All Forum Posts by: Alon A.
Alon A. has started 42 posts and replied 134 times.
Post: house in ohio
- Investor
- Posts 135
- Votes 47
Quote from @Bob S.:
Quote from @Nicholas L.:
are you putting in offers remotely without seeing the properties in person?
I would strongly recommend against doing that
If he has a team ( which sounds like he does not ) then hes fine. I know dozens and dozens of investors that have never been to the city where the buy properties. Is ALL about your team
All the best
However, you are 100% correct
I actually have a team , i have contractor that was there already i have estimate, i have realtor, i have all calculated already so all good.
the realtor said to me is not count as living space but in total sqft when people will buy it they will count it as like total sqft since is still area that you can use in house . on papers is not going to be with basement.
Post: house in ohio
- Investor
- Posts 135
- Votes 47
Hi
I have a question i a bit confused from something. Hope you can help
I almost put an offer on a 2400SQFT house. the house has 2 story and basement.
when i looked online in county site i saw this details:
Total Basement 676SQFT (Basement finished - 388SQFT)
Living area above ground - lvl1 - 690sqft, lvl2 - 724sqft
Total SQFT - 1414SQFT
Total 1414 SQFT + 388sqft = 1802SQFT ??
I wanted to ask if a basement count as soft in realtor, Zillow ... im really confused also why they put it as 2800SQFT.. so weird.
I did my comps based on this 2800SQFT and not 1414SQFT.
When im looking in zillow what i supposed to look for? 2800SQFT like listed or 1414SQFT or 1802SQFT ?
reason im asking is because some comps around 2000SQFT sold in certain amount but based on county site they are not 2000SQFT in living area, only if you add basement area.. please help
Post: Government Property- Cleveland
- Investor
- Posts 135
- Votes 47
Quote from @Chris Davidson:
@Alon A. it sounds like this is any other house that needs work, and she is making it sound like she has some great in on it, but it is just on market.
I would slow down if this is your first deal before you just jump into something. Do you have crews lined up that can handle the repairs?
Hey
Im a contractor i have really good knowledge in that and know how thing suppose to go that my day day job.
I actually was controlled people remotely before in my job.
Post: Government Property- Cleveland
- Investor
- Posts 135
- Votes 47
Hey !
I spoke with agent and she is listing property that belongs to the government.
She has the key and everything so she can go in. She said is FHA loan of someone and he couldn't make it so the government take over that and they put it on MLS market now. the home need full rehab. front porch. siding .water heater..
The agent said that i need to do POS since is Cleveland and that is the law over there, and any repair that they said i would have to do it.
if I decide not i lost $1000 earnest. There is any rules i should know with Government property or basically it should be fine to get it like any other property. What do you say, i can get the property in good price and she said i can put any offer to see if they accept it.
thank you
Hey !
I spoke with agent and she is listing property that belongs to the government.
She has the key and everything so she can go in. She said is FHA loan of someone and he couldn't make it so the government take over that and they put it on MLS market now. the home need full rehab. front porch. siding .water heater..
The agent said that i need to do POS since is Cleveland and that is the law over there, and any repair that they said i would have to do it.
if I decide not i lost $1000 earnest. There is any rules i should know with Government property or basically it should be fine to get it like any other property. What do you say, i can get the property in good price and she said i can put any offer to see if they accept it.
Post: First Property Investment
- Investor
- Posts 135
- Votes 47
Quote from @Joel Broyles:
Quote from @Alon A.:
Quote from @Joel Broyles:
Look at the growth areas. I prefer large MSAs over secondary or tertiary markets for all the reasons I outlined previously. There are a handful of markets that could see significant correction from here: Austin suburbs, Phoenix, pick your CA city, etc. These are great areas under normal conditions, but with rates likely to go higher before they go lower, prices in 2023 are less attractive there for now.
So, I would stick to larger areas (I'm biased because I'm in Texas) like DFW, Houston, Atlanta, parts of Florida and Tennessee. Texas and Florida are seeing higher growth rates, domestic migration and more favorable regulatory environment. I wouldn't rule out Phoenix once rates start to drop (maybe next year?), but that market is at risk for now.
Texas (again, biased) has 5 of the top 10 raw population growth counties in the country for 2022 and 4 of the top 10 MSAs for raw population growth. And, despite relatively high single-family construction, Texas is well short of needed supply. High growth, low inventory, good regs, stable to net positive rents.
I love Texas i used to live in Austin .. I wish i can invest there but is expensive.
I know that Killen and Temple are nice
DFW area is super growing, so you recommend to raise the house budget to 200-250K and start invest in this areas ? to but house under market value , remodel and rent, then refi ?
Very strong competition over there, i tried but as beginner in this market its not easy there is 30 offers with me..
I went to college in Austin - I love it down there. When were you first attempting to buy in Texas? Inventory is starting to come back - we're up 135% YOY (still not quite back to 2019 levels though). Also down to ~96% list:sold ratio - so very, very few multiple offer situations today.
If you tried 2021-2022...it was nearly impossible. Much different today. Prices down about 16% from April 2022 peak. Starting to normalize.
I don't have as good of data for other markets, but I'd imagine you see similar patterns in Atlanta, TN and FL.
Where do you recommend to buy ? I tried San Antonio , temple , Killeen, corpus Christi so far
any other suggestions ?
Post: First Property Investment
- Investor
- Posts 135
- Votes 47
Quote from @Sam McCormack:
Quote from @Alon A.:
Quote from @Sam McCormack:
Hi @Alon A.
Do you have 120k in cash to use, or is that for property and rehab w/ financing?
yea i have 120K to use, I dont want to do cash deal... I want to put 20-30% down + pay all remodel in cash.
Ohh okay I got it. Have you looked into Cincinnati?
Cincinnati do not has 100-120K houses anymore unless the early early 1900S and in horrible neighbor hood
Post: First Property Investment
- Investor
- Posts 135
- Votes 47
Quote from @Joel Broyles:
Look at the growth areas. I prefer large MSAs over secondary or tertiary markets for all the reasons I outlined previously. There are a handful of markets that could see significant correction from here: Austin suburbs, Phoenix, pick your CA city, etc. These are great areas under normal conditions, but with rates likely to go higher before they go lower, prices in 2023 are less attractive there for now.
So, I would stick to larger areas (I'm biased because I'm in Texas) like DFW, Houston, Atlanta, parts of Florida and Tennessee. Texas and Florida are seeing higher growth rates, domestic migration and more favorable regulatory environment. I wouldn't rule out Phoenix once rates start to drop (maybe next year?), but that market is at risk for now.
Texas (again, biased) has 5 of the top 10 raw population growth counties in the country for 2022 and 4 of the top 10 MSAs for raw population growth. And, despite relatively high single-family construction, Texas is well short of needed supply. High growth, low inventory, good regs, stable to net positive rents.
I love Texas i used to live in Austin .. I wish i can invest there but is expensive.
I know that Killen and Temple are nice
DFW area is super growing, so you recommend to raise the house budget to 200-250K and start invest in this areas ? to but house under market value , remodel and rent, then refi ?
Very strong competition over there, i tried but as beginner in this market its not easy there is 30 offers with me..
Post: First Property Investment
- Investor
- Posts 135
- Votes 47
Quote from @Sam McCormack:
Hi @Alon A.
Do you have 120k in cash to use, or is that for property and rehab w/ financing?
yea i have 120K to use, I dont want to do cash deal... I want to put 20-30% down + pay all remodel in cash.
Post: First Property Investment
- Investor
- Posts 135
- Votes 47
Quote from @Joel Broyles:
Congrats on getting in the game! I would suggest not getting too focused on comparing a static price ($120K) from geography A vs geography B. Focus on where you get good value over time, not simply on acquisition price. Price is only one variable - look at the entire picture. Taxes, insurance, weather, growth rates, domestic migration patterns, corporate relocations, school rankings, proximity to major airports, regulatory environment, etc.
Assuming your hold period is 10+ years, you will be better served in an area with strong demographic growth and strong economics. Then look past year 1. Of course, do you homework and know your numbers, but I often see people making a 10+ year decision solely on year 1 data. Compare, with conservative estimates, a projected growth rate of rents, appreciation and necessary capex over a 3-5 year horizon.
Then it's about your specific goals and outcomes, risk tolerance, appetite for debt and general comfort with the investment. You can do it though!
Thank you so much! but I dont have strong opinion where should I do it? should I focus at one place or 3-4 places? What do you think is a good market for my position at the moment