All Forum Posts by: Ab Okoeguale
Ab Okoeguale has started 13 posts and replied 35 times.
Hello House,
what is the ideal percentage expenses on a Single Family Home ?? Should I use 4% or 5% for;
Vacancy loss.
Maintenance reserves,
Management fees.
Regards.
@Account Closed.
You mean I have to travel to do an inspection myself??? The turnkey seller sent me the Numbers...many of these properties cashflows between $200 to $300 NET per month.
Hello House,
I have some savings I need to invest in RE,
QUE:Do I buy 3 turnkey properties and rent them out OR Do I buy, Rehab, Rent ,and Refinance a single property??
NB: I intend to buy cheap ,then Rahab with my cash savings and then cash out Refinance. My market is Buffalo NY.
Post: STR Ban on single family dwelling in Dallas ,what's NEXT.??
- Posts 35
- Votes 4
City of Dallas Just put a ban on Single Family STRs in Dallas and I was wondering what strategy is next for investors? What should new investors concentrate on in Dallas now?
Best strategy. Thanks.
Post: Interest Rate and ConC on a commercial Loan.
- Posts 35
- Votes 4
Hello House ,
what is the ideal interest rate on a commercial loan as at Today.??
What would you accept as cash on cash return on a commercial property??
Hi House.
I came across a distressed 10plex 2bed 2 bath deal in dallas and the lender told me to come with $59K at closing .The property is listed for $700K and Rehab estimated at $345K ,he's willing to lend me $1.2M .. at 6% interest. The property could generate $20K a month gross. What is your take on this ,I am confused..How do I cash flow??
Quote from @Jeffrey McKee:
@Ab Okoeguale where do you live? Are you planning to invest out of state? Can you house hack?
@Jeffrey McKee I live in Dallas, I can invest out of state but I can't house hack for now...
Quote from @Nick Gober-Keller:
Congratulations on your decision to invest in the Mid-Term Rental (MTR) sector. Your savings give you a great start, and Houston is indeed an attractive market due to its diversified economy and presence of numerous Fortune 500 companies.
While MTR can potentially provide higher returns, it also involves more work than Long-Term Rentals (LTR). MTRs require more hands-on management, like furnishing, managing utilities, WiFi, and prompt responses to maintenance requests. If you're ready for the additional responsibilities, MTR can be a lucrative option.
However, don't discount the potential of LTRs. With less day-to-day management and more predictable cash flow, they offer stability and ease of operation. With careful market research and negotiation, you might find LTR properties in Houston that can provide a good return.
As for the type of property, it largely depends on the demand in your chosen market and the type of tenants you want to attract. Single-family homes, duplexes, and apartments/condos each have their unique advantages and potential challenges.
Engage with local real estate professionals, do your due diligence, and consider all your options before making a decision. Ultimately, the best choice will align with your financial goals and personal commitment level.
Good luck on your real estate journey!
Quote from @Jamie Banks:
If you want to buy a MTR specifically and are open to different locations I would do some research on Furnished Finder and other sites to see where the most demand is. I recently attended the MTR Summit and California, Florida, Washington, Arizona, and North Carolina were the states identified with the top demand.
Quote from @Bruce Lynn:
@Ab Okoeguale #1 Don't buy condos in most cases. There have only been about 5 places in DFW area where the numbers work for rentals....but there are a ton of other issues using them for rentals. Often decent or even great places to live, but not for rental.
Even if they don't prohibit STR today, there's probably a good chance they will if you try.
MTR probably more acceptable in most places if it is addressed in the HOA CC&R. Still there can be plenty of issues, so I would normally advise against it. Same with townhomes.
Get a house to avoid a host of issues....and probably better long term appreciation.
This may be different in other areas of the country, but for sure in DFW. One issue is HOA dues and special assessments often just kill your returns.