All Forum Posts by: Jordan Murrell

This is a great discussion. I purchased property in the midwest more specifically, Memphis TN. I purchased those properties for cashflow reasons all while living in Las Vegas. I look back on the properties I purchased, they have very little appreciation but good cashflow. Here in Vegas, my primary has appreciated more than 20% over the last year and a half. Now, as a more seasoned investor, I will be purchasing property for appreciation reasons, if I am able to positive cashflow a couple hundred dollars, then that will be ideal. 

Hi Allen,

Have you taken a look in the Henderson area? Also, the north west, Centennial Hills & providence areas as well may be the place to look at. Let me know if you have any questions!

Yes, it really depends on what you are looking for in terms of your rentals. Centennial Hills is continuing to grow in the North West of Vegas. That area is very strong for rentals. 

Thank you for the market analysis Andrew!

Hi Marysol,

I think the best time would depend on you. There are always opportunities to buy, it just depends on the investor... Considering I am in the mortgage business, and I invest in property as well I would look at what you are able to get qualified for. Then I would get the lender to run some numbers at different price ranges, so that way I know how much my PITI payments will be.

After, I would do some research on the different areas and look at rental comparisons & market analysis. Finding an awesome investor friendly realtor to help with this is what I would suggest. This way you have the best opportunity with numbers from the lender and then concrete numbers from previous/ current rentals and equity growth from the realtor.

I hope this helps! 

I am letting you know you have the option to do both! You asked for ways to increase your COC returns. I saw that you offer great amenities to your tenants that they may not get elsewhere. Could be a good place for you to earn a bit more income.

Yes, over improving is not the way to go. When I purchased, I made sure I did some improvements off the bat. I wanted the tenants to have a home. I didnt go crazy with marble showers or anything just enough to make it nice and home like. New floors, cabinets etc etc. 

It sounds like you are on a great path to meet your goals. Let me know if I can ever help. I also go out to cuse every year, we can connect when the time comes!

First and foremost, GO CUSE! 

I am a proud Syracuse alumni. That place will always be near and dear to my heart. 

I think that you should potentially charge for parking & garage space depending on the situation. There is also an opportunity to earn additional income from laundry machines. This could help you increase your numbers. Considering what the market value for 2/1 and 1/1, you are offering a few good amenities as well it sounds like. PLUS you're continuing to make updates to your property, you may be able to raise your rents a little.

If you are happy with the model you currently are using, I would definitely purchase another house hack. You have a great opportunity to continue to build your wealth and your rental income by purchasing small multifamily properties every couple of years!

Let me know if you need anything & Goodluck!

I agree with both @Taylor Dasch & @Account Closed. I think the right time to buy would be now. Find a good deal that you can move into and potentially put sweat equity into the property with a few renovations here and there. Once you have fixed it up, you would have gained equity plus interest rates may be different, could be a great time to refinance. Then you would have income to purchase another property and continue your journey on that way. 

In regards to not enough capital for a downpayment, you can get a gift from family and close friends that will increase the amount of capital that you have to qualify for a more expensive property. 

Another potential option is to purchase with low money down 3.00% or 3.50% and house hack with roommates as well. I know you mentioned you have a wife, so I am not sure how you both may feel about having roommates, but its an option. I know my wife would look at me like I was crazy 🤪. You could do this with a small multi family, 2-4 unit property. So technically you wouldn't have roommates, you would have tenants. Move out in 2 years and do it again. This could be a great way to continue to grow your portfolio.

I hope this helps! Goodluck!

Lisa, 

Congratulations on your first step! I would suggest keep doing what you're doing. Looking for advice and mentorship through this platform and here in town. I also do not think you'll need to pay for mentorship considering there are many avenues that you may want to explore considering you are green to real estate investing. 

There are a few real estate meet ups that I go to here in town and I would be happy to share the times and locations if you're interested. Also, if you have any questions at all, feel free to reach out!

Hi Alexis,

Congratulations on your first property and the thoughts of buying another!! 

When investing out of state, there are a few things that are needed and one being a strong team that you can TRUST. I have purchased out of state and had great experiences and also very bad experiences. I have an array of questions to ask realtors and lenders (I am in the mortgage business) before you decide to make the decision to trust them with a purchase thousands of miles away. 

Also, in regards to your tip income, if you are reporting them on your taxes, a lender will be able to average the tip income over 2 years to use towards your qualifying income. Let me know if you need any thing and good luck!