts anyone?