All Forum Posts by: Jorge Duarte

First off, @Isaac Fernandez what comps are you using that are giving you that ARV? Biggerpockets has a whole page on contractors, where you can find and network with. 

@Isacc Lightbourn Short and simple Cap Rate is the following: 

Definition: Capitalization rate, commonly known as cap rate, is a rate that helps in evaluating a real estate investment. Cap rate = Net operating income / Current market value (Sales price) of the asset. Description: shows the potential rate of return on the real estate investment.

@Matt McGuire Well knowing that the owner won't provide any leases, is asking for the tenants contact information out of the picture? Talking to the tenants directly would be a better way to find out the rent situation. 

In regards to finding out all that is necessary, I think the 4 hour drive is completely worth it, just because this is your investment we are talking about here. Plus I believe you can always use trip as a tax write-off because you're going to go check out your future rental property. I'm not a tax consultant but I'd look into if I was you. 

Keep us updated. 
 

With a population that grew from 10k to over 40k in a little over 5 years! Medium household income growing and pre-qualifications getting more common, the housing inventory is not able to keep up with the demand! New Constructions are ranging from 150K to 250K, existing homes are selling on a hot market around 130k to 180k, with rents going up to $1100. 

Between first-time homebuyers, and out-of-state investors with biggerpockets :P, what are some strategies you all know about that can generate great deals? How many strategies can we list? 

Let's connect and find ways to help each others business grow!

@Cody Barna It's a no brainer for restaurants, since Yuma have a great diversity of cultures which drives so many different styles of food! And out door activities are truly enjoyed with all year round great weather with very sunny days, one hike that I know off and Lake Martinez not even 40 minutes away where you can camp, hike, fish, float, or my favorite cliff jumping! 

@Cody Barna No problem! I'm not really familiar with those areas to be quite honest with you, since I work more in the Southern area of AZ closer to the border. 

@Cody Barna Thank you! Our market here in Yuma County is quite interesting these past couple of months, in comparison to Phoenix and Tucson it'd be that there's so many New Construction and very low supply, where it has turned the market into a sellers market. Lots of California residents are moving into AZ, I've had a good amount of clients coming straight from California lately. Pretty hot market to be honest just going by the amount of people wanting to move to AZ. 

Investment Info:

Single-family residence buy & hold investment in San Luis.

Purchase price: $133,000
Cash invested: $3,000

Pocket listing, purchase price $133,000 got a conventional loan (5% down payment) which came down to $3000, and Rehab cost me around $3000, but Seller gave me a credit of $3000 for Rehab materials and labor.
After expenses and all I was coming out even on the deal. I waited 4 months, and after completing my refinance and getting a lower interest rate, I am now cash flowing $140!

I am a REALTOR in the Yuma county area, I am looking for good lenders to connect with. Anyone know of any that are willing to the extra mile and answer emails or calls at 9pm. If you do send them my way or point to the right direction so I can find them. 

Thank You! 

@Joe Splitrock The math does make sense, now that you mention it. I will talk to my lender and find a way towards dropping my PMI, and on top of that for sure start managing my own property. Thank you!