All Forum Posts by: John F. Estrada

Closed on a planned STR in South Bend (go Irish). Out of state and just getting everything into place.

Investment Info:

Single-family residence buy & hold investment.

Decided to pull the trigger finally in RE investing, taking advantage of interest rates and some on hand cash. Identified ABQ as a target due to affordability, city potential, industries (military, medical and film/TV). Worked with an agent via a referral and landed this centrally located home that comes with a 1BR/1BA casita in the back. Practically turnkey upon close. Upgraded electrical, gas piping, and rehabbed the casita.

How did you finance this deal?

Mortgage + 20% down

Welcome to BP. Just went under contract on a home in South Bend, working with an AMAZING broker from St. Joseph Realty (connected here at BP). Looking forward to exploring the area and looking for more investments around the area. Go Irish too.

Have 2 properties in Duke City. House and condo. Bought house in 2020, so instant cash flow given the low rate and price. Condo a bit different - 7% note, but we furnished it for a MTR, and tenant is excellent and deciding to stay longer. So get a couple of hundred there (after HOA & note). Currently still favor the house rental for MTR and long term strategy in ABQ, but I don't think you generate any solid cash flow unless you can get a turnkey 2BR for under $250K. Most 3BR turnkey homes are closer to $285K and upwards, so with money more expensive, and minimum rent of $1800... possible break even scenario. Still relatively new to this space (2020 was first move). I do think multfamily would mint more cash flow but pricing is a bit out of current range. Crime and homelessness in the areas where you could get more cash flow is still pretty high - which is a bummer. City has so much potential.

Looking at South Bend. Research led me to a couple of videos of former ND players coming back to build development into the area. Considering traveling nurses/workers, as well as seasonal rental for ND home games (also a huge Fighting Irish family). Would appreciate any insight. Find the potential quite appealing. All the best.

What a great analysis. Have invested in ABQ with first purchase in 2020 - and that was based on my knowledge as a film/TV friendly area and affordability. Crime and drugs still an issue, but getting quality tenants has not been a challenge... so far so good. Looking for the next one as I type. Thanks for sharing.