All Forum Posts by: Chris Merchant

@Account Closed What area of the country are you looking to invest in?  You also need to determine your end goal.   

@Mo Maktari is right house hack a multifamily property it gets you into the game and gives you a chance to learn multiple aspects of REI at the same time.

Best advice is figure out your end goal and do what you are comfortable doing in the beginning.

Ok so +$200 cash flow after taxes and insurance? That seems really good, is this a SFH or MFH?

Your cash flow projections take into account taxes, insurance, capital expenditures etc...?

If so then it looks to be a decent deal based off the information provided, it seems most people are struggling to get 200 +cashflow so to generate 4-500 +cashflow it looks good.

@Jaron Walling

@Jaron Walling is in the Indy area and has assisted other OOS investors, try connecting with him!  If he can not help he can certainly point you in the right direction.

@Jay Shindledecker have you began to try to figure out a rough estimate of the rehab yet?

Awesome deal if you can get the numbers to work.  Size wise though how does it compare to other surrounding homes?  Is it a 3 br/ 1 ba surrounded by 6 br/ 6.5 ba houses?  It definitely seems like if the other houses are $1M plus in the neighborhood than there is potential as long as you're in the same ballpark.  Just make sure the numbers work.

Welcome to BiggerPockets @Jaben Jennings have you read any of the books on REI?

@Bob Stevens Fully understand your point, probably would around me as well.  There is a shortage of available housing here in CT, housing inventory is down 75-80% from May 2019 heard that on the radio this morning.  Over 100,000 open jobs in the state and biggest reason is because there is not enough housing to house the people to fill the jobs.  Actually heard that the state and cities are considering concessions for home construction and for adding units to the housing market.  You could almost turn a carport into housing here right now and have it rented before you complete the project and for top dollar.  Tenants are getting into bidding wars here it is insanity.

May try checking with @Shaun Weekes he may have some contacts or insight for you on this

Was ultimately trying to figure out why OP was saying they could not add an additional bathroom, converting from a 5/1 to a 4/2 I think would certainly help.  Is it a zoning/code enforcement reason or other reason why the agent said it could not be done.  OP claims it wouldn't be as easy as it seems to add a bathroom or convert a bedroom to a bathroom.  My suggestion with what little information I have and without knowing the exact lay out would be to add a "master bath" by converting a bedroom adjacent to the "master bedroom" into a bathroom and possibly even adding a powder room. 

And appearance of the property has everything to do with management, a properly managed property would never be marketed in the condition this property has been, especially when a few quick tasks would definitely make it better.