All Forum Posts by: Lorraine Pennington

Hey @Michael DeStefano 

Google "Chapter 92 of the Texas Property Code"and the first up is the actual law for your state so you can confirm if it is the same as CA. Skip through to find the security paragraph. It would be good for you to review the whole thing anyways since your a landlord there. Worth double checking as you never know ... Texans like to walk their own walk so it may actually be different. ;p

Your cap rate and total return numbers look great - much higher than anything I've seen in my market. The other plus is that it's relatively easy to get into with a down payment of ~11k. Plus you've already commented on crime and overall market status. Double check and triple check your numbers and then trust them.

I assume your cash flow you listed was monthly - which makes it $3,423/Annual net. I weigh my property buy decisions heavily on what return I'm making on the cash I tie up. With an investment of $13,050 (down + closing expenses) you are making a 26% ROI on cash. TWENTY SIX PERCENT! Good investment move. Buy it.

Hey @David Torres 

Great post and pleasure to meet someone who also owns in the Albuquerque market. :) I'll PM you. Thx.

Lorraine

@Vala Shahabi So awesome to find you here! This site has the best discussion forum I've ever seen. Such a wealth of info. We need to set another dinner date ... This time with less guests! :p

@David Torres Thank you David! I would very much like to compare notes on what I've experienced in the NM market. Will touch base with you soon. 

@Elizabeth Colegrove for the warm welcome!

Hi Everyone,

I am a stay-at-home mom who has been thinking about going back to work the week after I resigned! Finding opportunities to invest our money has been an ongoing topic for my husband and I for many years. He manages a family business and so I've taken this opportunity to not only lead in my families investing ... but to also leverage my past business skills into a new career.

We have a total of 6 units (located in New Mexico), the last being a 4 plex that we purchased in April of this year. The process of identifying properties that gives us the returns we want is absolutely thrilling and addicting to me. I am a bit of an Excel Queen and so the cherry on top is reviewing my spreadsheets that highlight our returns. :)  

Here to learn all I can ... but also hoping to contribute and create friendships with many of you. My philosophy so far has been cash-is-king, so my chase has been in securing cash flow. My goal is to add another 2-4 units every year with the 2015 buy being in the California market. But herein lies my challenge ... finding units in California that are affordable and that give a higher than 5% cap rate! Very happy to be here.

Thank you,

Lorraine