All Forum Posts by: Jordan Ray

Hello BP community! I am looking to get into out of state investing. I live in San Diego, CA and as you all know, it’s a very high entry point here so looking to get into a long term rental elsewhere. I am looking to use all cash, under 200k, preferably under 180k for a single family or a duplex if viable with my budget. I am a small business owner, business is not doing too well right now so that’s why I’m looking at an all cash buy, so I can get a nice cash flow to supplement. Would like to be in a city where I could get potentially $1,500 to 2k in rent. The list of cities that I’ve come up with so far by my own rookie research is the following, but always open to other suggestions from members that have experience else where. 
Waco, Dallas, El Paso, TX

Indianapolis, IN

Pittsburg, PA

Looking to connect with locals who can help build a boots on the ground team as well. Thank you guys so much for any help here. 

Hi Jonathan, thanks for the quick reply. I'm looking at SFH in the Memphis, TN area (38128). I don't believe anything too crazy. I've only filtered by sold 0-2 years and br/ba which is why i'm surprised. If I changed the filter to around 3-5 years then I can see 1 or 2 properties but i'm not sure if that is enough for an appraiser to use.

I'm fairly new to real estate so if there is any feedback on what I can get a better idea than that would be awesome. There are some areas I can see a good value so my question was more related what about areas that don't have with in a 1 mile radius or haven't sold anything nearby since 5 years ago.

Hello BP family.  Who are you guys using for CPAs in the Memphis area?

Thanks.

Do Investors still have interest in rooming houses? Rooming houses usually don't get to take advantage of sporting events, concerts, festivals that usually result in spikes in rental fees and more profits ( and glory) that AirBnb and other STRs get to. But if set up correctly, they can be more consistent performers over time and have more predictable cash flow. 

I have a 3 home package that I'm working in my market. I was wondering if: 1) investors still found rooming homes as viable? 2) What would be best way to market those rooming houses. I'm listed on MLS and I've posted in all of the groups on facebook. Now I'm here. Any info would be a huge help. Thanks!

Quote from @Jordan Ray:

Quote from @Saurabh Kukreja:

Is it priced well? Will this be a good deal ?

6436 Macon Rd, Memphis, TN 38134 | MLS #10185084 | Zillow

Looking at these numbers :

The thing that I like is its in a good area. The current tenant is paying 1550 , but there are other properties in the same community available for rent at 1400, which makes me think If I should calculate my numbers for 1550 Or 1400 ?

Also , normally I keep 5% as vacancy rate , but for this case I did 4% as its a desirable rental area

Is 7% expense conservative for such townhomes?

Is 6.2% Cash On Cash a good deal worth looking at ?

I would pass on this deal. I personally wont buy a property unless it has a minimum 40% Cash on cash return. (Best done by a BRRRR) Also, rents are coming down slightly and properties are taking way longer to rent out. There is plenty of supply so I would either pass on this or write them an offer that makes sense from your position. Let me know if I can help in any way!

I think it depends on the strategy right , I am still a beginner and wanted something more turnkey rather than BRRRR.

How would you think of something form that perspective ? My goal is Long term and positive cashflow with appreciation.

Is it priced well? Will this be a good deal ?

6436 Macon Rd, Memphis, TN 38134 | MLS #10185084 | Zillow

Looking at these numbers :

The thing that I like is its in a good area. The current tenant is paying 1550 , but there are other properties in the same community available for rent at 1400, which makes me think If I should calculate my numbers for 1550 Or 1400 ?

Also , normally I keep 5% as vacancy rate , but for this case I did 4% as its a desirable rental area

Is 7% expense conservative for such townhomes?

Is 6.2% Cash On Cash a good deal worth looking at ?

OK, I see lots of information that I did not think about. The house is under $100k which our agent says it's harder to get a loan on this amount. So, the seller finance makes more sense. But the $2300 down payment, $2500 over asking and paying the fees seems, not quite right. Our goal was to get rid of our older houses which need more maintenance ($$) and invest in fewer but newer houses. We're trying to get rid of the added stress of monthly repairs and simplify things. We have a couple newer houses, and they are almost invisible, just a monthly income. That said, hiring lawyers to write contracts, background and credit checks on strangers that already look nefarious may just add to the stress that we're trying to get rid of. Especially, if the deal goes sideways in a year or two. I see some good info about down payments being bigger, buyer damages the house then defaults, etc.. Another odd thing was the same buyer added a second option of a cash purchase that was close to half the asking price. Maybe to have extra cash for repairs. 

Anyway, we've made a decision, based on all the advice and knowledge from everyone here, to continue to look for a real buyer.  Thanks for all the great advice. It's very much apricated. 

Looking for people to connect with who have invested in multiple single family homes in the following markets: 

1. Charlotte, NC

2. Atlanta, GA

3. Columbus, OH

4. Raleigh, NC

5. Tucson, AZ

6. Memphis, TN

Looking for people who have invested in at least 10 units in a particular market. Will be willing to pay to hear your experience (and do's/don't) in the Sunbelt markets, as I'm building my RE portfolio. Please DM me.

This is all very new to me, but I started listening to the BP podcast about a month ago and realized I have a strong interest in real estate investing. I'm using my workout time to educate myself daily and feel overwhelmed, but excited to get going. My goal is to create generational wealth for my family and to eventually have the financial freedom to say "yes" to travel adventures as a family. 

I'm open to suggestions for where to start investing. I have family in Kansas City, MO area so I thought that would be a good place to start since I could visit properties while visiting family. The other area I'd consider is Cleveland after listening to one of the BP podcasts and doing some research on that area. Multi-family units and investing for equity are my focuses to start, unless anyone has any other suggestions? Open to cash flowing properties too if the numbers are right. 

I have about 8K to start investing, which I know is not a lot, but with 3 kids living in SoCal, we are already pinching pennies. 

Looking to connect with other working parents who started this business adventure in their early 40's and made it work! After reading so many intros of young, single, eager individuals, I'm hoping I'm not too late to the game! 

Random question: has anyone cashed out their retirement (or part of it) to invest in real estate? Good move, or bad? 

Thanks for reading! Looking forward to connecting and learning!