All Forum Posts by: Alex Corral

I don't really expect to get hand picked deals. I like doing my own searching, but I would like my Agent to reply in a timely manner, even if it's just a "will get back to you on this". Waiting too long for comps or advice can cost you money. An Agent who is willing to see properties for you & send pics & comps quickly is a huge asset.

Glad to see things like this can be discussed & learned on BP. I have yet to buy a property from @James Wise but I have reached out to him on a few occasions asking for advice on properties not even sold by HW. James has been quick to reply & helpful. I would likely use them when I buy & their PM as well. Always best to do your DD & vet other people though. My knowledge of the Cleveland area is owed in large part to James' information. I don't think there is another member that shares as much info. 

As far as the location of the property, it's a bummer it's so borderline, so I can see both points of view. However, a simple Trulia Crime Map look would show the property in the worst crime zone. Something I've learned to check on all the properties I look at. 

Great question! As a brand new investor with only one out of state rental, ive been doing lots and lots of research. I'm right on the cusp of starting, and having issues with really settling on one market. I'd like to end up with 3 markets and about 3-4 houses per market. So far I have looked at Cleveland, Baltimore, Alabama, Indianapolis, KC, OKC and looking at a few new ones.

Originally posted by @Alex Corral:

Originally posted by @Rich Lopes:

Based on the above numbers you COC is barely 4.5% - if you think that's good enough then make sure the ARV is at or above the $122.5k (87.5k+35k), then it make sense to buy these properties. You can do BRRR and get your cash back and perhaps reinvest - otherwise sell it build some cash reserve and buy one one or 2 for all cash when there is a good opportunity.

Rehabbing is a major endeavor and you have to really estimate at least 110 - 120% of the total rehab cost just to avoid any surprises once into it.

I agree, if you can force the value and cash out refi, you can get all your investment back. At that point, your COC gets better. I also think you should calculate your loan at 5-5.5%. I dont think 4.75% is available at par anymore.

Originally posted by @Rich Lopes:

Based on the above numbers you COC is barely 4.5% - if you think that's good enough then make sure the ARV is at or above the $122.5k (87.5k+35k), then it make sense to buy these properties. You can do BRRR and get your cash back and perhaps reinvest - otherwise sell it build some cash reserve and buy one one or 2 for all cash when there is a good opportunity.

Rehabbing is a major endeavor and you have to really estimate at least 110 - 120% of the total rehab cost just to avoid any surprises once into it.

I agree, if you can force the value and cash out refi, you can get all your investment back. At that point, your COC gets better. I also think you should calculate your loan at 5-5.5%. I dont think 4.5% is available at par anymore.

I can't make out the numbers either. 85x25% = 21k + 35 rehab = 56, plus closing costs = 60k? 63k (75%) loan amount is PI $360/month @ 5.5%.

From all my research, the $30-50k property opportunities have ended in Indy. I think you'll have to pay closer to $100k and expect lower ROIs.

@Jason Malabute Metropolitan Statistical Areas

@Axel Meierhoefer I've had the opportunity to ask for help/chat with James Wise a few times. He has always been very helpful & on the ball! As busy as this dude is, I was impressed on how fast he got back to me with lots of helpful information on a property I was looking to buy. I think his marketing is very informative & he always promotes transparency. When I find the property I want in the Cleveland area, I plan on using @James Wise. As for the BBB, I would not take their rating into consideration at all. They are like the PETA of the business world.

Jonathan Twombly that was a great post!