All Forum Posts by: Tom Dittrich

 Thanks Jacob. I will shoot a message to Danny for more info.

Thanks David that’s good advice. I wonder how I can find the “good” operators in town. I suppose the brokers are a good place to start. 

Hello all,

Has anyone here had good success with doing the BRRRR strategy for apartments and have any interest in providing some input?

Should a newb investor like me just find an operator and go passive?

Am I totally nuts to look outside of my own market (Charleston SC - not a single apt building for sale as of today).

Is this a terrible time to go for something like this with potential for downward pressure on rents?

Quick about me for background:

Young ER physician working Charleston SC with one deal under my belt, a SFR operating as an airbnb (NOI 60k 2019 - this year likely break even)

My strengths: solid cash position (500k), excellent credit, good work ethic, fairly learnable

My weaknesses: physician with a full time job, so time is limited. Despite two years, a lot of podcasts and books and videos, I am still a relative newbie 

My goal: Make my cash go as far as it can. I am thinking about doing a BRRRR for an apartment building to accomplish this goal. Idea is to buy a building, renovate it, raise rents after value add, spend a couple years getting the NOI up, and refinance my cash back out.

Any insight from those who have walked this path before me?

Thank you and appreciate all input,

Tom

Do you happen to know the regulations and permitting requirements for the North shore near the stadiums?

More broadly any updates from locals about the political climate in Pittsburgh for short term rentals?

I got all excited to read this one but it looks like the link is broken. Any where its still available? Trying to learn what I can about the note business these days.

@John Leavelle Thanks for looking at it John. You are right I should keep to current rental income.

-I am not sure about the water if it is additional or not. I am going through my realtor. Need to be more specific asking for details like this.

-Will check on zoning but I am thinking it is currently residential. Looking like this "5th unit" may be a place for us to stay when visiting Savannah.

-House is being inspected by contractor on Monday. He is going to provide an estimate as to how much the actual repair costs will be.

Hey guys,

How was the turnout? Can you keep us posted on the next meeting? I would be interested in going.

Tom

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey guys,

I'm a new member here. This would be my first real estate transaction as an investor and I'm hoping for a second set of eyes to check it out. It appears to cash flow well based on my own spreadsheet and the rental calculator. Some details:

Its an older home, built prior to 1930. Roughly 3500 sq feet. There are 4 units. Unit 1-3 are 2Br/1Ba and rent for 750. The fourth unit is actually the biggest but is only a 1BR/1Ba renting at 675.. It presently has two beds in two separate rooms, so with some remodeling could also be 2Br/1ba. This unit is currently being rented as a "music studio". Each unit does have refridgerator, sink, stovetops, but not full kitchens. Each has a full bath. 

New plumbing and electrical. Roof is about halfway through its lifespan. Will need new HVAC compressors as well as there is only one functioning compressor, but ductwork is in place. There are window AC units temporarily in place.

Each unit has electrical individually metered. Gas is capped off. Water bill is paid by landlord but he then charges the tenants $25/unit/month. 

There is another unit which is not finished but the realtor does not believe is necessarily worth renting. His impression is that then this would be a "commercial property" and would change property taxes. Does anyone know if this is true? Worst case I feel like this space could be finished and a place for me or my spouse to stay when in town looking at property or working on the place (we are out of state investors).

The rent is presently 2975 on a month to month basis. My plan would be to acquire the property for 140k with a conventional 30yr fixed mortgage. Then I would rehab it with about 40-60k on a rotating basis as tenants left.  Real estate agent feels the rent could then be increased to about 3300 per month. Would make them 1 year leases with each new tenant and put under property management.

After repair value is about 300k per real estate agent. 

Plan is to offer 140 and hold strong. List is considerably higher but the property was acquired for 55k under foreclosure and minimal cap ex was put into it. Was not a full flip. It also has been on the market for 6 months.

What do you guys think? Am I on the right track?

Hello,

I am interested in investing into real estate in Savannah GA. Does anyone know a good real estate agent for the area? I am looking specifically for someone who works with investors and understands cash flow calculations.

Thank you!

Tom