All Forum Posts by: James Allen

Thank you @Brent Coombs for the clarification.  I did a walk through the units this past weekend, and 4 of them were pretty rough and there was some significant water damage along with a few current leaks.  The neighborhood is rough and the rents are maxed out for what the neighborhood allows.  So putting money into fixing the problems won't provide any increase in rent.  I spoke to some of the tenants and the property management company is horrible apparently.  

congrats on jumping in and doing a great job! I like the flooring you used.  How did you find your contractor?

@Sam LLoyd thank you for your input on this. I appreciate it. I am looking at 2 options to finance, one is private money, which is already in place (possibly BRRRR the deal), or I am looking at a commercial loan with a seller assist to limit my money needed up front. Im thinking I can get the seller to agree on a price closer to $180k.

Im trying to analyze a deal, but im not sure i've put everything in the calculator properly.  Its a 7 unit building where 6/7 units are rented.  Asking price is $230k (i know they are willing to work down).  Currently the scheduled rents are $3,550 per month.  Projected annual expenses are $23,043 which includes property management.

I apologize for missing information, but hopefully through the discussion, I can add to the above info and get to a decision on this.

Thank you @Thomas S. I agree.  I have been taking many steps over the past few years to be able to save money and be in a position where I can invest and focus.  BP has been helping me with the focus so far and i'm sure I will learn a lot more in these forums.

Thank you @Joshua Drummond. I see you are from Dallas, I just returned from a trip there. I really liked what I saw and am very interested in investing there, maybe even living there. I have one property I found while out there that I am trying to see if I can make a deal out of it. Its a SFR with a motivated seller against a nearing deadline to sell. She's still near retail on her asking price, but I think she will go much lower since she has equity and a deadline.

Hello BP,  I have been religiously listening and catching up on the podcasts.  They are so addicting! I think I've listened to over 80 in about a months time...

I got my start in real estate when I was in college a little over 10 years ago by taking all the real estate related courses that they offered.  Shortly after graduating with a BA in Communication, I took and passed my agent exam.  I hung my license with a few different brokers before closing a few deals as a buyers agent.  I was going in to 2007 with a handful of cash buyers but was having trouble getting any offers accepted even though we were 10-15% over asking price.  I was having a rough time making enough money to survive and ended up leaving real estate.  I got into doing rehabs for investors on the construction side for a few years, but then found I was being undercut out of the business by cheap labor and could no longer make a decent wage.  So for the past 6 years I have been working in and managing fitness facilities as well as attempting different entrepreneurial endeavors at night with varying results.  I am at a point where I am ready to jump back in to real estate, this time on the investor side and accept no other result but success.  I am looking forward to growing with this community and working with many of you!