All Forum Posts by: Curtis Rouse Jr

@Roland Osage Congrats on wanting to take a plunge into the multi family units! I see you are following the Grant Cardone advice with a minimum of 16 units and that's definitely a great start. In regards to investing out of state, I would recommend to first find a location that has job/population growth, diversification of jobs, landlord/business friendly and familiarity with the area (I recommend TRUSTED boots on the ground). Once you find a market analyze as many deals as possible (I recommend at least 100) and compare the yields to determine the profitability of investment This should be a good start for your out of state investing and also, if you ever need help analyzing deals I've built a financial model that I help investors with all the time for free. I hope this helps and Best of Luck!!!

Description:

Amazing fix and flip opportunity to start 2019 with this OFF - Market project located just on the border of Macon and Warner Robins. Property is located literally within walking distance (less than 1 mile) of new 1 million sqft Amazon fullfilment center that will be opening up at the beginning of 2019

Property search online you will see as 3/2 at 2,143 sqft but has bonus studio apartment in basement adding another 500 sq ft to the property making it a 4/3 at 2,643 sqft. The property will need a complete rehab (cleanout, electrical, plumbing, flooring, paint, etc) and we have already received 5 different quotes that are coming in around $60k - $70k

The pictures towards the end is what the property looks like once renovated!!!

Recap:

Purchase Price: $65k

Renovation Cost: $50k - $60k

Total Out of Pocket: $115k - $125k

ARV: $150k - $175k (depending on studio remodel)

Profit: $35k - $50k

Comps:

4651 Griffin Dr - $149,900 last sales price 10/19/18

6805 Murray Dr - $185,000 last sales price 2/15/18

Exit Strategies:

Flix & Flip - Profit of $35k - $50k

Buy & Hold - Market Rents (includes bonus studio) - $1,600 monthly; Cashflow $491 monthly; 8% ROI

CASH BUYERS ONLY

Please let me know if you have any additional questions and have a blessed day!

Description:

Amazing fix and flip opportunity to start 2019 with this OFF - Market project located just on the border of Macon and Warner Robins. Property is located literally within walking distance (less than 1 mile) of new 1 million sqft Amazon fullfilment center that will be opening up at the beginning of 2019

Property search online you will see as 3/2 at 2,143 sqft but has bonus studio apartment in basement adding another 500 sq ft to the property making it a 4/3 at 2,643 sqft. The property will need a complete rehab (cleanout, electrical, plumbing, flooring, paint, etc) and we have already received 5 different quotes that are coming in around $60k - $70k

The pictures towards the end is what the property looks like once renovated!!!

Recap:

Purchase Price: $65k

Renovation Cost: $50k - $60k

Total Out of Pocket: $115k - $125k

ARV: $150k - $175k (depending on studio remodel)

Profit: $35k - $50k

Comps:

4651 Griffin Dr - $149,900 last sales price 10/19/18

6805 Murray Dr - $185,000 last sales price 2/15/18

Exit Strategies:

Flix & Flip - Profit of $35k - $50k

Buy & Hold - Market Rents (includes bonus studio) - $1,600 monthly; Cashflow $491 monthly; 8% ROI

CASH BUYERS ONLY

Please let me know if you have any additional questions and have a blessed day!

@Karam A Tascoe

Congrats on your first property in Columbus!!! That rent to purchase price number (above "2% rule") looks like what I see in the Macon/Middle Ga area. I would definitely BRRRR this deal and roll that capital into another deal. Leverage in real estate to build wealth is your best friend, but again as you will hear on BP, this comes down to "your" personal goals/strategy as there is no right or wrong path.

Quick question, have you already talked to a bank/appraiser to see what the new valuation will be since renovated and now rented out?

@Scott Kelly

Of course, feel free to message me and we can go from there. I'm always willing to help out especially when dealing with apartment communites :)!!!

@Jon Ward

Congrats on the MFR and implementing the BRRRR strategy with some great cashflow!!! Looking forward to hear about your future deals :). Best of Luck!!!

@Steven Stohlman

As I'm working on syndicating my first deal in 2019, Joe Fairless book "Best Ever Apartment Syndication Book" has been GOLD!!! Hits on every point from locating the deal to raising the capital needed for these larger deals. Best tax deductible investment of 2018 :). Best of Luck and if you ever need help underwriting a deal (example on my website), please let me know!!!

@Scott Kelly

Congrats on taking the plunge into the apartment community space. Based on the financials provided and doing some of my own analysis, it looks like a pretty good deal, I would just be a little worried about a 9% cap. The reason I say that is because this usually means the property isn't necessarily in the most desireable location (I could be wrong as market specific), but on the other hand you will be cash flowing from Day 1 depending on what your renovations are looking like.  It also helps that you are within driving distance and can check on what's going on. I like the value add play on this deal in regards to the increase rents, LR and RUBS you mentioned to implement.

With very little money to put into the deal, I would recommend trying to raise private capital or do a jv and partner with another investor giving up a portion of the deal. I wouldn't recommend HML for this deal especially with not as much capital because the int rate and points can get costly for this type of short term financing. I would recommend getting a bridge loan where the lender will wrap the renovation into the loan that will save you some money there.

If you need help putting together a financial package with underwriting (example on my website), please let me know as I have helped many investors free of charge. I hope this helps and let me know if I can be of any assistance!!!

@Ansar El Muhammad

Happy New Year and Welcome to BP!!!

I have a really good friend who is an agent in the Metro Atlanta area that would love to help out with your search and is investor friendly. I'll message you her contact info

Originally posted by @Cory Eldredge:

@Curtis Rouse thank you for your great insight. I will take a look at the areas you mentioned. Do you self manage or use a management company?

 I have a property management company I started once getting into apartments. As I venture out to other markets, I will be looking at local management companies to leverage their knowledge base as they will be a key factor in a successful investment.