All Forum Posts by: Chris Wyche

Comps are irrelevant with properties 5 units and over. When you get to 5 units it's considered a commercial property, and value is determined by the income. Are you familiar at all with net operating income and cap rates?

Thanks for the feedback, Bill. After doing some reading I'm thinking of buying an existing digital LED billboard. The profitability from those things seem to be better than the regular ones. Can anybody advise me of any potential cons of this business? It seems really good

Thanks Anthony, the digital billboard route is definitely something I'd be interested in. Typically, what kind of income do you think I could expect from a digital board?

Thanks for the advice, Lucas. I will definitely read up on that

I'd really like to get started in billboard investing, but I know it's not a very popular method of real estate investing. I have experience flipping houses and buying/renovating small apartment buildings, so I'm familiar with that area of investing. I'm in the Philadelphia area and I'd like to explore different options such as buying or leasing land, erecting a billboard, then reaping the benefits of the insane low-maintenance monthly cash flow. A few questions:

1. Do lenders finance billboard investments or would I have to use cash?

2. How much does it cost to erect a big, sturdy billboard that you see on the sides of major highways?

3. What kind of maintenance costs are there? I'm assuming the tenant would be responsible for the electric, but what about stripping down and putting up ads?

Any help would be greatly appreciated. Thank you.

Does anybody know of a good app (apple or android) that can help me keep track of all my expenses during a renovation? I need something that will have my total renovation budget, then totals expenses up as I put them in (supplies, labor, etc.) to make sure I'm not going over. Anybody using anything like that?

I agree with Mehran. The property across the street that's on the market for $106k is 100% irrelevant. It could be on the market for $1 million, but that doesn't mean it's worth it. Very important to look at sold properties within a half mile and within 6 months of the subject property to determine value. The closer and more recent, the better.

As far as it only selling for $30k, it may not be a bad deal. If the same tenant has been in there for 10 years, then it definitely needs updating, combined with the seller's motivation, $30k might make sense. Just go in there with an inspection contingency to CYA, get an inspection and you'll be good. And plan on renovating the place after that tenant moves out.

Great cashflow, but financing will be a huge challenge. You might want to examine private money for this deal, and pay them back on a refi. You might even be able to get some cash out to invest in your next deal :)

Good luck!

I would think to try the sump pump first since it is MUCH cheaper than a French drain. I have the same problem in my single family rental, but it's a row home and the exterior grading is fine in the front and back. Definitely putting a sump pump in soon.

What city?