All Forum Posts by: Dustin N.

does this apply only to iowa or is it applicable to other states, say... texas?

Thanks for the reinforcement, I will continue to save up for the next 12 months or so to get enough capital for a 10-20 unit apartment.

I didn't think paying the students loan would be a good financial decision, but definitely a good psychological one!

On to my next question, any good books to read about apartments? Ive read 1-2 but would like more knowledge under my belt before I head on my first deal.

Need some help here.

My wife and I have about $130,000 in school loans to pay off at 3.5% and right now I have similar amount of money in the bank. Is it a good idea to pay off the loans, or is better idea to use it to get more property or pay down our existing rentals (5% interest)? I was planning to save more to get a down payment on a mid to small size apartment complex.

Any advice would be welcome!

:)

Good luck on everything, I have been trying to get started here the last couple months in DFW, but everything is over priced and does not cash flow. Of course, I am only checking listings twice a day, before and after work. 

I have also tried new western acquisitions and other wholesalers, but the whole "cash buyers only" and "hard money lender needed at ridiculous rates" and "the market is so hot, you won't have time for proper inspection" and "awesome 3/2 in Plano for 150k, ARV 450K" is a little too much for me to handle...

Best part was an agent sending me CMA for a property that were all cheaper/sq ft on a property I inquired about, and said it was priced appropriately. Best part? It was still sold within 3 days. Another property I saw I was posted on a Saturday night before sleeping, woke up next morning to inquire, it was under Active Option Contract. This makes it really hard for a person to a day job to compete against these full time investors.

In the meantime, will be looking outside the metroplex for better returns and less gimmick. If anyone knows better less competitive areas, let me know! :)

Anyone know any agents or sources for getting in on multifamily homes for sale (2-10 plexes) that are not on Loopnet or MLS?

Hook me up, thanks!

Very hard to have property inspected in hot markets. In my market, you have hours within listing to make an offer else, you're going no where.

So basically, if I see a house that works with the numbers I should submit an offer without taking a look at it physically? The bottle neck I am running into is getting a time to see the house. Or, I call and get a wholesaler who has the house under contract and wants a full cash payment in 7 days, resulting in a need for a hard money lender, which destroys any income the property can generate.

Good to know I am not the only one sharing this sentiment! Time to e land my horizons!

Been investing in a smaller town and just moved back to the Dallas/Fort Worth market. Based on the last few months, it feels like the housing market here is over priced and hyped with investors buying up properties at a premium, at prices that don't even cash flow. Just even had a realtor send me a cma for a property that was selling for 20 dollars extra/sq ft for the comparisons and then went on to tell me that the report supports the listing price? And that the property already had multiple offers? Are my calculations incorrect or all these investors clueless and buying anything on the market? The CoC on these properties are averaging 5-7 percent including sfh and mfh. Maybe it's time to look outside the metroplex again...

Those calculations didn't take insurance , maintenance or capex into account...