All Forum Posts by: Patrick Murray

 Sorry, I meant to say $70k a year.  

Thanks. They are making progress, but every city is different. We paid $112k all in. We're just 6 months into payments, and want to keep the loan if we sell the tiny home to build out an attached ADU to code.

Hi all!

I purchased a tiny home on wheels (THOW) with my wife to rent to my brother on our property in Agoura Hills, CA near LA.  Unfortunately within 2 months a neighbor complained, and although it's deemed an RV, it is still breaking some code violations. 

Hoping the BP community might be able to come up with some solutions with me- ideally we just aren't losing money on the thing, which our payments are $1,200 a month.  

I have friends that rent out tiny homes near Yosemite for around $70k a month.  I think if it's the right location (ideally California) in a nice setting, we could rent it out for a lot. 

More info on the Tiny Home here (which is also listed for sale as we figure this out).  Thanks for any help!

https://www.facebook.com/marketplace/item/679756394366188/?r...

Patrick

Congrats!  Seems like it has been a great market for you! 

Can you expand please? Are you saying on a SFH worth around 100k you can grab $1,300 in rent?

I'm looking to find a property in a market that already has tenants paying rent on that property that would return me 20%+ COC return. So I'm not necessarily looking for a market that was thriving, but that can still get me this return-- and some properties are already coming in that look like this. Cleveland, St. Louis, Scranton, Columbus.. I'd be happy to travel to any of these places.

So you're saying finding a good cash flow property is nice, but I should make sure that I like the agent, PM, contractors, etc. before moving forward?

Thanks Journey, if you could DM me some deals that you helped clients with that are seeing 20% COC returns + I'd be interested!

Funnily enough I grew up in Bethel Park (South Hills of Pittsburgh), I live in LA now though and it's too expensive for an investment.  Why would I choose a market I have a connection to though when those markets may be negative cash flow compared to markets that are thriving?

 Thank you for the response!  I'm looking for a cash flow market.  Any Cleveland real estate agents that know the market well and could share some numbers from current clients?