All Forum Posts by: Maurice Selva

Hey Rick, are you selling them or just letting me know that is where you are investing? if you are selling them I would be interested at seeing stats on them. I haven't done much research on indiana but am open to wherever the numbers make sense and the area is promising.

I've been looking to invest in multi-family 2-4 unit properties out of state and have been having a hard time finding states where the numbers look the best without getting into the lower GRM's below 9. Would love to find something around 8-10 grm if possible. Does anybody have any suggestion where I should be looking? I am in position to buy RIGHT NOW.

@Carrick Young Medium size rehab; cosmetic at this point-carpet, paint, flooring, and fixtures. At some point would be willing to take on kitchen and bath remodel and conversion of living space into bedroom.

Hi Jody,

Yes, I live in Santa Rosa, California and am working with a couple of agents in Jacksonville, florida and Atlanta, Georgia. 

I just started the process about 3-4 months ago and have not submitted any offers yet, mainly because every time I've found something where the numbers made sense by the time my agent got out there to do a walk through and video for me the project was just too much for me to take on or already had an offer on it. I've been focusing on B-C neighborhoods and making sure location and pride of ownership in the neighborhood looks good but feel as though I am being too critical at times. I also feel as though I may be using too high of material and job costs to run my numbers because by the time I start running scenarios based on my costs my COC winds up being too low. I hoping to hookup with a contractor in Jacksonville that can give me more realistic material and cost figures to see if I can't get better numbers so I can start making reasonable offers on properties that need more work. I just feel as though I am weeding out a lot of possible properties by not having better material and cost figures..........Any thoughts on that?

I been runing the numbers and filtering through a ton of properties over the past few months and have yet to make an offer on anything that hasn't already had multiple offers on it and gets snatched up. I've had my realtor help me identify 2-3 zip codes that are considered B-C plus neighborhoods and continually sends me daily or weekly MLS listings but they either get weeded out because they are located next to dump properties where no one on the block has any pride of ownership or the are located next to factory or some other undesireable property. Am I being too picky or should I be looking in B- or C neighborhoods and stay focused on buying something needing tons of work in a great area? The other thing I think that I am doing is when I am running the numbers I am using California price sheets instead of local vendor cost/price sheets. I feel as though my cost figures are coming in too high thereby eliminating a lot of properties so that they don't meet my cash on cash requirement, any advice on what I should do?

I've been a property manager for over 20 years and all the units that have windows in the showers always develop dry rot issue in the wall; it's a problem waiting to happen. Whenever this happens we raise the window up outside of the shower and install a rectangular narrow window completely above the enclosure height and just below the ceiling so it lets in light and can be opened for ventilation to minimize mold issues. We never have to deal with it again. Don't be penny wise and pound foolish....windows don't belong in showers "period".

I carry an inventory of about 200 plus homes, of those about a third or less of those are 4 bedroom with a good majority of them being 3 bedroom units. The thing I like about a 4 bedroom house is that if you get a relatively young family in them they'll grow into to it and will tend to stay longer, especially if it's in a good school district and they move in when their kids are still in elementary. The key is to keep your tenants for as long as you can without having to fill a vacancy every few years. The thing about having the larger size 3-4 bedroom house is that about a third of the people make more money so the larger homes tend to be a stepping stone for them buying their own home. The key is find a tenant that is a blue collar worker that makes enough to quaify but not so much that they can afford to buy a home anytime soon. 

I've been searching relentlessly on zillow.com, biggerpockets, MLS etc. and having been having the success that I thought I would have and wanted to know if anyone has had a good experience with Foreclosure.com and how difficult it is to buy something on there; is it worth the cost and do they teach and walk your through the process. Is it any different than buying through MLS or anywhere else? Also, are there sights or places where you can learn the process of buying Pre foreclosure or foreclosure properties. I've never done it before and feel kind of intimidated by the process.

@Natalie Cloutier Great letter. I started off taking a hard line with a couple of my tenants this week that just notified me of not being able to pay this coming months rent but now see that I will most likely encourage my 200 plus clients who’s properties I manage to work with their tenants so as to avoid losing a good tenant, avoid wasting time and money in legal fees on a tenant that they’ll be stuck in court with for who knows how. My thought was to determine what exactly each owner really needs to break even and work from their as a starting to get the tenant to pay as a minimum with the idea that they pay the difference over time in hopes of catching up at some point. The way I see it something is better than nothing. I’m definitely going to plagiarize parts of your letter to notify my tenants that I am truly supportive of them and will not abandon them if they will do their part to make an effort. Thanks for your input and perspective. Sincerely, Maurice

Hey Tyler, awesome job kick starting your investment career. I just starting to invest out of state and have been going nuts spending 2-3 hours nightly running numbers on properties, listening to BP every waking moment and working with 3 different agents in three different state that I've researched and chosen. Finally realizing that I just have to pick one state and get totally familiar with one market. Loved you outlining your deals, how you financed things, that you started off using your heloc which I did on my first out of state property and how you graduated to private money to gain that much needed experience and insight. Thanks for sharing and I will see you at the top..........continue kicking butt. Maurice