All Forum Posts by: Dustin D.

Me and my girlfriend would be interested. Please keep us posted.

Thanks

@Patsy Waldron

Great insight. We are currently looking to expand my search outside D.C. to get a property that will at least cash flow some what. Is there any reason why the tenant wouldn't pay the condo/HOA fees as well?

Thanks for your help.   

Hello Everyone,

We are new to investing and have been educating ourselves, following our market, running local deals, networking and really diving into to learn all about REI and our market for the past few months and running into trouble/road blocks and looking for some advice.

From a Buy & Hold standpoint our market is extremely competitive even an hour to 2 hours outside our immediate location. I’m seeing after running potential deals for a few months that Condo’s/Townhomes are more readily available a bit cheaper and in some cases may actually cash flow or break even.

The problem that I’m running into is in our market that rents just don’t seem to be high enough to cash flow and in most cases hard to actually break even for what I’m looking for (Cash Flow $150-200 after expenses Ie cap ex, vacancy, management ect..).

For instance $300,000 3br, 2.5ba single family homes are renting for around $1,850-$2,200 a month and $280,000 3br, 2.5ba Condos/Townhomes are renting the same. When running the numbers if I’m doing my calculations correct factoring in all expenses as well as accounting for vacancy, cap ex, management ect.. Even buying at %20 below market value its hard to cash flow or break even on properties.

Am I doing something wrong? Should I be looking further out of my area? Are my calculations messed up? Should I even be considering Condo’s/Townhomes? Any help or insight would be greatly appreciated, thanks for your time in advance have a wonderful day.

Hello,

I'm looking for some advice on where you can obtain good up to date information on your states rental rates and rental statistics. Basically I'd like to see where in my state has the best or worst rental statistics ie. good rental areas, High # of people who rent as opposed to own home, (Hi or Low) vacancy rate areas, ect... Really all the good stuff that I can use when looking for areas to purchase rental properties and begin analyzing rental deals in good rental areas. Any help is greatly appreciated.

Thanks

@Aaron Millis

Ditto on what everyone has already said about the Brrrr strategy. I would recommend that you really run the numbers and make sure that you have multiple exit strategies when looking into the Brrrr strategy. The last thing you want is to have to come out of pocket for a large amount of money, not be able to refinance, sell the property, or have to extend the hard money loan ect..... It's all about running the #'s and making great buy's.  Good luck!  

Hello,

I'm looking for some advice on where you can obtain good up to date information on your states rental rates and renters information. I'd like to see where in my states has the best or worst rates, vacancy, ect... All the good stuff that I can use when analyzing rental properties in certain areas.

Thanks to all for your help.  

@Clayton Swansen watched a very interesting podcast www.biggerpockets.com/show75

that will have some very good insight on mobile home investing. If you know what your getting into, know the market and have a good exit strategy you can make money in the niche. Good luck and let me know what road you decide to go down.  

@Chris Mason

Very good point never thought about it like that.

@Rajesh Patel Makes sense as we are in this business to help others and make smart business decisions. From reading and doing research things change all the time in this business.

Thanks.

I have been analyzing deals and believe that I have finally found one. Nothing is set in stone and many things can go wrong. So what happens when you make an offer, it gets accepted, your under contract and BOOM something happens on your side where you have to back out for whatever reason? Ie. Funding, further research show it's not the deal you thought it was ect....

Does this happen all the time? Do all parties involved automatically get a bad taste in their mouth? I'd love some insight into this as I plan on being in this business for a long time and just like in any business reputation goes a long way. Being young and starting out should this be a concern at all or am I over thinking this?

About to make my first offer and is just a thought, and insight will be greatly appreciated.