Should I Pull The Trigger or Wait?

Question

I have been looking at multiple properties and valuing/ analyzing them to get comfortable with the process. I may have a potential good deal on my hands however, I want to know if I should pursue it?

I'm currently stationed in San Diego and have lived here for 4 years. I'll be getting out of the Navy in about 11 months and moving back to my home town, NYC.

So my question is, being that I'm a newbie, if the deal is a good one should I pursue it since I'm  moving to the other side of the country?

I would love to hear all of your thoughts, comments and ideas!

Simon W. · Answer

Sure, a deal is a deal. You can get it done even if you are on the other side of the Country.

Andrew Machado · Answer

@Simon W. I understand that it can be done however, this would be my first deal. I would have to leave everything up to a property manager and that is something I am unfamiliar with.

@Nicole Williamson Thanks for the link. I still need to meet up with the seller to get the details on the expenses etc.

Tim Gordon It is a 4 unit multi that I am looking to buy and hold for cash flow. I may even consider living in it for the remainder of the time that I am in San Diego.

Andrew Machado · Answer

Account Closed Once I get the details on the property I will contact some of the managers on the site. Great resource, thanks!

Paul Timmins · Answer

Andrew

Thanks for your service.

For a good property manager go to IREM.org search the geographical area look for ARM certified property managers. They deal in smaller props <50 units and had to pass a battery of tests to become certified. Call 3-4 of them ask them what they see a property this size expenses per category per unit and what they see them selling for per unit.

Paul

Tim G. · Answer

I don't know I manage my own property.

I'm literally floored you have found cash flow in San Diego, way to go!

Andrew Machado · Answer

Any tips on finding a good manager? Also, for calculation purposes, how much do property managers typically cost?

Tim G. · Answer

If you can get cash flow in San Diego, buy it!

Tim G. · Answer

I'm trying to figure out what kind of deal but I'm not sure.

Rental, flip? Can you elaborate?

Nicole A. · Answer

If you know of a good property manager in the area and you know the cash flow is there, it could be a good deal.

I use this calculator when determing potential cash flow:

http://www.goodmortgage.com/Calculators/Investment_Property.html

Plug in asking price as worst scenario. If it's cash flowing at asking price, it could only get better.

Otherwise, perhaps you could find something in the area you're going to. There's always another deal.

Should I Pull The Trigger or Wait?

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