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All Forum Posts by: Kevin Moules

Kevin Moules has started 17 posts and replied 220 times.

Post: Terre Haute / West Indy Investors

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147
Quote from @Danny Aguirre:

Is anyone buying single family or multifamily in Terre Haute Area?


Hey Danny, I am an investor from CA and just came across this market and has peaked my interest. I am still doing some research and digging around. Looks like you actually live here. Are you looking to sell current properties? Acquiring more. I am still trying to see if this market will cash flow with standard down payment. Really would be interested in doing the BRRRR method. Have you done that here? Has it worked out?

I saw online property tax can range from 2-4% in Terre Haute which seems like a deal killer. Still learning and looking forward to connecting! 

Thanks

Post: Terre Haute, IN - rentals/cashflow prior experience in this market

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147
Quote from @Sri Allen:

I am new to this market Terre Haute, IN. I have few properties in Indianapolis and getting good cashflow. Now, I want to expand to other cites of Indiana. Recently i came across few deals in Terre Haute, IN. Any previous experience investors in this area who can guide me for upcoming investments? I really appreciate your time and ready to pay for your time. Thank you in advance - Allen


 Hello, I am an investor in CA and looking for a midwest market to research. I came across terre haute online. Still doing some research. I see a lot of sub 100k homes. Looking for contacts as well. Thanks for the post!

Post: FIRST PROPERTY (4 PLEX) AND GETTING A SPOUSE ON BOARD, OUR STORY!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Jonathan Yelton, thanks for reaching out! There was not anything in particular. It was more like me taking the time to show her numbers on different places and what Real estate could help us do in the future if we grow it enough. 

My question to your wife is why did slumlords turn her off? Is that the kind of rental property she thinks all landlords provide? Does she see herself providing a nice home to someone in need of one? 

I have a feeling she is thinking that when people find out you own rentals they will automatically think you guys are slumlords because there are a lot of bad apples in this business. I am a handyman so I see it all the time and its gross. That's not what I want to provide for folks. I just fixed up a rental last year that was nicer than my own home! If someone were to say I was a slumlord I would show them pictures and ask them if they think a slumlord would provide such a place? 

Just some thoughts. 

Post: FIRST PROPERTY (4 PLEX) AND GETTING A SPOUSE ON BOARD, OUR STORY!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Steve F., I purchased this in the Lowell district which is a C class area. From what I was told by my realtor is that it is an area being fixed up as time goes on due to its proximity to down town. However I am not really sure now that where my property is if it will ever get fixed up per se. There are some sfh in the area being remodeled. 

Purchase price was 275K, rents at that time were around $2400/month which were under market value. Some of the rents had not changed in 10 years from the lease agreements I saw. 

Your right on the cap rate not really defining the value of the property since it is considered residential. Its been quite the up and down with this place in the last 1.5 years. Evicted a tenant right off the bat that was paying $650, and turned over unit and rented out for $750. Unfortunately the gal that moved in has not paid rent for 3 months because she lost her job due to COVID so that sucks. 

One of the tenants that was paying $625 passed away in April, turned unit over and is currently rented for $795. The other 2 units are still section 8 and I raised rents $25 last year so they are at $650 which is obviously wall below market. Was going to increase again this year and then virus messed that up. I can only raise 8% a year now do to new laws so it will take a while to reach market rent without a turnover.

Property value is probably around $325 at the moment and would be higher if the rent in the other 2 units were higher. 

Post: FIRST PROPERTY (4 PLEX) AND GETTING A SPOUSE ON BOARD, OUR STORY!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Gurinder Singh and @Tim Harwick thank you for reading!

@Mashika Johnson, yes totally a great way to get into investing doing a house hack with an FHA loan putting down only 3.5%! However I would encourage you to look around and look for conventional loans that will allow you to put down the same amount. Before COVID, Chase was offering a conventional loan program only requiring 3% down when I talked to a loan officer at my local branch. Even if you break even with the deal its still a good investment in my book because when you move out the unit you are in will make the thing cash flow. Meanwhile your mortgage is being paid off by your tenants!

Post: COMING TO LUBBOCK, NEED CONTACTS!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Rohit Mittal thanks for the post. I will check your website and see if there is opportunity for me there. My biggest hurtle at the moment is getting financing since I am self employed. Working on getting approved with a commercial lender at the moment. 

@Justin Tahilramani, what part of CA were you from? I only know about lubbock because an investor here where I live has property down there so I went and checked it out and really liked the town. Taxes are indeed high but are about the same as I was seeing in OH when I looked there as well. What I have been learning though is that properties will not cash flow at 1% rule taking into account cap ex, maintenance, ect. The monthly taxes really kill that number as well. So i have not found anything to take action on at the moment. However still trying to get lending at the moment. 

Post: PM Recommendations in Fresno

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

Hey all I am looking for some PM you guys have had good luck with in the area around Fresno. I have a SFH that I need to rent asap, rent will be about 850-900 but my current PM for another property I have wants $125 min for SFH. Trying to decide if I should go with them or locate someone else.

Thanks

Post: What is your PM's minimum charge?

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

Hey all, hope your staying safe out there. I have a tenant that is moving out next month. I have been managing the place but want to hand over to my current PM that is taking care of my 4plex. Place will rent for about 850-900. My current PM says they charge $125 min for SFH. Quite a bit more than the 10% we all talk about. What are some of the min charges you guys are seeing?

If I decide to rent the place out again instead of selling it I may start looking for another PM in town asap to get that rented at 10% level. 

Thanks!

Post: COMING TO LUBBOCK, NEED CONTACTS!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Erin Deann Martin, thanks for the info. Gives me more confidence investing there!

@Ronald Rohde, I remember a podcast where a guest covered a ton about structures and setting up your business. I basically took away that the wealthy do not "own" anything themselves. Currently 2 properties i have are in my personal name. My wife and I also set up a trust last year which adds another level of complexity to RE that i have just not dived into. Once we get a few more rentals purchased then I will get with my RE lawyer and discuss how to group these things up! Thanks for the advice!

Post: COMING TO LUBBOCK, NEED CONTACTS!

Kevin MoulesPosted
  • Rental Property Investor
  • Turlock, CA
  • Posts 226
  • Votes 147

@Ronald Rohde, when I first read that I was like, this guy is crazy!! haha. Then I started thinking about it, 1M is about 10 properties in Lubbock. This would probably give around 10K gross rents, if they were paid off then using the 50% rule (i know its only a rule) that gives about 5K/month in profit. Yikes! I guess this a pretty crazy goal but shoot for the stars and hopefully land on the moon! 

@Erin Deann Martin, thank you for those names!I have reached out to Jordan and Austin and hope to be meeting both of them while I am there. I will reach out to Joan as well as Corey and see if i can meet them as well. 

I see you are in Austin, do you have most of your rentals in Lubbock? Why do you personally invest there? 

Thanks again!