All Forum Posts by: Adam Hurst

@Vishal Moorjani

I am a local investor here in Norman, OK.

@Luke H.

Sounds like lease should include a move in/move out sheet. Tenants note anything that seems out of place, broken or defective in anyway. This is a reminder to me to make sure my tenants are filling this out and that I refer to it when doing final walkthrough.

@Meredith Burt

Nice job! I am also in Norman, OK. I find it very difficult to find a BRRRR opportunity in Norman. Always looking!

@Joe Villeneuve

Thank you Joe! I’ve got some math to look at. The average cash flow on my other properties is $250-$300 with expenses pulled out for repairs, management, cap ex and vacancy.

So, if I found 3 more properties I would stand to cash flow around $900 more per month. If I found great deal maybe a little more.

I have 8 SFHs. I am at a crossroads in the journey. I’ve learned more in the last 3 months than I have in the whole 10 years. I own a house that is worth $130,000 and I only owe $8500.

My end goal for real estate is not to be a real estate mogul with 100s of units but rather to have a comfortable amount of passive income to get me out of my 55 hr/week job. I figure with 12-15 paid off properties I will be able spend more time with my family. If I can keep building my portfolio at that time, I will.

I know that I can refinance and cash out on this property for about $85k. With that I can buy 2-3 more properties.

My issue right now is my cash flow. I feel it is lower than what it should be. My properties need to generate more money to absorb costs and position myself to be more comfortable when things happen. If I pay off the loan I increase my cash flow by $600. Cash flow per property in my area is only $250-$350 per month so having them paid off is where the real money is. I also feel a little uneasy with the pandemic, election and real estate bubble.

I can always use the extra cash flow to up my reserves and then refinance in a few years when things are stable.

Or do I refinance and buy 3 properties to get closer to the # goal. I would think I could increase cash flow this way by about the same, but I would increase my chances of having more issues with more properties.

Any advice would be great!

@David Nutakor Thank you David. Sounds like sound advice.

@Colleen F. I will ask that question. $1,000,000 seems like a lot on one property or maybe not.

@Greg Scott That’s where my head is. It seems risky.

I own and operate 8 investment properties. I love the ease of sending docs to tenants remotely. Just looking for other options. Is there a one stop shop for creating postings for properties, sending and receiving apps, background checks, leases etc...?

Thanks. 

I want to be more focused on cash flow. I am in the process of purchasing my 8th investment property. Is insurance something you should look at when you are trying to maximize cash flow? I heard a guest say he only covers them for cash value and it saves him tons of money which increases his cash flow. Of course, I am being told/sold to protect myself. I will give a few examples of my coverages. They are all similar because they were all set up/sold to me by the same person. I use a company that rhymes with Great Harm and my wife's uncle is our agent. 

House 1

Value $175,000      Owed $124,000

Rent Received $1,425      Payment $1000 <---- Don't kill me on this, I know it's not a great one.

Coverage - Dwelling $178700, Dwelling Extension $17870 Personal Property $8935 Business Liability $1,000,000 Annual Aggregate $2,000,000 Medical Payments $5,000 Deductible 1% 

House 2

Value $145,000     Owed $69,500

Rent Received $1200    Payment $620  <-----Getting a little smarter

Coverage $110,800, Dwelling Limit $11,080, Personal Property $16,620, Business Liability $300,000, Annual Aggregate $600,000, Medical Payments $5,000, Deductible $1,000.

Thanks for any comments or insights. Always looking to connect with people in the Norman, Oklahoma area.