All Forum Posts by: Dante Devine

thanks @WayneBrooks. I'll see what else I can get out of the title company. 

BP, I'm in an interesting position. When I was young and dump (about 5 years ago), I paid $5k for an HOA foreclosure sold at the courthouse steps in houston tx. The current owners before I bought the place still had a mortgage in place and neither them nor the bank would speak to me. The owners never moved and my assumption is they just kept on paying their mortgage. I left them alone and they left me alone, meanwhile, my name stayed on the deed as the new owner. Fast forward 5 years, I get a call from a title company saying wells Fargo bought the property and they are asking for my payoff. I'm assuming they foreclosed on the property and are looking to take transfer of title. My question, how much can i ask for and if it is too much, what will they come back and say? I hope all of that made sense as I typed from my cell phone. Thanks in advance for your help. They are trying to close on the 29th of december.

Beautiful home @Brian Whitten . I will send his way.

@James Baggett SFR may work. One other thing he mentioned was the ability to get corporate leases which leads me to believe he is looking for stability. Any specific areas you might suggest that identify as "thriving" urban core areas, or good for corporate leases?

Good stuff @Corey Jahn Ill take a look at those areas. @Jeff Clawson he is looking for low maintenance cash flow. I don't even think the cash flow needs to be much (Im sure its a plus). I think he likes the idea that Austin is very promising in terms of growth. He made his first bit of cash investing in town homes in D.C. a few years ago which spurred him into investments that put him in his current financial position, millionaire (I'm guessing). But he is an investor so if Condos make more sense in Austin, I'm sure he won't ignore them. Single family homes he might not feel as secure about unless it is located in an area comparable to downtown or "thriving" area like @Corey Jahn mentioned. 

My Austin peeps, how's it going. I have a quick question. I am looking for high priced town homes ($300k to $600k) in good markets in Austin, TX. Working with an investor and he just needs a place to stash his money (1031 Exchange). He is confident in Austin but we just need to know from some locals, which neighborhoods are ideal. I look forward to hearing your advice. 

thanks a million guys. All really good info. I think I'm on the right track now. I will definitely keep you posted on my progress. 

here is a follow up question, Los Angeles as a whole seem to have low cap rates between 3 and 5%. Might that suggest that the vacancy rate out here in general are low or are we in a situation where  this market is becoming overvalued?

@tom mole thanks for that explanation. I guess I was assuming in a perfect world, vacancy rates would be accurate based on the deal and would be reflected in the NOI but that sounds like wishful thinking. Good stuff about the low risk vs. High risk. I didn't consider that.

Hello BP, fellow investor located in LA looking for good multi family deals. I have a question. Can't one look at average cap rates across the country and make a pretty good decision on where they should invest? Cap rate is pretty much your ROI if you were to buy all cash right. So since financing is pretty much standard across the country, your only other variables would be taxes and insurance. All other variables were accounted for inside your NOI. I can simply choose a market based on cap rate if cash flow is my only objective. Please let me know if I'm looking at this wrong. If I am on the right track, where can I find a good source that lists cap rates by city?