All Forum Posts by: Tara Faulks

@Heather Maves

@Heather Maves I purchased in Mammoth about a year ago and have my spreadsheet that had 17 properties across 10 different complexes that includes HOA fees, asking price, sq footage, distance from village gondola and canyon lodge, etc... It's out of date but would be a good start for many of the places in the village circle. Happy to send it. DM me if you would like a copy for your research. It's too much to put in here.

Thanks. I took for word feedback that I couldn't get a HELOC on an investment, good lesson for a relatively new investor. I will look into that more and then evaluate our options.

@Katy Reid I just took the upfront cost (On City of PS website) and divided by 12 but it actually would have been paid in full not monthly.  Sorry for the confusion.  

We are under contract for a house in Rancho Mirage. It’s an older Spanish style house with a huge yard. The foundation and space is great but the house and yard need upgrading to maximize rental income. My estimation is anywhere from 100k-300k (just a quick walk through and list of known things we are looking for). This will be my first rehab, my other properties were turnkey. I have a list of PM's i am interviewing for their services and to understand what i need to do in order to maximize rental income. At this point I think I would also need a contractor and a designer in order to build the vision and create a cost for the job. What else should I be doing in order to get this rehab under way as quickly, efficiently and cost effective as possible?

Thanks so much to all the responses. Selling seems to be the best option, now to deal with tenants who just signed a lease for August 1st. I didn't realize that you couldn't get a HELOC on an investment and the REFI numbers don't work so really there is only one option. This was an accidental investment (relocated) and we invested extra into principal when our thought process was low debt and savings, not leverage and wealth. Appreciate it.

I have a condo in Hoboken NJ with 300k in equity. We purchased it in 2008 for 440k and it's estimated value today is 700k. It cash flows 250+ a month which is positive but has remained steady for the last 5 years. Appreciation continues in the area and is expected to continue but is growing slower than the past. We are now actively looking to buy a couple investment properties. With $300k in equity that could be used to help fund future investments we are trying to see the best way to leverage this. The options we seem to have are sell and use a 1031 exchange, do a cash out refi or take our a HELOC, none of which we have experience in. The 1031 timeline scares me and although the return on the property is good And safe, I think we can do better with our new properties. The cash out refi might not allow us to cash flow which would be a problem and I hear HELOCs aren't easy to come by right now. Does anyone have any experience is these areas and making the best decision? What did you do and why? What other factors should I consider? Would love some First hand information so we make the best decision possible.

@Enrique Huerta

@Enrique Huerta @Tyler Hungerford @Dennis Maynard @Peter Mckernan @Miho Y. This is great information with some food for thought. IT will definitely help us refine our plan and goals and ensure i am using and judging on the right criteria for the market. Appreciate all the details and angles provided. It seems that SOCAL has opportunities which is great but if we want to stay here, we may need tweak our current strategy. Even if we choose a different market outside of SOCAL most of our top 10 markets to consider is in second tier markets, where the cost of acquisition is higher and therefore we need to ensure we understand what measurements we are looking for in success that fit our goal of multifamily.

Thanks for the detailed response.  I have been using the 8% as a minimum based on what i have seen Brandon talk about, but maybe that is a pipe dream across most of California.  In your experience should i reset my expectations and lower closer to 5% for most CA markets?

Hello!  I am looking to invest in Multifamily Units with value add potential (12 or less units to start).  I live in Santa Monica.  I have been reading forums entries on markets and things to look for and am trying to narrow down the market I will focus on.  My goal would be to remain local enough (drive with 4-6 hours but preferably 2 or less) while maximizing Cash flow and return.  I am using the calculator and struggling to see opportunities in Southern California.  I am new to this and understand i need to network and find off market deals to get the true gems, but i would love to hear from current investors near Southern California, Arizona or Nevada.  Do you have any markets you would suggest that i look in for multifamily?  We are looking to narrow it down to 2-3 markets and then do more extensive research to see what works best for us.  Any thoughts or advice would be great!  Thanks!  Tara

I looked at many properties with various sq footage, age of house and landscaping needs.  That’s why I put high low to get a range.  If I am going to make an offer I hopefully can narrow it down further and not have such a big range.   That’s the hard part though that I have struggled with.  Some properties are profitable at $13k a year but not $20k so knowing this information is important.  Still trying to learn