All Forum Posts by: Logan Turner

Originally posted by @David Worker:

@Logan Turner there’s also the Springfield Area Landlord Association, SALA, that holds monthly meetings the second Thursday of each month I believe http://www.springfield-il-landlords.com/

 Awesome, thanks for the great info. I’ll check out those sites. 

How is the turn out at the Springfield landlord association meeting? Is it a mix of landlords, flippers and wholesalers?

Hello everyone, I will be moving to the Springfield IL area shortly and would love to network and meet people from the area. If you are active in the area or used to be please post and say hi and see how we can help each other out!

Originally posted by @Chris Baber:

@Mike Hartzog Thanks for the feedback.  I missed most of his presentation at Paper Source this year, but many raved about him.

@Bruce Lynn I went to Note School earlier this month. Eddie is definitely an expert, but I was disappointed in the amount of useful information I got out of a 3 day investment. I actually think I got more actionable information from Joe Varnadore when he spoke at my REI prior to (and where I bought) Note School. If you want to hear about Eddies life and how experienced he is, with lots of long, usually funny stories, Note School may be for you.

@Jay Greener Good Deal Jay.  Let's meet while there and see how we can help each other.

Saw this in an email and decided it would be worth the trip. See you all there!

@Joanna Hernandez they did a great job. My portfolio is in midland but relocating to DFW soon and always looking for great contractors. 

@Joanna Hernandez

Great taste in the rehab.

Thin margins...?

166k sale price. Since you’re the agent Let’s say closing costs are 4%.

Now we’re at 156k

-29k rehab

Now 130k

Insurance, utilities, interest on money? 7-8k?

Now at 122k. Purchase of 112k equals pretax of 10k gross gain.

After tax gain: 8-9k?

Hopefully you made more. But if nothing else great experience and lessons learned. I think you did a fantastic job on the design based on the picture. I’m sure it sold very quickly at that price point. Nicest house in the neighborhood?

@Justin Famulari

Are you a writer? Good story and Well written. Best of luck with your first BRRR. Don't be afraid to look outside your market. Find a market where the numbers work. Build the team and jump in.

@Ashley Wright

Disagree with what people have said.

Use a property management company.

Learning how to analyze deals, find off market, negotiate with contractors,

Raise funds etc. Is where the money is at.

NOT managing rentals.

If you have time and not a lot of excess cash it’s ok to manage the first few to save some money and learn some things but you will most likely make costly mistakes so even that may not be a good idea. Propert management is a business. Must treat it as such. I’d rather have a surgeon perform my procedure than someone who read a book and is doing it to save money.

Plus the PM will be your key person to discuss with before pulling the trigger on a property. How much do houses rent in that area, are the tenants easy to manage? Where would they recommend buying?

Learn how to leverage.

OTher people’s money

Other people’s time

Other people expertise/knowledge.

Sure you can spend your time learning everything but we only have so much of that.

Time and money are the only things one can spend. Choose how you spend them wisely. For me, and high level investors I know, it is not self managing. Unless that is another business you are in.

@Garrett V.

Limaone will do 30 year fixed rates on SFH or portfolio loans. Ive been quoted 6.8 - 7.3 %. Anywhere from 60 - 80% LTV.

@Nick Calamia Hey Nick, I decided to keep this property. It’s Still performing. This property based on CMA is valued at 95k and I’m not interested to sell at 75k, which most investors are looking for to mitigate risk. My best play is to sell a partial and keep the back end to get money out but not offer such a steep discount. Or what i did do was find a private lender, offer them 9% return with an assignment of collateral on this property. I get my 60k with an amortized mortgage at 8 years at 9%. Private lender gets a safe loan with good collateral. Im paying $879 to private lender. Receive $1256. I collected 4K down (should have gotten more) and collected 1256 for 20 months = $25,120 + 4,000 + 60,000 = $89,120. My purchase and rehab was $54,000 So I netted about $35,000 and a monthly spread of $380 ish for 8 more years.

@Mark Fries Are you utilizing a property management software? 3 hours a week for 40 rentals! That’s impressive systems you have