All Forum Posts by: Sam B.

@James Call  Thanks a lot James, much appreciated.

@Edwin L.  Thank you, I'm glad you enjoyed the thread (and got through the entire thing).

@Bruce C.  Sounds good, keep me posted and good luck with the offer!

Looks fine for a turnkey.  Pull the trigger and get ready to learn.

I'm not a fan of turnkey but I guess it may help get you out of analysis paralysis.  Financing a retail priced property for $200/mo doesn't sound great...but big picture, if it gets you into the game, go for it.

@Theresa Harris  Thank you, much appreciated, it's been fun.

Thanks @Franklin Miles good luck on your journey.

@Bruce C.  My experience in Ohio is limited to one city.  Of course, you can find just about any sort of investment in Ohio, just as you can in Texas ($30k section 8 houses, $700k middle-upper class houses and everything in between).

Ohio offered me a chance to cut my teeth on properties with numbers I could grasp at the time -  a $50k purchase with a $15k rehab that sometimes went over budget to $20k.  I was able to gain the confidence and understanding of the rehab process with less scary numbers.

Long term though, I don't want my entire portfolio to be houses that on paper look great (all-in for $60k, renting for $1150/mo) but in reality, still suffer from roof replacements, HVAC systems, expensive capex that needs to be covered.

I think the Texas market (again, the market I'm investing in), plays a middle ground. I can still get the cashflow & equity capture but my rents are much higher so that CAPEX expenditure doesn't evaporate six months of cashflow.

From the first go around, I think I proved that I could get both cashflow and equity but I needed to do it on a larger scale.  Hope this helps.  You convince the wife yet on that next deal?? :)

@Bruce C.  Sounds like you need to pull the trigger!  Goodluck getting the other half on board.

Sounds great on the Airbnb @Bruce C.

All-in for a triplex at $135k sounds like a steal - class of neighborhood? What would the ARV be?

Thanks @Ryan Johnson I appreciate that.

Thanks @Kobi Gur it's been a lot of fun sharing the ups and downs of the challenge.

@William Kim  Thank you, I'm glad this thread has provided some inspiration.  I'm not exactly sure on my personal time spent, between looking online, buying supplies on homedepot, endless e-mails, texts and phone calls.  I would imagine it was an average of 30hrs per project. Easy rehabs like the first couple closer to 15hrs, painful rehabs like #6 more like 50+ hrs per project.

I think out of state investing can be very powerful but I would also encourage anyone that is within driving distance, even if its 3-4 hours away, to pursue opportunities like that first, especially if you're doing your first couple of deals.

@Bruce C.  Thanks Bruce and thanks for following along.  I hope all is going well with your investments in Texas, I just bumped your thread.  Your latest rehab came out real nice.

Correct, I do have a separate single family rental portfolio in Ohio.  I started buying in Ohio in 2013 while I was working in a remote area of Northern British Columbia.

@Alexi Schreier  Thanks for the kind words, I really appreciate that!

@Bruce C.  Great job on the rehab, looks great Bruce.

Glad to hear the Airbnb is chugging along, 77% occupancy sounds quite good.  How's May looking so far?

Good job sticking with it @Alex Nelson

What are your rental numbers? Renovation estimates and ARV? Just curious.

Congrats on the deal.

I'm concluding the challenge at this time.  Huge thanks to BP and everyone that posted in this thread with questions, advice and encouragement.  I've learned a lot over the last 10ish months and it's been a heck of a lot of fun.

Updated summary of this challenge, including some forecast data points.

Property #1 Equity Earned: $83,000 Monthly Cashflow: $250

Property #2 Equity Earned: $42,000 Monthly Cashflow: $375

Property #3 Equity Earned: $42,000 Monthly Cashflow: $400

Property #4 Equity Earned: $94,000 Monthly Cashflow: $200

Property #5 Equity Earned: (forecast $77,000) Monthly Cashflow: (forecast $800)

Property #6 Equity Earned: $10,000 Monthly Cashflow: (forecast $850) *Increase in monthly cashflow due to not refinancing this property, it's paid off. Decrease in equity earned due to blown estimate/massive scope growth.

Property #7 Equity Earned: $38,000 Monthly Cashflow: $650

Equity Earned vs Goal (including forecast): $386,000/$200,000

Monthly Cashflow Earned vs Goal (including forecast): $3525/$1625