All Forum Posts by: Tyler Kirk

@Mano chidambaram this was in Redding market. 

Thank you for the replies. Looks like this 4 plex went pending this morning but I still want to fully evaluate it so I am ready for the next one. I was interested in this 4 plex because it appeared to have some room for value add and increase on rents. I think they were slightly under market value as is but you could have easily added covered tenant parking and possibly washer and dryer units on the property. 

In your opinions would it be a good strategy to continue to look for value add multifamily units in hope of picking them up at a decent price. Or search more for some that are already renovated and easier to care for?

There is another 4 plex on the market fully renovated listed for $379,000

I am curious as to what everybody uses to evaluate a 4 plex to determine if it's a good deal or not. Should I be using the 1% rule like a SFR or should I evaluate it based off the NOI and Cap rate?

I have seen two ways of using the Cap rate. One by multiplying the purchase price by the Cap rate to determine what income you should be getting. And the other way is to figure out the NOI and then divide that number by the Cap rate. Are these correct?

I am currently looking at a 4 plex right now that I like but I need to figure out how much I could offer. The numbers are 

Asking: $299,000 

Annual gross rent: $29,820

Mort/tax/insur: $22,400/yr

Property management : $1920/yr

Any insight on the subject would be greatly appreciated! Thank you

@Karen Margrave that is a beautiful house!

@Josh Cuthbertson I am from the Redding area also. I love the north state and I have been looking into investing there. Message me some time maby we can meet up and talk some real estate next time I'm up.

Thank you guys for the detailed responses! Really helps clear things up for a new investor!

@Jeff Lively 

Let me know if you get any deals under contract in Waco. I am currently looking for SFRs or duplexes under 75k. PM me if you would like to talk more in detail. Thanks!

Hello everyone

I'm trying to wrap my mind around the inner workings of a wholesale deal and I was wondering if you could enlighten me. 

I understand that a wholesaler finds a deal and the puts it under contract with the intention of selling the contract to someone else for a small profit. But I'm just wondering how the process works? A few questions I have are...

Can you finance a wholesale or are they cash only deals?

When a wholesaler contacts you with a deal how long do you have to evaluate it? 

Do you put a deposit down for the wholesaler to hold it for you?

If the contract is under the wholesalers name how do you transfer it to you?

Any information you could offer would be fantastic. I want to understand more about this avenue of real estate before I even consider getting involved with it. Thank you very much for any response!

Steve Parker- thank you! I would love to talk with her I will shoot you a PM

Ricky Snow- thanks for the reply I would also like to chat with you sometime! Mind if I shoot you a pm?

Travis Francis- thank you for the info!

I would also be interested in hearing if anyone has a real estate agent in waco that they would recommend. I have contacted a few and it seems they either don't get back to me as they say they will or they just don't seem very investor friendly to begin with

Hello everybody! I have just recently created a bigger pockets account after listening to countless hours of the Bigger Pockets Podcast on my drive to work and I thought I would just take a minute to introduce myself. My name is Tyler Kirk and I work as an Apprentice Lineman for Pacific Gas and Electric Company. I currently live in the San Fransisco bay area where the price of rent and let alone a mortgage would just about give you a heart attack. But my wife and I have decided that come hell or high water we are going to finally get into the real estate investing game.

Our strategy will include looking at more reasonably priced out of state markets for long term buy and hold properties. We are still on the fence about whether we should focus on SFRs or on multifamily units but I'm sure that just depends on what market we end up going with. Anyways I just wanted to introduce myself and make what I'm sure will be the first of many posts, but the next few will probably be full of questions that I have that hopefully someone will be kind enough to answer. Thank you in advance for any help and I look forward networking with all of you and being a part of the community. Thanks!