All Forum Posts by: Josh Bowman

@Grayson Spittel I totally agree that it's difficult to not be able to control the HOA and that man do they go up each year! However, with the two that I do own the rent has also been going up the last 4 years and they have been cash-crunching machines compared to some of the SFHs around here that I had considered buying at that time.

Ex: I bought a condo 4ish years ago in wilmington, cape cottages 809 march court for 100k, 180/m HOA, and 1100/m rent.
It's now worth 185k, 240/m HOA and 1300 rent.

To get similar rent for a SFH I'd have had to about 100k more in a house. I've always had trouble getting enough rent to cover the costs of SFHs around here at that 1100->1400 rent range. Would love to see or hear of what you look for in SFHs when you are specifically looking to rent them. What numbers you like to see in CoC returns or cap rate.

Thanks for the replies guys!

The one thing that gives me pause when looking at deals right now, is that even for ones with almost no cash flow I'm seeing a 5-year annualized return of about 11-12%. Is that a number that anyone looks at for longer term rental investing?

For example in my 2 deals above #1 has 10% cash on cash return and #2 has essentially 0, but then 1 has a 5-year annualized return of 35% and #2 an annualized return of 11%

11% year over year doesn't sound terrible if I remove everything else from the equation. Does anyone look at that metric similarly? Am I thinking about that correctly do you think? Thanks again!

Hey bigger pockets community!

So about 2 years ago me and some friends invested in this property in Wilmington nc. It's a condo off of S kerr ave. Our criteria was 150+$/m in cash flow, accounting for 8% vacancy and 8% repairs and 8% management fees.

2 years later, I've been looking for weeks at similar units in size and age in the same area and everything I'm seeing no longer fits into my initial metrics. There is almost no Cash on cash returns, and generally negative 100 to 25$ cash flow. making them look more like this:

Full breakdown here. https://www.biggerpockets.com/...

My question is, what long term numbers are investors in NC looking at when viewing properties? For example, Is there a 10-year return mark that perhaps people are now using to price condos on the market?

Is there a favorite number you look at when viewing condos or townhomes specifically?

My investing group is looking for 2b2b or 3b2b condos between 90k and 160k that rent for 1200+/m We own 2 and are looking to add more base hits to our portfolio. Thanks!

@Joe Prillaman Sounds like a good time. Thanks for setting this up! I won't be able to make the upcoming meetup but I'm excited to catch the next one.