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All Forum Posts by: Connor Hubbard

Connor Hubbard has started 3 posts and replied 5 times.

Post: Mobile Alabama market insight

Connor Hubbard
Posted
  • Posts 6
  • Votes 3

@MIlton Monzon @Rachel Murphy @Garrett Nuzzo
I apologize for such a delayed response.
Mobile has treated me very well over the last few years.
I have been using Revitalize Realty for property management and I cannot speak higher of them. They are professional, they are effective, the communicate well. I have nothing but the highest regard for https://www.revitalizerealty.com/

Post: Unique Investment Opportunity: High-Yielding Residential Portfolio in Mobile, AL

Connor Hubbard
Posted
  • Posts 6
  • Votes 3

Hello fellow investors!

I'm excited to present a unique opportunity to acquire a small, high-yielding portfolio in the sought-after area of Mobile, AL (36609). This profitable portfolio comprises of two single-family homes nestled in the quiet and desirable neighborhood of Jackson Heights and one duplex located in the conveniently accessible Pinehurst district.

Here are the details:

  1. 400 Thornton Pl: A cozy single-family home generating $1,575/month in rent.
  2. 4317 Packingham Dr: An inviting single-family home fetching $2,100/month in rent.
  3. 952 McCay Ave: A fully occupied duplex, with each side bringing in $1,100/month for a total of $2,200/month.

This portfolio generates a gross monthly income of $5,875, translating to an annual gross income of $70,500. We are operating under the assumption that the net income is typically about 60% of the gross income, this results in an estimated annual net operating income (NOI) of approximately $42,300.With this in mind, we've priced this portfolio to yield a 7% cap rate, putting the asking price at approximately $604,285.These properties are in prime residential areas, known for their stable tenant demand. This, combined with the fact that all properties are professionally managed, contributes to the potential for stable, long-term income and ease of ownership.

If you're a savvy investor looking for a high-potential acquisition opportunity in the heart of Mobile, AL, this portfolio is worth your consideration. Please feel free to reach out for more detailed financials and to discuss further.

Looking forward to connecting with potential investors seeking growth and solid returns in the flourishing Mobile, AL market!

https://www.zillow.com/homedet...
https://www.zillow.com/homedet...
https://www.zillow.com/homes/4...

Post: Seeking Advice on Leveraging Equity for Portfolio Expansion with DSCR & Cross-Collate

Connor Hubbard
Posted
  • Posts 6
  • Votes 3

Hello fellow investors,

I'm looking for some guidance and recommendations concerning a part of my real estate portfolio in Mobile, Alabama. I have a number of properties, but I am specifically looking at leveraging equity from two of them:

  1. A property valued at $232,000, with an outstanding mortgage of $139,546.
  2. A second property valued at $165,000, with an outstanding mortgage of $93,000.

Both loans are conventional and held with the same lender.

I've built a substantial amount of equity in these particular properties and I'm considering using this to further expand my portfolio. My aim is to maintain about 20-25% equity in each of these two properties and use the remaining equity as a down payment for another purchase.

I'm particularly interested in obtaining a DSCR (Debt Service Coverage Ratio) loan for the acquisition, using a cross-collateralized loan or similar product to tap into my existing equity. The objective is to preserve a solid equity position in these properties while maximizing my borrowing capacity for the new purchase.

I'm reaching out to see if anyone has experience with this kind of strategy or can recommend lenders (either local or national) that offer such products. I've started discussions with my existing lender, but I'm keen to explore all available options and gather as much information as possible.

Additionally, if anyone has insights or advice on the potential risks and rewards of this strategy, I'd greatly appreciate your input. I understand this isn't a typical real estate transaction and I want to ensure I'm well-informed before proceeding.

Thanks in advance for your help!

Best,
Connor

Post: Retired Software Engineer Looking To Add Free Value To Storage Ow

Connor Hubbard
Posted
  • Posts 6
  • Votes 3

Retired Software Engineer Looking To Add Free Value To Storage Owner Operator

About Me

2012-2016

I dominated the competition in UIL Competitive Programming and Math in a suburb of Houston, TX and worked a part-time job after school for $18/hr doing some full stack work for a national water resources website (back when websites were rendered server-side and AJAX was cutting edge for dynamic sites).

2016-2020

I got my Bachelors of Science in Computer Science at The University of Texas at Austin. I joined Phi Kappa Psi, a community of extremely high caliber individuals and made friends with guys who want the most out of life, guys who refuse to settle in any aspect of their lives family relationships, friendships, health, fitness, sports, education, hobbies, guys who put their foot forward and create the reality they live in. I started consuming books like Rich Dad Poor Dad, How To Win Friends and Influence People, Richest Man In Babylon, Getting To Yes, Never Split The Difference, Cashflow Quadrant, The 4 Agreements and then I found Tom Bilyeu's reading list (Mindset, Extreme Ownership, Can't Hurt Me, Man's Search For Meaning, ... the list goes on but here's the first few for those to lazy to click the link) which is absolute GOLD and I have been tearing my way through this ever since. I also started religiously following BiggerPockets content (podcasts, videos, forum posts, and what feels like every book they've published, the whole nine yards) and running the numbers and writing financial models in software (I've always trash talked excel because finance guys would be blown away by what you can really do with software :) ). 

2020-2021

I worked as a Software Engineer for 363 days. 

I was living in Austin, TX in an apartment working remote for what I would describe as a Venture Capitalist 2.0 Company. They are a software consulting company that doesn't just use the typical model of hiring software engineers at $75-150/hr and billing them out to the client at $200-400/hr. They did this, and did it well, but they made the most of their money because they invested in a top talent team and they find companies that have solid revenue and one or both of the following pain points: raising capital, antiquated tech that doesn't handle real scale. Raising capital and high scale applications were our bread and butter. They would take a 25-49% equity stake in companies and do the consulting work basically at cost, solve the companies bottlenecks, make the companies successful, and sell the equity.

The last client I worked on

Working on drivers for fall detection sensors used in senior facilities. Designing the software architecture to support the load of thousands of those sensors in the field producing millions of messages a day, run computations on the edge, and ultimately use machine learning to predict falls based on certain statistics. I worked on the sensors, I designed the architecture, I did the devops work, I wrote the application code. All of it.

My software pitch is "If you can describe what you want, I can build it"

In my spare time, I analyzed data and settled on Mobile, AL as the market I wanted to invest in. (Super nice Rent to Price ratio)
I bought a single family home that just needed paint and new floors that has been crushing it for me.

I BRRRR'd another single family home 2 months later and got super close to the famous infinite cash on cash return BRRRR (all in all it is still a 45.88% COCR with the cost basis I was able to achieve)

A few months later, a duplex came on the market in the zipcode I was already investing in and I bought it with my FHA loan as a house hack. I quit my job as a Software Engineer the day after I closed the duplex and got ready to move to Mobile, AL. I was officially financially free.

Today

I am living in half of the duplex with all of my time free'd up. My portfolio has appreciated quite a bit in the last two years and very soon 
I will want to get into the self storage space. This asset class has seduced me for quite some time now. I could write a whole different post on all of the reasons why. I want to use my time today learning how the best of the best self storage operators run their business so that in a few years I can move my capital into self storage facilities with confidence.

About You

Growth mindset.

Hard working.

Appreciates communication.

Currently an experience operator of more than 10M AUM in the self storage space.

Looking for free help from a software engineer (software related or not) in exchange for lessons on how to operate a self storage facility.

I will build you whatever you want, help you with whatever you need, and in exchange I expect to learn from a cutting edge operator. 

If this is good for you or someone you know, please reach out and make the connection.

Post: Mobile Alabama market insight

Connor Hubbard
Posted
  • Posts 6
  • Votes 3
Quote from @Andrew Della Pelle:

Looking to invest in out of state rental properties. Looking at mobile Alabama and wondered if anyone else has invested in this market and has insight? 

I bought my first two SFR’s in Mobile 100% remote while living in Austin, TX. I’ve since moved to Mobile to house hack a duplex for my third property in Mobile. I am currently living in half of that duplex in West Mobile with my fiancé and I finally made the jump to full time real estate investor. 

I am always happy to discuss investing in Mobile!