All Forum Posts by: Justin Owens

Any demand for furnished or unfurnished studios?

I would think some agents would be open to this with an investor because most investors want agents to write dozens upon dozens of low ball offers and agents likely won't likely ever see a closing.

If you would not buy again, have no ties to the area, on top of an uncertain economic future for Sierra Vista: Sell it

Rent covers the mortgage

@Shiloh Lundahl, I should amend my post a bit. I do have a goal of growing to $7,500 per month in cash flow (not considering the debt service, then to pay off the debt. I have 12 years as of this week to accomplish this goal. To get to this goal I am keeping all options open. Some properties make sense to flip, some with a simple cleanup and others require minor to major rehabs. Once complete the numbers may not make sense to keep as a rental so we would then flip and build our war chest. The funds from our REI do not go to support our lifestyle but stay in the REI account until they can be redeployed on another project. I may not know exactly the steps needed to get to my goal in 12 years, but I am using various strategies in REI to get there.

@Shiloh Lundahl Great topic and I did enjoy the philosophy and ego discussions of the podcast. It really made me think about some of my actions and why I do what I do.

Regarding goals specifically tied to real estate, I think I fall more on the don't set goals is better for me that setting a specific number, but I could be swayed to the other side of the fence. I started on BP and really looking and getting into REI again last year. Reading, forums, podcasts etc. Come January 1, 2017 I wanted to set a goal to buy a property, maybe 2 this year but I didn't set any specific goals, didn't write anything down on the mirror to look at each day. The goals I did set, initially, was to analyze 1 property a day using the BP Calculators. My theory was if I focused on the finding/analyzing (@Brandon Turner's pipeline) for my goal setting, the acquisitions will happen when they happen and would be determined by the numbers of the deal and not a goal I set. 

After so much practice with that, I could just see deals and run numbers in my head to evaluate a property quickly. Because I have been focused on REI, and more recently my wife got licensed and is now gung-ho for finding deals, we closed on our 4th buy last Friday and have our 5th closing this Friday. We also found a private lender to allow us to do two deals at once rather than one at a time. Things have worked out well this year so far and unless there is a market correction I am hoping 2018 will be good for us as well.

My wife and I had our 4th purchase of the year in escrow then we found a deal we could pass up. We have been doing 1 deal at a time using our HELOC to fund then selling or refinancing the properties. Since we needing funding for this 5th deal in Mesa, AZ she took a potential partner by for a look. I was in Tucson at the time trying to communicate with the seller while she was trying to line up thebo partner. However, the potential partner seemed overwhelmed with the whole thing and offered to just loan us the money at 10% apr interest only payments with no points. She funded 100% of the purchase price and we even got our earnest deposit back! This all went down Wednesday and we closed on Friday. We still have the other property also, in Mesa, closing this Friday. Now we are scrambling to manage two rehabs at once. We are planning on flipping both at this point because our all in price will be higher than 1% rule on market rents and we won't have 25% equity to do a true BRRRR. We will see how this turns out but we are super thrilled to find a private lender who is super easy to work with.

I agree with @Bob Okenwa , We just went under contract on our 4th property this year and 2 were from a wholesaler (purchased together) and 2 separate deals were purchased via MLS but we did offer the first day on the market. It takes a lot of sifting through the bad deals to find those that will work, AND you have to act fast. Thankfully we have a HELOC we are using for the short term financing.

@Jaime Paniagua going through conventional financing will restrict you from these good deals but if you have a pre-qual/pre-approval from a hard money lender would be able to pick something up. I have crunched numbers on a lot of deals and can now roughly tell if the numbers would work enough to make an offer. I do still follow up with running numbers on the BP calculator. Let me know if you have any questions or looking for direction, I'm not the most experienced but happy to help where I can. Of the four, 2 are in Mesa, one in Chandler, and one in San Tan Valley.

Welcome @Gem Montero . Good to have a neighbor signing up!

what is your lead time for cabinets and counters?