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All Forum Posts by: Jonathan Oh

Jonathan Oh has started 3 posts and replied 351 times.

Post: Turnkey rental companies? (Portland, OR and Detroit, MI)

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Ali Boone I know of several investors who are in Detroit and are doing well, or at least that is what they tell me. Just curious, why are the people you know moving out of Detroit?

Post: Reviews for Memphis Invest

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

I've heard a lot of good things about Memphis Invest. There's another one I heard of called Memphis Cashflow. Norada is there as well. These are some but not all of the reputable tk providers in Memphis. I don't know how much research you have done, but if you haven't I would look at the inventory of all of them. From what I know, they all provide similar quality in terms of rehab (doesn't mean you can skip your DD). So my suggestion would be to focus on the deal. Make sure the numbers work for you. Don't settle with deals that don't quite meet your criteria because a certain tk provider you like doesn't have them. That said, Memphis Invest is a great company and I hope you find what you're looking for there. Good luck!

Post: Quick question regarding expenses

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Cory Brown

Yes, I always include maintenance and vacancies into my pro forma. Don't go with the numbers turnkey companies use. Go with the numbers that you're comfortable with. If you're conservative, increase the amount you set aside each month. You should have very minimal repairs and a tenant should be in there at least for 12 months or however long the lease is. But always be prepared. When that turnover comes, you'll be glad you set aside some reserves to cover the vacancy costs.

Post: Out of State Investing and Markets

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@William Kim

Given your criteria (100-200k in B/C neighborhoods), you can certainly find cash flowing deals in any of the markets you mentioned. But some will have more cash flow over others. I focus on CoC returns, but I've seen other investors who don't mind less returns as long as they are investing in A/B neighborhoods. I recommend first defining your goals and risk level and go from there. I invest in turnkeys myself so if you need some guidance don't hesitate to message me. Good luck!

Post: Trust But Verify - Even on BP!

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Patti Robertson Couldn't agree more. So many eager investors looking for somewhere to place their cash and not doing research on who they work with. What we need are more agents/companies that are actually care and are willing to hand hold and educate newbies, not just dump them into deals that obviously don't make sense. I also think new investors get enticed by great marketing and don't think about worst case scenarios.

Post: Rental properties: Turnkey vs Find on your own

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Brian Vog

There many threads about turnkey companies out there. Norada, Pinnacle, and Maverick are some that come to mind. These are actually marketers, but nothing wrong with them. People talk so negatively about marketers, but I think they provide a lot of value. 1 - they help guide you through the purchase process and 2 - they vet the turnkey sellers for you. But that doesn't mean you shouldn't do your own DD.

As far as saving time, thats one of the biggest reasons why people buy turnkey. Some don't have or want to spend the time building networks and doing the work themselves. But if you're career goals are to be an investor full time, then you may want to look into doing things yourself. Network and build relationships in the markets you're interested in. Your network will determine how successful you become.

Post: Hold or sell? Bay Area townhome

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

$24k a year is painful. Like a lot of the BP members here are saying, appreciation is a dangerous game. Especially in your situation. I won't make any predictions, but we are definitely in the latter stages of this cycle. Your worst case scenario would be to have this property when the market shifts to a buyer's market. If that does happen, who knows how long you will have to hold the $24k bleeding for? I would look into placing that equity into properties that are performing. I know you stated you are not comfortable with investing OOS just yet, but trying staying in the Bay just because its easier to manage is not the best reason to invest there. If you are completely against OOS, perhaps you can look into other markets nearby? I know of investors in Sac and Salinas, so you may want to look into markets that are at least driving distance.

Post: Out of State Investing Advice for a newbie

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Richard Phan Nothing wrong with going turnkey. Don't let some of these BP members who are vocal on the negatives of turnkey scare you away from them. Some investors just don't want to spend the time and energy to take on the risk of doing all the acquisition and rehab and that is completely fine. With that said, focus on the deal. Sure, vetting the turnkey provider is important, but at the end of the day, the property you purchase is the most important. Run your own analysis and do your DD. Always get an appraisal and 3rd party inspector. Only you know what type of investment your comfortable with. Figure that out and go from there. I bought turnkeys myself so if you need some guidance feel free to PM me. Good luck!

Post: Turnkey in Memphis TN

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Shauna Gingras I bought turnkeys myself and there is nothing wrong with it. Turnkeys served as a good starting point for me. I didn't get the experience of calculating and managing rehabs, but I did get experience of researching markets, analyzing deals, going through the purchase process, dealing with pms, and knowing what to expect from vacancies.

Post: What is going on with this market?

Jonathan OhPosted
  • Investor
  • Las Vegas, NV
  • Posts 499
  • Votes 258

@Alan Zee Some markets, like KC, still have decent cashflow, but man they are going so fast. Not making a prediction, but does seem like this cycle is approaching its end. Like many of these BP members are saying on this post, you just gotta analyze even more deals to find that one that works.