All Forum Posts by: Gaston Barua

@Andrew 

@Andrew McConnell This is fantastic data! Im not in any of the listed Zip codes, but I imagine my returns could still be quite good being located in So. Cal. I will keep this info in mind and reach out if I decide to go this route. 

Thanks! 

Hello All!

I am in the process of making offers in order to land my first multi-family investment property in The Dallas Ft area of TX. I have made a few offers which have all been declined unfortunately :(. My analysis has been guiding the offers I have been making. I first look at the list price, then I find the fair market value of the property in that area based on sales records from the past 6 months, finally after getting the average price of the comps/ sq ft, I multiply that number by the actual sq footage of the property I am analyzing to get my FMV. Once I get the FMV I take 10% from that and that gives me my max offer price. The only issue here is that it seems like my offers are coming in quite a bit lower as I am not really getting much interest in counter offers.

Again, this is only my 3rd offer, but just want some reassurance I am on the right track here? Should I try and be a little more competitive even if that cuts into my cash flow? Or just stick to my game plan? Also, is anyone investing in that area that has had success in having offers accepted? How much below list/market price was offered?

Any tips would be much appreciated! 

Regards,

GB

@Ariel Smith Thats awesome! That will definitely come in handy. I will take a look and see what kind of data pops up for my area. @James Carlson Thanks for the input! I like the Idea of furnished medium term rentals as an alternative. 

Hello All,

I own a condo (studio) in Southern California that I have been renting out for the last year  and it provides $50 a month cashflow (this was initially purchased as a primary residence). I had the fortune of having a good tenant who has paid on time consistently. However, his lease is up in January. That being said, I would like to continue to rent it out, but feel I could potentially make more if I rent it as an Airbnb. 

Has any one done this before? I need to make sure I can at least cover my monthly mortgage payments, but I am not sure how I can calculate this since I have no way of knowing how many people will be interested in renting it.

Any advice would be very appreciated.

GB

@Amir Marshall! 

Thank you for the Input! This is exactly what I am looking for in a PM company. 

I will definitely reach out to them and will mention you. 

have a great weekend,

GB

Hello all!

I just made an offer on my first multi family rental in Ft Worth TX (Terrant County). I am hoping my offer will be accepted because I offered a good amount below asking price. 

Any way, whether or not this offer is accepted I plan to buy a property regardless in the Ft. Worth area in the coming months. Can any one recommend a few property management companies that have exceeded expectations in the area? Even better if you have first hand accounts of working with them.

Thanks in advance!

GB

Hello all!

I just made an offer on my first multi family rental in Ft Worth TX (Terrant County). I am hoping my offer will be accepted because I offered a good amount below asking price. I am however, optimistic that the election will discourage competition for now as I am the only offer at the moment. 

Any way, whether or not this offer is accepted I plan to buy a property regardless in the Ft. Worth area in the coming months. Can any one recommend a few property management companies that have exceeded expectations in the area? Even better if you have first hand accounts of working with them.

Thanks in advance!

GB

@Mike Austin Yes, 50% rule considered, all expenses, and debt service payment as well. However, this is assuming I am able to get my offer accepted which of course I will not be offering the list price, but at a minimum 10% discount depending on the condition of the units which I want to see before I buy of course. The property was initially listed at 250k but recently got dropped to 233k. 

@Deanna McCormick thats a great tip! Again, this is my first fourplex and one of my first investment properties. I havent made any formal moves yet but have told my agent I am interested in the property. Just wanted to get some pointers on how to proceed and make sure I dont run into any major issues right off the bat. 

Hello @Elizabeth Colegrove! I would not feel too confident putting in the work myself. I would ideally like to BRRRR this property, but would probably go the contractor route. I do agree with you that a great deal of value can be added through rehabbing a property which can lead to better cash flow.

Thanks for the  input!