All Forum Posts by: David Nacco

@Jonathan White If you download the app meetup you can find some local investor groups there as well as some on Facebook!

@Daniel Ditto thanks! That’s exactly the point I was coming from and half these people were assuming that I’m over here thinking I’m gonna buy like a Mercedes C class and resell it for its same price when I obviously know I would calculate market value not MSRP lol. And I feel like a lot of these people also don’t understand how much value luxury goods and high end luxury cars, classic cars and super cars hold. I know a guy who bought a Rolex for $18,000 and resold it a year later for $26,000 and got to wear it every day in the mean time. So obviously not everything depreciates like people kept trying to tell me. It’s all about knowing how luxury items are valued. You can literally make money wearing luxury clothes for 6 months to a year and selling them 6 months to a year later. That’s why luxury brands release so many limited edition items. It keeps their value high and demand high. (Sorry for the rant lol)

@Caleb Heimsoth I see where you’re coming from but that’s not always the case. It’s not uncommon for things like a Rolex or similar watch to increase in value and it’s not uncommon to buy a car such as a Lamborghini that’s one or two and sell it for the same or more than you bought it for. I’m not saying net worth for your personal goal numbers I’m referring to using it as leverage to get a loan from a bank on the value of those things to invest into something that makes money like real estate

@Corey Hawkinson also would you include these items when presenting your net worth to say an investment firm to be accepted as an accredited investor?

@Corey Hawkinson thanks that’s what I was wondering because I mean hypothetically speaking someone with a paid off luxury car and a couple luxury watches could easily add $250,000 to their net worth and that could make a big difference in getting a loan or not. Thanks!

This is a stupid question but do you count things like cars, jewelry, watches, etc. towards net worth

@David Braut

No I’m looking for both on and off market. Primarily 2-4 units. I’m not picky about the bed/bath ratios for duplex-quads. I’d like to be able to cash flow at least $150 per door for multi families, but a minimum of $450 per property. For single families I want minimum beds and bath to be 3/2 or able to be reconfigured to turn them into a 3/2 or better. For singles I want to cash flow at least $300 per property. I’m willing to purchase in any condition as long as the purchase price + rehab makes sense once renovation is complete. The reason I haven’t purchased anything yet is because I’m a new real estate agent and I’m focused on building my business as an agent for the time being as well as saving up money for a down payment while I’m building enough of a track record to show the banks that my income is steady enough to be approved for a loan since I won’t have any w-2 income. Because of that I am probably going to be focused more on flips for the next 2 years to show the banks 2 years of steady income since the financing I would use for flips would have more lenient lending requirements

@David Braut the only place I ever notice any flooding is between the marina and the Wendy’s downtown I’ve never seen it be an issue anywhere else. But I’m not sure about the vacancy rates. I don’t have any rentals in Suffolk yet, but I live here and am actively looking

@David Braut the Harbour View/Belleville area of Suffolk is really growing and seeing a lot of development and in my opinion is a great area to flip as well as rent if you’re close to the Walmart up there because of the military base that’s across the street from it. Downtown Suffolk is also being cleaned up a lot and a lot and is an area I’m really looking in a lot for rentals. Flips work there as well, but the rental numbers look great so I personally would rather just hold them in that area.

@Ernest Grindle Awesome thanks!