All Forum Posts by: Joseph Burke

Title says it all. Wanna buy a Turnkey from a Company that has a stellar reputation. Don't mind losing some cashflow in exchange peace of mind or whatever. Thank you!

Title says it all. Wanna buy a Turnkey from a Company that has a stellar reputation. Don't mind losing some cashflow in exchange peace of mind or whatever. Thank you!

 Thanks for the help. I took a trip down there a while ago and did see a lot of rehab's going on.

What do you think the transitional neighborhoods are right now? Broadmoor looked like it was going through a bit of that, but I didn't get to see enough of the city to make a call. 

Son wants to go to school in either Portland or New Orleans. As an investor and his official sponsor, I can't help but wonder about the RE market in either of these cities for long-term "appreciation" plays. I'll probably buy a Duplex or something while he goes to school.

New Orleans seems like it has room to grow, but there's really no telling. Portland seems much more stable. 

The price ranges for the Duplexes I've been looking at is roughly the same in both areas. So it seems like Portland would be the better choice from an RE standpoint, but I'm not sure.

What do you think about these markets BP?

I qualify for the county limit for a multi-family. Of course, I'm thinking about getting the most expensive house I can, banking on appreciation. Just wondering if there's any inherent risk in this, besides overpaying?  Is it possible for the MF market to drop in my area drastically or something?

I make six figures and have no debt right now so I'm okay with being a bit in the negative or something. 

I recently inherited a "pig" that's not going to appreciate much. It cashflows right now, but mostly just becuase I own it free and clear. I don't see it as a good long-term hold at all. I've been reading forums for the past few months, and I'm pretty confident in my plan. I wanted to see what you guys thought of it.

1) Fix up the old house (5k-10k rehab), then refinance it and deal with the fact that I might not make much cashflow on it in exchange for the 40k-50k that I'll be able to reinvest.

I can also just do nothing to do it, take the cashflow it has now and wait a year or so to build up reserves. Or I could just sell it.

I think refinancing it is the riskier play, as the house has a lot of issues and there's no telling what could go wrong. Refinancing puts me in a much better position to leverage though, and build my portfolio faster.

2) FHA into a multi-family. Preferably with a 203k so I can get something undervalued. This will probably be in the 300k-500k range, and make up the bulk value of my portfolio.

3) Set aside some cash for CapEx reserves, and take the extra cash and work on growing a portfolio using the BRRRR method, with a focus on Cashflow (Mid-range SFR's most likely. Maybe some small Multi-fam's.)

I am in my 50's and make roughly ~150k a year and have NO Debt right now. So banks are all calling me, haha. My focus is on growing cashflow ASAP so I can fund my retirement in the future.

How does this sound? Any comments or advice?

Thanks for the help everyone. Gonna have to think about it. 

 For it to be "up to code" it needs

A new roof-5k-7k
Knob wiring pulled and replaced- 11k
misc. fixes around the house (flooring, paint, carpet)- ~5k

These are just rough estimates. The house is huge, about 3k sq ft. 

How would I go about replacing the wiring for just a grand? 

My salary is in the low six figures right now and I have absolutely no debt. I'm trying to build up a decent portfolio (2k of passive income) before I retire in the next 5-10 years.

I figure I should be able to do it pretty easily. I don't think I'll have a problem investing the 50k to make more cashflow. 

What I'm really asking is, is it worth investing in and then borrowing money against a property that could be a liability in the future, or should I just wait a year or two and build up a decent cash reserve? 

Yeah, I'm gonna look into insurance ASAP. I don't know if it's possible with the knob wiring though.