All Forum Posts by: John Voychick

I'm trying to decide between markets on flip and hold. 

I'm considering memphis and Florida right now but am open to success stories. 

I'm hoping to spend 70-80k cash,  add 15-20k.

Appraise for >115k, refi

Rent for  11-1300.

Has anyone done anything recent like this?

Very informative. Thanks for taking the time to respond so thoroughly!

Cheers.

Thanks for the book recommendation I'll check it out.

I was really hoping for some examples of what other people do as far as percentages go. I know I have a lot to learn and was hoping I could learn about calculations from some BPers.

I'm been looking through the site and am having a little trouble finding what I'm looking for.

Basically I'm looking at a property for 67k renting for 760/month

The TK company claims $408 in cash flow but that doesn't account 10% for PM, maintenance, vacancy [although they have a 3.5y average], rainy day fund, and other operating expenses.

Can someone point me in the right direction or suggest what they use? I find that the calculators ask me for numbers and percentages that I do not know just yet as I am new to this.

Thanks in advance!

John

I'm having trouble with PM. but I'm interested to know what companies Caleb heimsoth and David hutson have worked with.

Sorry for having trouble with technology

what do you think of turnkey companies like memphis invest vs buying a property with minimal repairs and your own property management. It seems like these tk companies sell their homes above appraisal value?

Hey guys, I'm new to bigger pockets and REI. I'm considering out of state long term rentals in Memphis.

Does anyone have any opinions on turnkey management vs buying and using my own PM and handyman?

TK has some benefits but it looks quite costly

also living in San Diego and an looking in the memphis area.  I've been looking at TK investors but thinking that they skim quite a bit off the top.  

If anyone has connections with property management or zip codes I would really appreciate it. 

Cheers!

This is all helpful thanks guys. 

I'm not super concerned about having to carry the rent or pay for the repairs, a few thousand here or there. I Guess i was just wondering:

a. If I get sued and I have the rental as part of an LLC, can they come after my primary residence?

b. If my mortgage is 650 and my rental income is 1000, does that seem like enough cushion? not including property management, possibly vacancy and repairs. I wish the 2% rule existed buy I'm not settling for less than 1%.

c. Is it realistic that average rent can drop from 1000/mo to 500/mo?

that's comforting. My ultimate plan is to have a portfolio of properties that will give me solid returns in 15+ years.  I just don't want to risk our good start on our current house :)