All Forum Posts by: Jimmy Lieu

Hi all, I currently have a property that I need a full remodel on for a flip. It's 3 bed/1 bath 1230 sqft.  Pretty much needs everything from A-Z flooring, kitchen, additional bathrooms, roof repair, etc. I'm looking for a GC who can handle everything, and who has worked with investors before. Looking to get started ASAP, DM and we can talk more about the project

I am going to purchase my first investment property sometime later this year, and my research has pointed me to 5 different markets for a good mix of cashflow and appreciation:

Columbus OH

Memphis TN

Indianapolis IN

Kansas City MO

Oklahoma City OK

Anyone have any feedback on these different markets? Do you see a good balance of cash flow and appreciation coming from these various cities? Any insight would be greatly appreciated!

Hi y'all! I've decided to take the leap into the small multi-family rental investment world and would love to meet some folks doing the same inthe DFW area. 

I currently own one condo rental unit that I rent out to mid-term tenants (mostly travel nurses), which has been great, and have another property that will soon have a room rented to mid-term tenants as well. I'm happy to answer any questions anyone might have on that front!

While I'm keeping my eyes open for the rare multi-family unit that pops up in DFW, I’m also looking in San Antonio and a few spots in the Midwest. 

Looking forward to connecting with other BP members online and in person!

Hi all, 

I am looking for a mentor that will help me to achieve my 2024 goal of buying a multifamily investment 

Currently I have SFR long term properties and I am looking to take the step to buy my first multifamily investment . I read a few books about multifamily but still feel I have a few part missing in the puzzle.

What do you think? 

Dror  

Hi! I've been lurking on bigger pockets for a few years now, excited to finally be taking a dive into a first potential investment. My biggest goal is to maximize cash flow.

I've been working with a particular turnkey investment online service that has listings in Ohio. This service seems to be highly recommended on bigger pockets. I already have a preapproval and am comfortable with a purchase price of up to $180,000. One thing that was attractive to me with this service is that they already have property management in place and will help find tenants once the property is rehabbed.

I'm a bit worried about the pre prepared proformas they have for each of the available properties. For example, this one proforma I see for a property valued at $159000 assumes a 6.25% interest rate on a 30year fixed mortgage. Now I've talked to several lenders, and while this could be a potential interest rate for an aspiring homeowner, it is much too optimistic for an investor. The rate I was quoted was 7.125% with 2 and a half points purchased ( I have good credit at 750+).
Moreover, there is a promotion from the turnkey service where the first year property management fee is waived, therefore it is not listed as an expense on the proforma, which only covers the first year. With the lower 6.25% interest rate and no property management fees, the first year cash flow appears to be fairly healthy- $3864 annual cash flow on a total down payment (adding assumed $5K closing costs) of $44,750 (8.63%).

Now if I take the higher interest rate into account (7.125%) with the purchase of 2.5 points, that increases the total money put down to $48,725. And with the addition of the property management fee (assumed to be 8%), this increases my overall expenses and brings down cash flow to $1662 annually. The cash flow is now a bit disappointing- $1662 annual cash flow on a total down payment of $48,725 (3.4%).

I guess I just want to get some agreement that this is not a great investment. Any thoughts on this? I'm also happy to provide more information if that would help.

Note- I am a true beginner, I just graduated last year and since I don't know anyone else who does this, I'm literally following the instructions in a book. Please let me know if there is something wrong with my reasoning above.

Thank you all in advance!

Hello, I'm Lucas Anderson. I've been a huge stalker of the BP community for some time now, soaking up all the valuable information you all have kindly given over the years. Now I'm financially ready and have the time to really focus on and truly begin my real estate investor journey. I've saved up $100k and am looking to find multi and single family properties for long term holds. I currently split my time between the USA and Germany and will be doing this all "out of state"

I believe I have a good sense of what to do once I acquire the property, but the golden question that we all are asking - what market to choose?

Currently looking at: Omaha, Columbus, Milwaukee, Cleveland,

My strategy isn't groundbreaking, and of course, this BP community knows it all too well, but it goes a little something like this:

1. Find a property in a specific market with "hidden value"

2. Purchase this slightly distressed to distressed property in a C to B area (cash if I can afford it)

3. Rehab adding value back into the property 

4. Finance or refinance cash out

5. Long-term hold, long-term rent

6. Do it again brrrr

Of course, you can find hidden value in any market, anywhere in the world, even right off the MLS but what I'm looking for more specifically is where a newbie out-of-state investor and "safely" begin with the small amount of cash on hand I have.

Ya'll rock, I hope I one day will be one of the old dogs providing value to the young pups. 

Hello guys! 

I am a 34 year old woman in Ohio pending a divorce and will have about $100k to start over and rebuild when the dust is settled in a few months. I've dabbled in several investment types with limited success (stocks, crypto, etc), and the only thing that paid off significantly was our marital home (it nearly doubled in value since 2018)! So I'd like to embark on my real estate investing journey to grow my money, and am curious as to how you all would go about doing this to achieve the best ROI! Here's my situation:

 My goal is to establish passive monthly income along with owning properties that accumulate in equity. I will not need this money immediately, so am open to either short term or long term strategies. 

I have a credit score of 738, make about $105k a year in base salary and also earn about $30k-50k annually in bonuses. I currently have $100k liquid and am saving an additional $4k per month. Additionally, I am in our marital home and can remain once the divorce finalizes, but if I decide to sell or refinance the home to get money out, I would have an additional $80k in funds from equity to use for whatever route I decide to pursue in real estate. 

I am totally new to real estate investing (other than the primary home we own), and know nothing about maintenance/repairs or the costs of contracting someone to do this on a potential home (my now ex was in the home renovation industry, so he took care of all this)-- but I have the expendable income that would allow me  to afford improving a property if it is  in need of a little care. I also would prefer to be hands-on since this would be my first investment property, so am primarily interested in real estate in the Columbus, OH market and other local surrounding areas. 

Any tips or insight would be extremely helpful!

Hi, 

My name is Timothy Eaton, but you can call me Shea. (It’s my middle name)

I am a recent graduate from the university of Washington. I have been working full time for almost a year now and I have money saved up and want to do something with it. 

First, I’ll outline my interests. I really like university housing. It is consistent, and highly priced with good cash flow. The downsides are the constant issues with the homes because college students tend to abuse the homes more than a typical family would. Though I have lived in this situation as a college student and it intrigued me and I saw how much money our house paid every month to live in a pretty poor home($14,000/month). 

In order to execute something like this right now would be to pair up or team up with a number of smaller investors to secure a property of this sort and share the cash flow and equity built on the property. If you have similar cash to myself or more please let me know! I am happy to do the grunt work and try to put this type of deal together myself. I just need some help.

Secondly, I am looking at university housing in other states such as Ohio, Alabama, and Michigan. These areas can cash flow without needing to find the crazy deal that you would have to have up here in the pnw. I can also find these projects on my own. 

If you have any advice or have the urge to team up with someone like myself please reach out! 

Hi Guys,

New Investor here looking for some guidance. My family and I recently moved to Southern California from New Jersey. We sold our home in NJ, and decided to rent here in SoCal. We have a good amount of liquadable assets that we would like to start investing into RE with, as we don't plan on buying our primary home in the near future. We also both work full time jobs, with zero debt.

Because property prices are so high here in California, I am leaning towards investing in out of state rentals. 

I am a total newbie, so I am looking for some advice and direction. Please let me know if I am going on the right path.

I have read a few posts on this forum, and have place holds on the following books at my library to get started:

Short Term Rental - Avery Carl

Long Distance Real estate investing - David Greene

I also found a meetup close by, that I will start attending with my wife.

Please let me know if there are any other books or resources that I should be checking out as we start our Journey.

Thank you in advance, and appreciate this community.

Hi All, 
long-time lurker on Bigger pockets, but a first-time poster. 
I am beginning my real estate investment journey and know that I want to invest in a property out of state (I currently live in Seattle, WA). I would like to find a property in the 200k or less range to start. I am thinking of a single-family or small duplex. I am hoping for a CoC of around 10-12%.
I am open to most markets in the US but starting to feel overwhelmed by the multitude of options. I am having trouble narrowing my search down to one market. 
I am curious how you out-of-state investors narrow down your search criteria?  Addtionally, what markets would you recommend to someone like myself? 

Thanks in advance for your advice