All Forum Posts by: Maurice Bunn

Happy Sunday!!

Question does anyone have advice on finding vacancy rates for a particular area? I've been using deptofnumbers.com

Any advice would be much appreciated!

Thanks,

Bunn

Happy Sunday!!

Question does anyone have advice on finding vacancy rates for a particular area? I've been using deptofnumbers.com

Any advice would be much appreciated! 

Thanks, 

Bunn

@Upen Patel I work in Pentagon City. Let's do coffee sometime soon and discuss potential financing. 

Hey @Dee Bowers I hope all is well. I would suggest renting the 1st home. I  would meet with a few community banks to find out how long you have to season a property before refinancing. Typically the seasoning period is 6-12 months. Meet with a few banks and get a few options. 

I would also use the bigger pockets brrrr calculator just to run my numbers to make sure this strategy works. 

Scottsdale is an amazing place. And anyone would be lucky to rent there! 

You should also look into Airbnb a lot of weather birds go to Arizona for the weather, to golf and enjoy the sun. That could make for a great property for visitors just staying for few a days. 

I just visited Scottsdale/PHX and stayed at the Marriott near the airport. I would've love to stayed in one of the homes on the mountains instead. 

Nonetheless good luck!! 

@Sherman Ragland That's an interesting perspective, one that could be applied to almost everything in life! 

Just from this brief exchange you seem like a person that I could learn a lot from. 

How about I treat you to dinner? Just to converse. I know a great place in DC. http://marcelsdc.com/ It'll be on me. Let me know if March 18 at 6pm works for you? 

@Sherman Ragland How do you find that happy median? 

Relationships are the most under-valued and under-appreciated commodity. It has been written that your contacts equal your contracts. A lot can be said about a person with few relationships. I believe that all relationships should be cherished! A family bond is equally as important as a professional one. Often times we overlook the value of relationships, taking them for granted. I am guilty of using and abusing relationships. 

Below are reasons relationships fail,

Marriage: Lack of communication, Lack of trust, Lack of commitment, and Unfaithfulness.

Business: Lack of communication, Lack of trust, Lack of commitment, and Unfaithfulness.

Friendships: Lack of communication, Lack of trust, Lack of commitment, and Unfaithfulness.

Mentor/Mentee: Lack of communication, Lack of trust, Lack of commitment, and Unfaithfulness.

Employer/Employee: Lack of communication, Lack of trust, Lack of commitment, and Unfaithfulness.

I could continue the list; however I’m sure you understand my point of view. The issue is we treat relationships differently.

In order to have successful relationships you must establish “Core Values”. Core Values are the fundamental beliefs of a person or organization. Putting in place core values will enable an individual to approach each relationship in the same manner, doing so eliminates the continuous pattern of failed relationships. I take pride in cultivating and preserving relationships. Do you? 

According to Michael E. Gerber, we're all STUPID!! So experienced Real Estate investors, how can us newbies avoid being stupid? or is being stupid unavoidable? 

Thanks, 

Maurice

Within the next 6 months my wife and I will purchase our first property. Of course we want to make a smart investment so we're focusing on Multi-Family homes, preferably a duplex. We've seen a few in our desired area and within our price point. I've been looking more and more into the investing side of real estate, and I've decided that I want to make a career out of investing in Real Estate. However I can't get pass the equations. I understand some of the equations, however the ones that are really giving me trouble are Cap Rate & IRR. My issue with these two are when and how to use them. I read that a CAP Rate is important when you're selling. My question is why and how? I've also read that Internal Rate of Return is important when you're buying. My question for this again is why and how? My final question is, should I consider any other equations when evaluating real estate? Besides the basic rules of thumb.

Thanks, 

Maurice Bunn 

Odenton, Maryland