All Forum Posts by: Jeff Stansberry

Thanks for the information @Sandy Hu

Hi Everyone,

I am a fairly new investor and I would like to start some fix and flips next year. Looking for any wholesaler or investor friendly agents that have experience dealing with flippers and getting off market properties. 

Any connections or advice would be helpful since this is a new area for me. 

Thanks

Walid,

Do you have a buyers list that you can add me to? 

@Jason Hopkins @Verna Littleton

Thank You!

In 2007 I bought a Duplex in a small town called Barstow, CA for $230k. The unthinkable happened, and home values and rents dropped. It was renting for $750 each, now it's at $625 each. 

Now, in 2018 the value of the duplex is worth $188k (Zillow) and I own $140k left on it. Because rents went down, and have not come back up to 2007 levels, my rents fully occupied match almost exactly with my mortgage payments. Since the rents make the mortgage payments I want to say keep it, but any CapEx and repairs (already had to replace both AC units) come directly out of pocket.

So, I'm curious to other's opinions as if I should sell, take the around $55k loss of the purchase price and then take that $40k that I could walk away with roughly (owe $140k, it's worth $188) along with my tax deductions accruing over the years and try buy something else that will cash flow better. OR hang tight for many years, raise rents when or if I can and use my other rental property cashflow to weather CapEx expenses.

All thoughts and ideas are appreciated!

Thanks!

Hi Memphis Investors! 

I'm looking to lower some expenses since interest rates have risen. What homeowners insurance providers have you found the least expensive for a standard landlord policy? 

Looking for a generalization since I know that most investors would have different values for deductibles, personal property, etc. 

Thanks!

Hello BP!

I have rounded up a few investors and we'd like to purchase Multifamily Properties in Cleveland or Jacksonville. Preferably finding distressed properties, fixing, and holding. Both markets are a great investment I'm just trying to figure out works best for us.

I've noticed you can find duplexes and fourplexes in Cleveland easily, but because of higher property taxes I'd need to buy in lower C / D areas to make decent cash flow (this is just my initial research). Additional costs for snow and heat could add up as well.

Jacksonville seems to have less MF on the MLS and less property taxes.

Any advice, experiences, or thoughts would be helpful before we finally pick a location.

Thanks!

Hello BP!

I have rounded up a few investors and we'd like to purchase Multifamily Properties in Cleveland or Jacksonville. Preferably finding distressed properties, fixing, and holding. Both markets are a great investment I'm just trying to figure out works best for us. 

I've noticed you can find duplexes and fourplexes in Cleveland easily, but because of higher property taxes I'd need to buy in lower C / D areas to make decent cash flow (this is just my initial research). Additional costs for snow and heat could add up as well. 

Jacksonville seems to have less MF on the MLS and less property taxes.

Any advice, experiences, or thoughts would be helpful before we finally pick a location. 

Thanks!

@Yee Elias Did you ever get into flipping within OC?

Hi,

I'm analyzing a property in Cleveland and I'd like some advice on how to accurately calculate my expenses so I can submit the appropriate offer. 

It's 4 units because 2 duplexes on one lot and bring in a total of 2500 in monthly rent. 

I have 10 percent for CapEx and 6 percent for monthly maintenance. Since it's 2 separate units, I should take into account that's 2 roofs, furnaces, water heaters, etc for expenses. Should I double my CapEx to 20 and Maintenance to 12? It seems high but it's 2 structures I need to worry about versus it being a 4 Plex.

Without Maint and Capex I have $1057 in monthly income. How much I choose to subract for CapEx and Maint might make or break my wanting to offer.

Thanks!

Purchase Price 120,000

Monthly Rent 2500

Vacancy 6% 125

Leasing Agreement 125

Mortgage P/I 485

Taxes 388

Insurance 170

Water and Sewer 150

Maint? CapEx?