All Forum Posts by: Ean Bass

Like Frank said, Linville is a very outdoorsy area. Lots of hiking, biking, camping, etc. One of the main attractions is the Blue Ridge Parkway, a great time if you’re up for a drive. But if you aren’t going for the views, there isn’t really a whole lot to do up there (unless I’m totally forget about something). The town of Linville is quite small and not really a destination in my opinion. It feels sort of like West Virginia; the roads are really twisty and the mountains tower above you as you go along. Other areas, such as downtown Blowing Rock, are always packed because of the cute shops shops and such, but again, the main attractions are hiking and biking. It’s a nice place to go for a weekend getaway, but I wouldn’t stay very much longer than that up there.

I never thought of the area as an AirBNB possibly, but maybe it’s a great area to invest in. Here’s my advice: if your client were to purchase a property up there, make sure it has a view! The East Coast is known for not being as elevated as the Rockies, so the trees make it difficult to see anything. I’d also recommend your client purchase something near an attraction by itself; Beech Mountain, maybe? Hope this helps the decision making!

Thanks for the link! I’ll try to attend as well; I’m a newbie from Charlotte.

Thanks, @Demarcus Crump.

@Jaron Walling; Yes, I forgot about PMI, and it really skewed my numbers. The list price is $550,000, but it has been on the market for over 5 months and it's not worth that much anyway, so that's why I dropped the price. Without a property manager and including PMI, monthly cash flow is $327.52 with 3 units occupied. This comes out to a COCROI of 18.60%. Definitely a little bit more reasonable?

Hello! I'm still very new to this whole REI thing, so I'd like someone to re-check my numbers?

https://www.zillow.com/homedetails/5410-Albemarle-Rd-Charlotte-NC-28212/6227106_zpid/

Here's the thing: I'm off to college next year and I don't have much cash saved up (lots of after school activities & not enough time for a job), so I have no real reason to make any offers yet. But hypothetically, this quad would rent for $1,600 a unit and I'd like to think I can get it for $475,000. In the Zillow ad, taxes are said to be $5,258 annually and I estimated insurance to be $2,635 annually. With an FHA loan and estimated closing costs, I'm assuming the initial investment will be $21,125 for a 30 year mortgage at 5% interest with 3.5% down. I would live in one of the units of course, and even including management, I'd break even (cash flow would be $1.52 per month). However, as I'd be on site and I have no problem getting down and dirty, I'd manage the property myself to save $720 a month (15% of income). With this accounted for, the total monthly cash flow comes out to $721.52, and the COCROI is 40.99%. After 3 years of living in it, I'd move out using a HELOC to start BRRRRing, and that opens up the final unit to be rented. With all four units providing monthly income, I expect this property to be a cash flow machine.

Do these numbers look correct? The property has been on the market for 166 days, so am I missing anything?

Thank you for the response, Blaine! 
I did think some of the numbers were inflated, that’s what a realtor is paid for I guess. I was really looking for multi family properties in the area and stumbled across this one; I ran the numbers and they were over double anything else I had previously analyzed. But if you can’t finance the deal, it makes sense why it hasn’t sold. Thanks again for the help everyone, I’m sure I’ll have more plenty more questions!

That makes sense. Yea, I wouldn’t pay cash for this property. Thanks for the response!

Hello! Currently, I'm in the research phase of the REI timeline, but I came across this property:

https://www.redfin.com/SC/West...

I did a quick calculation and the numbers were incredible. $15,000+ annual cash flow and over 30% ROI? Am I missing something, or is this deal really that good? I'm questioning it because it's been on the market for nearly 200 days. If the numbers are for real, why haven't anyone bought it yet?

Hello Adam, thanks for the response! I’m just North of Charlotte, NC. Our market is a bit all over the place; cheep housing means terrible, crime-stricken neighborhoods but I really can’t afford anything else.
Yes, you are correct. I’d be happy to work for a mentor/other investor for some experience. I’ve looked into the wholesaling think and it looks interesting but it is too close to criminal activity (my opinion, of course) for my tastes. The AirBNB thing is a good idea, I’ll have to look into it. Thank you! That is exactly why I posted; anyone got any ideas? 

So I guess you could say I'm in a bit of a bind. I have a few thousand dollars saved up, probably enough for an FHA loan down payment, but nothing near 20% down on most properties.

Wait... let me backup and properly introduce myself; this is my first post, after all. Hello, BP! My name is Ean and I'd like to take advantage of the current market woes. I've been listening to the BiggerPockets Real Estate Podcast the past few years, albeit somewhat sporadically. However, with the market in the state that it is in, I thought now would be the best time to really start my real estate journey. But here's the catch: I'm a Senior in High School.

I'd like to find a nice duplex, triplex, or fourplex in my area and househack for a few years, but I have a small issue. I'm leaving for college this summer, and you really need to stay on campus your first year to make a few friends in your major. Therefore, I can't get an FHA loan because if I were to purchase a property, I wouldn't stay in it any longer than about a month before I'd leave again for school. I could try a hard money lender, but if I were to do that, I would really, really need to find a local mentor to avoid a world of debt. Does anyone have an opinion on the subject, or would it really be best if I just wait?