All Forum Posts by: Terry Harris

Hey guys!

I recently purchased some land in Joshua tree, CA. I would like to begin developing on it as soon as possible. I am in works with an architect who should have my drafts done in a week or so. My land is connected to water and electricity as well. My question is for the home developers, what early steps did you take prior to submitted you designs/drafts to the city? What inspections were needed and tests had to be completed? 

@Brian Ellwood

Wow great insight! How do you go about finding off market deals? Do they come to you? Or are you doing more of the research and findings on these?

As an investor looking to obtain my first multi family home, I have a couple questions pertaining to how I would go about analyzing MFH for a proper cash flow. I was recently listening to a podcast and heard that the multi family analysis is too complexed to just use the 1% rule. My question is for the investors of MFH, 

How do you analyze you MFH for cash flow? 

Do you seek 1%, 1.5%, or 2%?

What other factors do you account for in MFH that you can overlook on a SFR?

Do you find MFR to be harder to manage that SFR?

Wow, never looked at it like that! Thank you for the insight. And yes that should be the actual question.

Thank for the input. That makes sense as to why people don't want to sell at the moment.

@Account Closed

Wow great insight! Never looked at it like that. Thank you.

I'm seeing and noticing a super low inventory in homes which is causing markets to become super competitive to a point where people are buying homes for above market value. I know the low rates have buyers seeking to purchase homes as well but my question is that if homes are being sold so frequently and some above market value or asking prices, why is the inventory so low? Just trying to get an understanding into how COVID can effect the inventory of homes.

Learn as much as you can! Read all of the bigger pockets books, listen to podcasts, and speak with other investors. I believe networking is super important for a beginner investor. Being able to speak to other investors and hear the stories of how they failed and succeeded can be super beneficial. Take in as much as you can. 

Although taking in information from others can be great, it can also be pretty harmful as well. Many close ones may tell you its not a good decision/investment and to save your money. Trust your gut. If you do the research, find out what best for YOU, and play it smart, I don't think you can go wrong. 

Goodluck man. Feel free to connect, I'm here if you have any questions.

I've pretty much read all of the bigger pockets books on Real Estate investing and looking to gain even more knowledge in this field. If anyone has any book recommendations please feel free to share. Thank you!