All Forum Posts by: Jordan Sutherland

Also, if you are looking for a property manager in Lubbock, my family owns a property management comoany. If you are interested PM me and I'll give you the info. They charge 10 percent of monthly rent, no tenant assignment fees or anything.

I think a 4 bedroom in that neighborhood even close to that price is very rare, if there aren't any issues. If there aren't, then it sounds like a good deal. I would love to have a good cashflowing property in that area. And that is definitely one of the neighborhoods of Lubbock that I would expect to have above average appreciation (especially at a purchase price of $127,000).  Sounds like a good one! I would include capital expenditures in your numbers though.

I'm pretty new to REI, but I have lived in Lubbock all of my life. A 4/2 in the city limits in Cooper school district is very desirable to many people in Lubbock. Lubbock is growing, and it's definately heading in that direction. I think almost anything in that area is a safe investment if it's cashflowing. I'm surprised to hear the price on this one. Most houses in that school district are priced way higher than that, depending on the neighborhood. What major cross streets is it by, if you don't mind me asking?

Thanks for your opinion Robert! I found it on the MLS as a 4 bedroom, but I'll make sure and ask about all the permits, etc. Also, the HVAC system was updated and upgraded just a few years ago, so I think I'm covered on that side of it.

Hey guys, I want your opinions on garages that are converted to bedrooms. I'm looking at a 4 bed 2 bath house in West Texas. The 4th bedroom is what used to be a one car garage. The bedroom is very good sized, has a central air vent and it looks like whoever did the conversion did a great job all around. I've always heard 4 bedrooms are in high demand in my market, but I wonder if the fact that there isn't a garage will make it harder to rent or eventually sell 10+ years from now. Of course, i'm paying quite a bit less than a 4 bedroom WITH a garage.  Also there are two decent sheds in the backyard for storage. Do any of y'all own a house with a converted garage? And what are y'alls general opinions on the matter? Thanks for the help!

Thanks for all of the input guys. I really appreciate it! It's an interesting topic and I agree with what most of Ya'll are saying. For the record, the property will be cash flowing a few hundred dollars a month ( I would never purchase a non cash flowing property).   I got it under contract for  5% what the seller was asking for, and the asking price wasn't a steal, but was very reasonable. Not quite as low as I was hoping for, but I think it's gunna be a great investment! 

Hey guys, i'm pretty new to REI, and I had an intetesting conversion with my grandfather the other day. My grandpa has a pretty impressive portfolio of SFR and small multifamilies worth about $5,000,000.... and it's all paid off! He started from scratch 40 years ago and steadily accumulated his wealth starting from nothing. We were analyzing a propery i was interested in and he told me something interesting. We were talking about what price i should offer for this property and he told me this: "Don't worry too much about the price, just make sure it's the right property. I have never bought a property that didn't make me a ton of money, as long as I held on to it for 10 years." I'm 23 years old and my goals are in buy and hold investing, so I thought maybe this was absolutely true, or maybe at least a little bit. What do yall think?

Yeah, that's kind of what I was thinking, Chris. I'm 23 years old and i'm just trying to get the ball rolling with slightly limited resources. So for me, I think CoC return is by far the most important, so that I can grow my rental portfolio as fast as possible. With my career, I have 4 days off every week so I'm willing to put in a little extra time managing more doors if my ROI is higher. And also if I get tired of managing my own properties, my mom runs a small management company and she offered to do everything for free.

Hello everyone, I would like to ask for some quick advise. I'm new into REI and i'm from West Texas. I have a fully rented duplex that I purchased this year and i'm looking to acquire another property. I found a duplex that I think I like, but I would like to hear your opinions as well! So here's the details: The duplex is in a wonderful B plus neighborhood, but it on a weird random street in the neighborhood that I would rate at a C(from A-D). The seller is asking $118,000. Both sides are 2 bed, 1, bath, 1 car garage, roughly 1000 square feet each. One side is rented for $650/month with a good tenant. The other side is move in ready and should be fairly easy to rent quickly. Seperate utilities, so the tenants pay all their own utilities, and I will be managing the property myself. My realtor, which is also my mom said that fair market rent would be $675-$700 each side. The property is brick, on a slab foundation, and a flat metal roof. It seems that all appliances are almost brand new and the place doesn't need any work anytime soon. A friend of mine will finance it to me at 5 percent over 30 years with only 10 percent down, and my closing costs financing with him will only be around $350 for the title company, etc. Also, this will leave me with plenty of cash reserves for both properties. ( my friend is a very conservative investor and he trusts me). Let's take a look at the numbers if I purchase it for $110,000 shall we?

Monthly rent: 1350

Mortgage: 533

Taxes: 160

Insurance: 100

Vacancy: 100

Cap Ex: 175

Repairs: 50

Initial investment: $11,350

Cashflow: $232/month  $2794/year

CoC Return: 24.6 percent

I expect a small amout appreciation in the area as well, but I know that's just "icing on the cake". What do you guys think? Should I go for it? Any input is greatly appreciated!

Hello everyone, I recently purchased my first two rental units in Lubbock, Texas, and i'm ready to acquire more! I have a friend with cash that will provide financing to me. I was wondering if anyone in the area has any properties that are in decent conditon and are already leased and cashflowing, and would like to sell them to me at a reasonable price for cash. I'm looking for single family residences or small multifamily units.