All Forum Posts by: Tanner Carson

i am practicing  deals just want to get opinions!

I called a "for rent" sign to discuss how much this little cabin cost to build... just looking for information. We ended up discussing his investment career and him and his wife, now older, have moved out of state. He offered me his whole package of 20 doors. But as a newbie i narrowed it down to a 2 duplex package, so 4 doors. all units are 2/1 and i havent seen the inside. both need new roofs which he knows. so he already said he would cut 20k off because he is trying to get out of this area and these are currently off market. to be listed at the beginning of the year.

his offer 280k total

currently 100% occupancy and has carried over 90% occupancy for 10 years (or so he says)

Insurance- $1656 a year for both buildings 

Property tax - $2202.3  & $2393.4

current rents are 650,650,650, 565

he offered to seller carryback up to 35k to help me with downpayment

i have a family friend as the VP of a bank and have been discussing many deals over the past two years as i try to learn financing.

15% down required for investment property.

at 280k my payments would be 15 yr fixed   2000

                                                           20 yr fixed  1730

at 200k my payments would be  15 yr    1450

                                                             20 yr    1240 

I played with BP calculator at a purchase price of 265 and came up

with a monthly cash flow of 116.36

and cash on cash ROI of 13.36%

I would love to get help with this!

Thanks in advance

Hey Michael! 

I have heard exxon is building a plant in the portland area, i am looking into start investing in that area as well. The plant is expected to bring alot of money and full time employees there. Could be a good area to grab a few rentals. especially during the projected 10 year construction of the refinery. Let me know if you would like to meet up. I am close by in Victoria!

Good afternoon, 

I am looking for creative ways to get my first real estate investing transaction going. When I bought my primary residence, we actually acquired 3 lots. I have called zoning and verified that I could indeed put another house on the property. I know i will have to deed out of my mortage loan to borrow money on the lot and any improvements i do. Has anyone ever done this before?

Should i look to build a little 2 by 1 or find an older house that can be moved. I would love to get some advice on what to do! 

My end goal would be to have them both ready to sale when we move out of our house. the current house i own is not renter friendly in my town. Rents are between 450-600 for houses 

Randy, 

I am from the area and have most of my relatives living in Victoria. Lets chat if you would like to know more about Victoria

Hey Joe!

I myself was looking to invest in that area, not only because i grew up not far away. But Exxon Mobil just approved a new refinery being built there. a 10 year job that will bring in about 5-6k employees in the town of Portland, said to become the largest refinery in the US. close to corpus. might be a good area to get a jump on. Let me know if you would be interested in partnering.

I would like opinions on what to do in a situation close to home. Exxon will be building the largest refinery in the world about 2 hours from me. Said to have a 50 Billion economic impact. 7-10 years of construction. 40-50 thousand construction jobs and 10,000 permanent after construction is done.

They just finalized the deal happening.

What is the plan of attack here?

Jump in early or stay away.

Please let me know!

Thank you for the response!

As far as growth prospects, I am not sure how to calculate the neg vs pos.

But I would like to start buying property locally first as I live here too and could manage it better. I travel to Houston as well for work but the market is ridiculous there right now and I feel like I would be getting in over my head.

Yoakum  just invested about 92 million into the schools here, and we  are supported by oil field work ( which I know fluctuates as I worked in it for a while ).

There is a very large meat processing plant in this town that employs 400 people and shiner boch brewery 10 miles away.

I understand the market is small. However my mentor has made a killing with just this small area and has had lower income tenants stay in houses 10 years plus.

I know im very amateur  and I appreciate the feedback @Brian Ploszay I look forward to maybe discussing more ?

Good place to start? bad place?

Thanks in Advance

I have a package deal of a duplex and single family unit that need minor repairs, mostly cosmetic. I know the situation of the seller who is very motivated. Seperatley he is asking around 90-95k total.

I have a mentor in my area that owns 147 properties. He rents them all for 400-450$ monthly but keeps tenants long term. We both went to look at the property and he assures me this would be a great first deal. 

Is this something i should dive into?

I have very good relations with local banker who said on an investment property he could get me in for 15% down

One house is a duplex, other is single family 2/1.

Looking for thoughts and help in attacking this deal.

I would love to look at even private lending if any one has advice.