All Forum Posts by: Adam Lacey

@Jason Malabute vision for that property, yes.

That's great! Hopefully the first of many. Congrats!

Quick and dirty analysis - sound like monthly income is $1500 (rents) + $585 (Storage) = $2,085/ month = $25,020 annually. If we assume expense ratio is 50%, that puts NOI at $12,510. $120k purchase price puts this at a 10% cap, which is great right now. Obviously, you need to determine actual expenses, but it seems like this is good enough to push forward with in my opinion.

@Dmitry Rockman I dont have any STR myself, but I have a friend crushing it in Destin.

I like to ratchet down the rent growth to see what happens. Many people just assume rent will grow at 2-5% per year, but what if it stays flat or drops? Do we still cashflow?

Wheelbarrow Profits, Lifetime Cashflow through multifamily properties are tow solid starting points. There are also a ton of books that are written towards SFH, but most of the analysis advice would still apply to the six-plex. I've enjoyed every BP book that I've read. Youtube is also a great resource. Best of luck to you!

They are both positive steps, but house hacking is an amazing tool to get started. Lowering your expenses will free up cash to create a lot of options for yourself. Without knowing you or your goals, that would be my vote.

That's awesome, @Justin Elliott! I was looking at a few properties in Craig earlier this year, but never moved forward wit them. I think there are a lot of reasons to project growth in Craig over the next decade, but it sounds like a good deal Day 1. Good work!

Hey @Jason Malabute, that sounds like a great approach to evaluate a partner, though I think for me, the process might differ depending on whether you're looking for a long-term business partner to scale a company with or somebody to KP on one deal. If you're looking for someone to KP your deal, their long-term vision and personality will be less important than if you're looking to scale a business with somebody. A lot of times the KP position can be pretty transactional. Obviously you still want to know, like and trust them to some extent, but if they're just using liquidity to guarantee the loan, and not really going to be involved in the day-to-day, then their personality/vision/goals becomes less important. Just my thought. Good luck to you.

Good luck, @Account Closed! I've heard good things from Michael Blank's program.