All Forum Posts by: Kristofor Rahmas

@Josh Richter, I have a friend who bought a new craftsman 2 years ago on 13th ave in the area below Tropicana field between MLK and 4th.  I'd still consider the area a solid C, however, it seems that the area is turning fast.  Looking at the properties on the street, about every third house is new or newly renovated with poorly maintained older houses between.  If you can stomach the area for a few years, its clear that its trending up.

@Sean Rooks Thanks for the post! Super helpful as i hope to start a BRRR soon as well. Its nice to see your original analysis and then the actual numbers after the fact. In all the BRRR books i've read, they always only reference using cash or a hard money or private lender. I'm assuming you didn't use a hard money lender based on the low interest rate. Never really thought about doing it with a conventional loan before. Gives me other options to think about.

@Sam Shueh, what did you use to determine its a section 8 rental? I tried looking on HUD website and didn't see anything where I could search addresses. Curious to know what you use so I can add it to my research arsenal.

Thanks @Christian Paez!  Can I get in on that list as well?  I'll be moving to the lakeland or Brandon area by July 1st. 

Can anyone tell me the average cap rates these days for lakeland for single family as well as multi family?  Thinking about moving to the area to get started and want to set realistic expectations when everything is so hot.  Lakeland seems like a great location because its also close to either Tampa or Orlando if I'd need to expand the search.

I poured through the book in 2 days. I was really hoping for more information on determining if it's a good deal with rehab estimates. It sounds like he has a contractor goes over everything for him before closing since he has a huge portfolio and incentive which will rarely be the case with a newbie investor. 

@Stephen Scire, I struggle with similar issues.  I am in upstate ny temporarily and there are two small quiet college towns near me 20 minutes away in both directions.  I see properties come up often where the numbers could work...no where near as good as the numbers you've quoted.  I have to force myself to pass tho...there is literally no management in place out here.  Vacancy is a major issue as well...and many properties have been on the market for over a year...not a good sign when we are towards the top of the market right now.

I have forced myself to not even tempt myself by looking at the properties in these areas.  Too much of a waste of time trying to talk myself out of the reality of the situation.

I agree with @Anthony Wick.  No reserves until the credit card debt is gone.  I adhere to Dave Ramsey's philosophy on my personal finances with the exception of only buying houses with cash...thats just crazy.... just don't understand his mindset on that.  I get its for peace of mind...but thats an expensive price to pay in time

Get rid of the debt first.  We all have different risk tolerances.  For me, I would want a strong start in building a portfolio with no credit card (or auto) debt and adequate reserves for the future property in the event things go bad.  

I work in the foreclosure/loss mitigation space and see lots of sad stories everyday from people who didn't take advantage of leverage wisely.

Hey @Chad Quillopo, I didn't.  After calling around, it was pretty evident that there were no property managers in the area.  Its a deal breaker for me.  I'm looking to scale a portfolio...managing the properties at a detailed level isn't part of that vision :P