All Forum Posts by: Joseph Vu

This right here. This market is just too insane. It took me a dozen tries before I was able to finally get my 2nd property accepted.

Following.

I am an out of state investor looking at Arizona for multifamily. I was browsing through Realtor.com and Loopnet, but i am sure this isnt the best method.. hoping to learn something from this thread.

You can also join a few groups on facebook where they post multi-family homes for sale as well. If I didnt live in California, I would buy a distressed multi and do a live in flip to add value

Welcome man! If I could do it again, I would definitely house hack! I am also working with a few turn key properties as well to acquire out of state rentals. Let me know if you have any questions.

Any immediate/ or soon to be need repairs?

Numbers look great. I would ask the PM for the tenant's history to determine how long they have been there and see if they have been paying rent on time and take that into consideration. With a town that small, it might be hard to fill vacancies, but I would just increase my vacancy savings rate from maybe 8% to 15-20% to account for that. Even if you do that, you would still get 10-12% CoC with 25% down.

Hey man, congrats for getting into real estate! Iv been hooked ever since I got my first turnkey property earlier this year.

I worked with REI nation and they are awesome. Unfortunately, inventory is a bit low for them at the moment, which led me to start looking into other turn key properties. I am currently trying to close on a property with Rent to Retirement at the moment and so far they have been great. But the market is a bit hectic at the moment and everything is being picked up pretty quickly. It is hard to find a decent cash flowing property, especially in a B class neighborhood.

In terms of trying to find if a turn key is reputable, Bigger Pockets is the best place to find that. Once you identify several turn key companies, just type them into the search bar and you will find quite a few reviews from other people. Also give them a call, ask them how their process is, see how their response is and how well they communicate with you.

I think once you have 1-2 turn key properties under your belt, and you become more familiar with the process, you will eventually want to stray away from them and start building your own team so you can achieve better cash flow. I think turn key is a great place to get started, but as the rates get higher, your cash flow is going to come down a bit. This is where you want to make the decision if you want to keep staying turn key, or if you want to start building your own team and then doing it yourself for better returns.

Let me know if you have any questions!

I understand the living situation in California, it is super expensive, so if you are currently pay rent right now anyways, I would definitely consider buying some property and house hacking it. With the extra savings from house hacking you can put that towards out of state property due to its lower entry costs.

If you can afford property without an HOA I would definitely try to do that, but if its unavoidable and you can only afford a town home or condo, as long as you are paying less in comparison to what you are currently paying for rent, its a win-win in my book.

Also, I dont think most HOAs have anything against renting out a room, but you can look up who the HOA where the property is for sale and give them a call and just ask them over the phone if they allow renters and what their policy is.

I currently have a turnkey property in OKC through REI nation. I put 40k down including closing for about 250 in cash flow a month. I am trying to close on my 2nd in Indianapolis at the moment. Let me know if you have any other questions! Feel free to PM me as well.

@ashley nguyen

congrats! Be careful of the bug! once you get your first property, its hard to stop! I just closed on my first turnkey rental this January, I am hoping to close on another one next week.

What market did you purchase in?

Yea, pretty much what all the others said. Nothing wrong with turnkey, i actually closed on 2 turnkey properties this year. They all cash flow, but they are all pretty much in the mid west. 

Its still a pretty hot market, so everything is getting scooped up right now super fast. So i am currently looking at other ways to acquire property. I am trying to buy properties that require a slight rehab and renting it out at market.

Congrats on getting into this young. For starters, I personally would not invest my money into an asset that does not produce a return. Think about what would happen if you dont have enough cushion in a down turn market. 

Do you plan on buying a multi with you living in it?

I am currently in california as well. I havent discovered anywhere where the numbers work unless you are being a property at a deep discount or a rehab project where you fix it up yourself. I have been investing out of state. If you want it to be easy and hands off, try looking into turn key properties. 

Another thing you can do is building an ADU and renting that out for a good buy and hold play.