Union City, CA · Member since 2015 · 29 posts · 3 votes
Hello,
Bay area native here. Looking to invest in turn keys untill the passive income allows me to be rent free by year 5 ( provided I have an flow of income at 3500). From there who knows, but that's the current goal.
I have narrowed down my markets to Indianapolis, Memphis and Kansas city.
They all seem preety similar in terms of cash to cash percentage gains. Still not sure what provides better equity, as that would be a plus. Anyone have advice as to which starting market would be best?
Companies the caught my interest are fshomes, Memphis invest, and buyMemphisnow. No turn key company I'm familiar with in Kansas city. Any suggestions there?
Union City, CA · Member since 2015 · 29 posts · 3 votes
8y
OK so update time:
I ended buying 6 properties in Indianpolis. 2 SF, and 4 duplexes in C and C plus area's via financing. Started April 2016 and bought last property in Dec 2016. Spent about 143k total after doing some moderate rehab. Cash flowing about 2,700 monthly after accounting 20% for repairs and vacancy.
Positives: Cash flow! See above. I think I did pretty well. I am nearly at about 23% cash on cash return. Need to buy more, but stopped as of Dec 2016 as I actually took the plunge and bought a home in bay area due to fear of being priced out. These double digit year on year price increases will do that, and I refused to do a long commute. So now slowly starting to build a reserve again.
Lessons learned: My realtor didn't give me a good indication of how much rehab costed when I purchased, so it took about a year and half to start making money. Essentially I used my own cash and most of the rent money to pay the reno costs.
Also communication and being patient to find a tenant is also key. Better to wait a few weeks longer or a month to find a good tenant, or even lower the price as I had 2 tenants that were very difficult and caused issues.
Turnover costs have been minimal so far. I had two, costed just a few hundred dollars and rented within a month.
Union City, CA · Member since 2015 · 29 posts · 3 votes
8y
@Account Closed
I looked at the blog. I Didn't see hard numbers in regards to cash flow or return on invesments. Can you explain what type of numbers you are getting or what I can expect?
Multifamily Syndicator · Conifer, CO · Member since 2018 · 80 posts · 84 votes
8y
@Abdul R.Please Contact Me: We don’t advertise returns. Our SEC attorney advises against it. Each investment we offer is deal specific. This means The returns will vary from deal to deal. If you’re willing to connect and complete our investor questionnaire you can have access to deal flow and take a look at each opportunity as they become available. Our investments require us to have a preexisting relationship before you can co-invest/co-own with so please Contact, and Connect with, me so we can possibly Partner Together soon! *** I’m traveling through Thursday but I'd love to connect. Here's my calendar link to make finding time easy. The investor questionnaire can be found on my site: www.EdifiedEquity.com Thank you! To Your Wealth, Dino