All Forum Posts by: Alvin Uy

Hello BP Community!

I've been researching and educating myself on real estate investing the past few months and am ready to jump in! I'm looking to get into small - medium sized multifamily in A or B grade neighborhoods for buy and hold cashflow.

I've narrowed down my markets to Kansas City and Ohio. Kansas City because I have a friend that lives there and can provide some input/feedback on deals and Ohio because the numbers seem good. 

Anyways, as first investment I think that turnkey is an option I am very interested in (especially as I am investing from out-of-state). Does anyone have any recommendations on turnkey providers in these markets? I would also appreciate any thoughts/tips for turnkey investing in these areas!

Thanks,

Eric Van Vliet

Let me have it I’ll show you what to do with it . 

@Josh Tso, Certainly let's connect when you get to Austin. We always can look back and say, should've, could've, would've, but don't worry about it. Always look forward. As a real estate investor, if you thinking owner-occupant then there are still viable choices here in Austin. If your heart is set on a SFR then your probably viewed as a consumer much more than an investor. However, if your thinking duplex, triplex or fourples to house hack then there can be some opportunities in the Austin MSA. Cheers!

@Alvin Uy $1000 per year PER PROPERTY I’m assuming, yes? What’s the average value of these properties?

Your numbers sound similar to what I’m seeing in San Francisco on a per dollar value average btw...

" ...[friend] He thinks if the big one were to hit, this company will more than likely go bankrupt and will never payout the claims."

Tell your friend there's a serious flaw in his logic.

Hell, if he wants to use logic like that, why bother buying any insurance at all? Suppose the entire state of California burns down in a massive wildfire that puts the "Wooley" and "Camp" fires to shame? Suppose all the Central American gangs invade Southern California all at once and rob each and every household over the course of a couple of weeks, shooting and killing and maiming as they go?

Yah, under such circumstances, a lot of insurance companies would likely go belly-up rather than even attempt to pay out claims. So why bother having any insurance at all?

BUT -- suppose there's a disaster of a somewhat smaller magnitude? Just your property catches fire, and only in the front bedroom. Only your TV is stolen and a few pieces of jewelry. And an earthquake far smaller than "The Big One" hits, but it's big enough to cause damage? Say, chimney collapses and crushes your automobile.

You'd kinda want to have insurance under those situations, I'd expect, and their probability is much greater I think.

I'm not in California, but I do have earthquake insurance on all my rentals on the west coast.  It adds about $40/year and I think it is worth it.

@Alvin Uy Thank you so much for getting back to me. We found two banks that do offer Helocs on our investment property. They are willing to do 75-80% at 7.25%. However, we are still weighing our options. We are in the process of getting plans approved for an ADU. So, we are trying to figure out our best options to finance that project, without to much risk. We need some skin in the game in order to start forming systems that work for us. What we want is to scale up with multifamily property (3 or 4 plex). If you have any suggestions, I am open to conversation.