All Forum Posts by: Riley Barclay

@Andy Vazquez thanks for the info I really appreciate it! I am definitely going to start looking into the area more. With the city growing that much it sounds like a great opportunity for buy and hold

I am looking into purchasing my first rental property and am open to either SFH or Multi-family. Budget is around 100k-125k for SFH and $225 for multi-family. Kansas city is an area I have been interested in but I am looking for some advice for how the market is. Or would a different part of the country be better. I've heard some good things about Tulsa, Little Rock, and San Antonio. Thanks!

@Brian Hosier Thanks for the insight! I will definitely look and see if they are wanting to continue their lease. That would help make the decision as well. A good tenant can definitely help make a deal better and if they are planning on leaving then I might keep on looking as well. The 1% rule does help and I am working on running numbers all the way around to see if it'll meet the needs that I am looking for as well. Gotta make sure to do my homework regardless and not always take someones word for what they say. Due diligence is key in this business (like every other business) in order to make a smart decision.

@Pride Davis right now I am looking and leaning more towards a turnkey property (or one needing minimal rehab) as I have been looking out of state. I want to get into more BRRRR deals but am trying to work with the money I currently have to get started and start building a portfolio. I feel like a turnkey is a good way to get started out of state until more contacts and knowledge are acquired. Not sure if I should pursue this option on this house more or keep looking in other areas to possibly get a better COC Return

I have an opportunity to purchase a SFH from a friend that is currently a rental. This will be my first rental property and have been doing as much research as I can but am looking for some thoughts and help on this one. He wants $110k for the property and it currently rents for $1080 (about to be $1100 in March when lease is re-signed). Come March, the property will meet the 1% rule and the tenants that are in the house have been in there for 3 years without any issues. Remax is the current rental property manager and I would be looking at just transferring ownership from him to me. It would be an out of state rental in Ohio (I am in Arizona). What are some thoughts on this. Should I look more into pursuing this opportunity or look for a better deal? Ideally, I would like to be a little above the 1% but a guaranteed tenant (for the time being) that has been trouble free as a first time investor sounds pretty good as well to start into this business. My goals are long term and cash flow. Thanks for any help! Let me know if any more info is needed as well. The numbers line up pretty well but the taxes are about $2500/yr and I would be putting 20% down. For a turnkey property it seems like a decent opportunity.