All Forum Posts by: Chris Ward

Just FYI, this rehab will cost close to $300k. ARV should be $400+ estimated..

@Anthony Dooley thanks for your reply. Can you expand on your idea more? How exactly would I go about getting the money to do the rehab? As I mentioned, it's basically a shell and needs completion from top to bottom.. I like the lease with option idea though..

Greetings BP people. I have a possible deal on a 8 unit apartment building, could make into a 10 unit easily. The project will require full interior completion and some exterior work as well. Basically it's just a shell and needs finishing. I have run the numbers and the property will cash flow very well after rehab using conservative numbers. I'm acquiring bids from several local GC's and should have those within a week or so. My past experience as a GC gives me some idea of the cost but I want some local eyes on it. Property is located in Florida near major city. I am able to purchase the property but I will need to a partner or investor to cover the rehab portion. This will be my first large apartment deal so any advice or suggestions are appreciated. I'm ready to move on this deal but I need some help. I'll do the leg work and oversee the project from start to finish. Upon completion the property will be professionally managed. Let's do this. Thanks, Chris

Anyone care to take a look at this property and give me your opinion and thoughts? 

http://www.loopnet.com/Listing/20190676/14132-1414...

If someone with more experience would like to offer some input on what kind of cash flow numbers could be expected..? What expenses usually go along with a property of this magnitude..?? 

Looks to be in excellent condition so I figure future maintenance and upkeep should be relatively light... Thoughts..??

@Ben Wilkins - I like where you're going with that idea of a big multi to begin with but my experience level tells me to start out a little smaller. Maybe a couple of medium sized MF, 4-8 units. Also concerned with throwing all the capital into one basket although the potential quick cash flow is attractive, I would be married to only one property, is this a good or bad thing? I'm not sure...

The same can be achieved with SFR but I'm thinking it's a lot more work... What's the benefits and what's the downside??

I've read some horror stories about the lower cost investment SFR properties, sub $80k that were said to be nothing but problems. I think I'd prefer to stay above that level. If someone has some personal experience with these types, please give us your opinion.

Greetings everyone,

I'm new to BP and would like to introduce myself and pose a hypothetical situation in hopes of gaining some valuable insight and maybe help others along the way. Personally I have dabbled in real estate to the tune of being an agent, general contractor/builder and flipper. This was all done in another state and prior to the 2008 correction.Since then I have been out of the investing aspect other than buying my own personal home within the past 3 years and selling it after 2 years. I rented after 2008 and since selling am back renting which I think I prefer. I recently relocated to Houston to help my Mom with some issues and will eventually settle in Florida. I have a new salaried position that will help with future investments. I hope to gain some useful knowledge and ideas about how to proceed from this point toward the following goals. My biggest issue is how to leverage my capital the right way to allow acquisition of cash flowing properties. I am actively researching but would just like to hear some real world paths others have followed to achieve success.

Hypothetical 

My goals are to acquire enough rental properties to replace enough of my salary ($5000-6000k per month) to quit my JOB within 5-6 years. I have a significant amount of capital to work with, $275k. I'd like to not spend all of it but instead leverage within reason to allow for acquiring 3-5 SFR properties per year or if feasible acquire enough MF properties to achieve the same result. I'd like to hear about different routes to the end goal and personal experiences with some real numbers and outcomes. What you might have done differently or better to reach the same or similar end goals. Detailed scenarios for each potential route chosen and why. I'd like to be able to replicate some successful techniques with an understanding that some variables will of course be different.

I feel we are all here to learn and teach and hopefully find our own successes. 

Thank you to each one of you and I wish you all great success.

Chris

Newbie here too, will try to make it out for the meeting. 

Thx.