All Forum Posts by: Ryan Peach

I went and looked at a potential 3rd rental property on Monday. It is a duplex in an area of town called "Duplexville". It is 3-4 blocks of almost exclusively post war duplexes. The per unit rates run from$475-$650. I noticed that most of properties have no landscaping at all, but the ones that did have some curb appeal were renting at the higher rates. In speaking with my property management company they said, and I'm quoting here, "The only investment I would make in landscaping on a rental is to remove it". I understand there is an upkeep required with landscaping, but I'm thinking a few evergreens and some mulch. What is BP's advice on landscaping rental properties?

A house I've had my eye on for a while has come up for sheriff sale. The sale isn't for a few weeks and I have found contact info for the homeowner. Should I connect the HO to see if he and I can make a deal prior to the sale or should I just wait it out? If I should, then how should I approach the deal with him?

@David Zheng DM or email me the details. Thanks! 

Andrew Johnson thank you for your candor and advice. I have started working on my tangible "how". I won't bore you with the details, but I will say you have helped me see some gaps in my plan I need to fill. That's exactly why I posted my original question. Thank you again!

Hi Kyle! My cousin is a young, successful real estate agent in Nashville. She would likely have some answers for you. If you would like to connect with her DM me and I'll connect you.

Hey Noah! A mentor is a great idea. If looking for one in your local area I suggest searching the local forums/discussions here on BP. Also, search out local REOs (Real Estate Organizations) as well. They typically meet once a month or a quarter and it's a great way to find a mentor. If you are cool with online one-on-one then BP is THE place to find someone. Keep posting and build relationships on here and I think you will find a small group of people that you connect with regularly. Remember that a key part of finding a mentor is finding a way to provide value to them as well. For example, my mentor is an REI and mortgage lender in my area so I do my closings, refi's, etc through him. In return, he reviews all my deals, answers a ton of questions, and has referred me to great attorneys, CPAs, and real estate brokers. Always always ALWAYS try to bring more value to them then they bring to you. You may not be able to do so, but they will appreciate your efforts. Hope this helps.

@Andrew Johnson Thank for all the knowledge! I will continue to work on my "How". I'm sure as markets change so will how I use it them to my advantage. If you have any further info on my "How" please let me know. Cheers!

Andrew, below are the numbers I have run so far. 2 SFH Rentals 1st home = $525/mo income 2nd home = $815/mo income Both have mortgages: 1st = $35,675 2nd = $40,000 15 yr fixed on both Monthly Payments: 1st = $302 2nd = $358 Taxes and Insurance = roughly $2000/yr and includes both properties Property Management = 10% of rent 1st home = $120/mo cash flow 2nd home = $425/mo cash flow So... $545/mo cash flow with two properties (does not include taxes which are roughly $800 for the year) $6540/yr - $800 = $5,740 Expect 90% occupancy brings it down to $5,166 So for ease numbers I said one property cash flows $2,500/yr. Plan of attack: (where I also need guidance) Need roughy 40 SFH or 40 additional doors through MFH to hit goal. Buying homes is not the most practical approach as it would take me buying 1 house every 45 days to hit that mark. Instead, I would prefer to buy multi family and get more bang for my buck or be advised on other options. I have flipped two houses in the past and received a pretty nice return so my plan is to next buy a house to flip in Evansville in order to generate enough cash for putting a down payment on a Multi family property. Then repeat that process until I reach my goal. With the rental market being so saturated in my area that's why I was thinking about other parts of the country. Advice?

Kyle, great idea! I will do that now. If you have interest in connecting/partnering I'd love to have that conversation. I'd come to the STL for a meet-up.

My goal is to "retire" in 5 years. I want/need roughly $8,000/month to cover my current income and benefits. I live in Evansville, which is growing but still a small/mid market. It is currently saturated with investors and housing prices are crazy high for the area. I live 2 1/2 hours from all of the following: St. Louis, Nashville, Indianapolis, and Louisville. I'm afraid if I wait for the market to settle here I won't be able to reach my goals. If you were me where would you try to invest next? I have 2 local rentals now, have flipped in the past, and like the idea of Airbnb.