All Forum Posts by: Chris John

@Cheng Zhou

I definitely liked Jacksonville, but the prices have come up a lot there over the past year or two so I'm not sure I'd necessarily buy there now, especially with interest rates.  I was just using Florida as an example.  I'd reach out to Texas, Florida, Ohio, Tennessee, and the Carolinas.  Run the numbers and see what works best for your situation. 

We've definitely made more in appreciation than cash flow over the years, so I get it, but it just seems like even getting a property to pay for itself in California with 20% down nowadays is very difficult.

Paying 30k to put yourself in a position to "help" extremely vulnerable people by buying their properties for a price far enough below market value so that you can make a "reasonable profit".  Stuff like this make me realize that I don't have what it takes sometimes.  And I'm totally fine with that.

@Cheng Zhou

Have you considered out of state?  For 600k, you can get a decent multifamily in Florida that will generate 6k a month in rent.  I'd be surprised if you could get more than 3 or 4k in rent a month with that in California.  Just a thought.

Good luck!

@Ned J.

I don't care enough about Seattle to reorient myself with the article or the specifics, but I guess I'd ask the following.

If a city makes it so difficult for the "little guy" to operate that they leave and all that remains are "king made" big guys (10 companies that own/operate 70% of the market), what does manipulating a "free" market have to do with anything?

If you "believe in Capitalism and the Free market..... not an artificially manipulated market", I'd imagine that you would have already given up on the excessively compromised "free market" of Seattle a long time ago. 

This says more about the law of unintended consequences for Seattle renters than anything else, imo.  They over regulated to their heart's desire and now the masters that they've created are coming back to haunt them.  Meh.  

Also, Go Buffs!  Ridiculous that they got seeded with Pittsburg.

:(

@Michael Gansberg

Not to worry.  We've all been assured by many experts that it's impossible for Blackstone or Blackrock to fail in the following thread.

https://www.biggerpockets.com/...

Here's hoping that nobody tells Rome...  haha.

@DaVon Nelson

Lol.  I just reread my post.  It should've read "...cover my expenses as well as put a LITTLE money in my pocket."  I suppose a lot of money is better though! 

I've only spent a little bit of time there, but I sure loved South Carolina.  Great state!  Sounds like a great strategy. Good luck!

@DaVon Nelson

I'm anything but an expert, but I comp my 2-4 unit multifamilies the same way that I do single family residences.  The lending standards are the same at 4 units or below, so I use comparable sales and make sure that my rents will cover my expenses as well as put a lot money in my pocket.

Lending standards at 5 units or above are different, so at that point I think you need to start considering some other things like cap rate, etc.

Best wishes

@Wesley W.

"In the cemetary of life, personal responsibility now lies right next to common sense."

Looks like somebody just had a bumper sticker idea!  haha

This is going to be like the cop thing.  Community makes it clear they want to "defund" police (granted, that seems to mean something different to everyone that says it).  Police quit.  Community changes mind.  Nobody applies for new positions.  "See, they don't want to be police if they are held accountable..."

Or like the food desert thing.  Allow rampant shoplifting.  Stores close.  New ones don't open.  "Why can't we get services to these communities?"

Now, make being a landlord impossible.  Landlords leave.  No rentals drives up prices.  "Look how greedy these people are!  Also, this is proof that free market capitalism doesn't work!"  haha.

@James Hamling

I definitely get your point and agree with your thoughts on "Fly Over Country" vs. the idea of what I consider the midwest.  I hate California, but my family is here and my wife ain't leaving.  However, if I did leave, it would be to Tennessee, Florida, North or South Carolina, etc.  No way would I want too brutal of a winter, so a lot of what I consider the midwest is out.  I know I only speak for myself, but I suspect that I'm not alone in that thought.