All Forum Posts by: David Bull

 @Travis Timmons I definitely see the reward for something like this, but I feel like my class C properties kept up with my class A properties with the amount down and I had into them. What I am seeing now is a lot of 2 months free for the class A properties and the Class C has zero specials going on. Are you seeing your Class A properties be vacant longer or price negotiations? What city do you have these in? I own in Nashville, Knoxville area, and Augusta. 

I agree with @Matthew Crivelli on this one as well. 

Funny running into you on here, @Matthew Crivelli. It has been awhile! 

Mario, I personally would start with a house hack. I know there is a lot of confusion with the market right now... but I would not sell a large chunk for something you do not know. 

I would start with self education first. (Michael Zuber with one rental at a time, Dion Mcneely, and coach Chad Carson are all great ones to help.)

I also think joining a mastermind can help you a ton at this point as well. You want to make sure you are in the right group, but it can be a powerful tool. I would be a lot further along had I joined the right mastermind. I am on my 3rd one and this one has been the most impactful. (Ryan and Cory with the Wealth Juice Podcast) 

I would consider looking into any of these guys. They are experience investors and can help you bypass a lot of the learning curves if this is something you truly want to pursue. 

There is a TON of free content from all of these guys so do not feel the need to pay for any courses unless you are wanting to actually pursue real estate and level up. If you want to know any of my experiences with real estate, I would love to chat. I can give you the breakdown of the past 5 years for my portfolio. 

Just closed on 3 duplexes taking our portfolio up to 8 units! This was sitting on the market for 100 days for $495,000.00 and we were able to negotiate it down to $390,000.00 with 3% sellers' concessions with Lima one. We ended up bring 94k down to close and it will need another 36k roughly for rehab. This will allow us to get all 6 units rented to $1,000.00 each with a piti of $2,892.00 and the properties will be worth over $600,000.00 combined! (Appraisal came back at $180,000.00 for each duplex.) We were fortunate that the seller was motivated. 

This will help boost our total portfolio to $9,500.00 in gross rents and a piti of $3,418.00. 

We originally were projected to buy 6 houses/units this year, so this will help us scale quicker once these are stabilized (roughly 2/3 months for rehab and to get rented.)

Anytime! I got lucky with the rate. The same loan would have been 7.25 the day after I closed. It was in Mid October! Right now I am getting quotes for 7.5 sadly. 

@Sandra McEwan @Robert S. Hey, guys! This is actually in the 30906-area code. I have looked at some in 30901, but it seems to be more hit or miss with the areas for us! We just got 3 more duplexes and a single-family home under contract as well in the 30906-area code! 

The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied. I am hoping this number is extremely conservative given that our contractors, inspector, and realtor walked it as well. 

That is accurate for ARV conservatively. We did 20% down and were upwards of 15% COC return. Accounting for 10% management, 5% vacancy (2 year lease locked in on tenant that has been there 2 years already..) 10% cap ex, and 5% maintenance. Tenant handles all utilities and lawncare. Made sure to check the ledger and T12 to ensure that the tenant was qualified correctly before purchasing the property. I have 9 loans currently so looking to do a conventional loan on my next depending on that process. I know they have a cap at 10.

We have also looked at using local banks in the area but those terms are usually 3 years arms to ten year arms and 20 year loans so it lowers cash flow significantly. 

Just got the second house in my current partnership!  

3 bed 1 bath house for 80k. Will need about 10k of cosmetic work and some minor plumbing. Interest rate is 6.3 and cash to close was $23,500.00 due to higher closing costs with DSCR loans. Gross rents are $1,250.00 a month and we have a two-year lease in place currently. PITI amount is $566.00.

Hopping on call with our realtor tonight to outline our next offer!

Started a new Partership earlier this year and got our first house within it. Purchased it for $65,000.00 and replaced the plumbing, floors, cabinets, and painted for 18k. It will rent for $1000.00 and is worth a little over $100,000.00. (We used our cash on this one and are using a dscr loan on the next one.)

Deal number 2 has already been purchased, and we are eyeing deal number 3 right now.