All Forum Posts by: Apoorva Modali

Yes. I am still renting in the bay area. I looked at a few multi unit properties in the bay area $1 to $1.5 mil, but I couldn't find any deals where I could pay less than $4000 per month out of pocket to cover all the costs (PI + taxes + vacancy + Capex - rental income). I also don't want to massively downsize where I live (2bed 2bath townhome with a backyard for my dog). Since then, the interest rates have gone up even higher. I am very interested in knowing how you're able to house hack in the Bay Area. I'd love to discuss numbers if possible.

This would be my 4th out of state property. I own 2 SFHs (A- and A) in Scottsdale, AZ and a small multiplex (C+) in Columbus, OH. I haven't been able to find decent cash flowing deals in Columbus which are in B- neighborhoods or better. I don't want to invest in C+ and below properties anymore. I also connected with real estate agents in the Carolinas for MTRs and STRs and since last month, I couldn't find deals there either. Now, I'm looking into other markets that I haven't already looked into.

I wouldn't be able to house hack locally, since I live in the Bay Area, CA and I just don't have enough capital to house hack here and cash flow or even break even. My rent is $3650 / month and I couldn't find a single multiplex in which I could occupy one of the units and rent out the others and still have out of pocket monthly payments be less than $5000 - $6000, without having to massively downsize.

Hi, I've been looking for LTRs in the Carolinas and I haven't found a decent deal in the last 3 months. I live in California and with the current interest rates, I am a bit lost and I need help looking for new markets to invest in (total $100k cash available to invest). 

I am looking for markets with;
YOY population growth (>1.5%)
Low unemployment rate
Stable local government
Job growth 
Job Diversity
Cash flow with current interest rates

My overall strategy is to buy and hold. I am looking for properties with low to no rehab. B- and above neighborhoods. Any help would be greatly appreciated! If anyone could share the numbers on a recent purchase, that'd help me understand what to expect from a market. 

Looking forward to all the responses.

 Thanks Pat. I am a bit concerned about the supply of STRs in the cities you mentioned. What do you think the occupancy rates would be for these places?

 Thanks Blake. I see that there are over 2000+ listings with 3+ bedrooms in Oak Island already and around 1700+ listings in Wilmington with 3+ bedrooms on airdna. Do you see a new listing with 0 reviews doing well with such competition?

Hi Everyone! I am looking to invest around $100k in a STR or a MTR in either North Carolina or South Carolina. I live in California and own a few LTRs in Scottsdale, AZ, and Columbus, OH, which pay for themselves and leave me around 5-8% CoC Return. This time, I am looking to diversify in terms of asset type and go for a STR or a MTR, but I am not sure which city would be best for STRs and MTRs.

I am not sure if I want to compete with properties in an already saturated high demand market, as I'd be at a disadvantage (or maybe there's a sub-market with high demand and not so many STRs? - doubt it). At the same time, I also don't want to invest in a property that has little to no chance for appreciation. I am open to neighboring states to NC and SC as well. 

More details:
25% down conventional loan
100k cash available (downpayment + rehab if needed + furnishing)
I want to maximize my CoC return - So, I'm thinking 4+ bed properties.

1. Any recommendations for markets or submarkets for STRs and MTRs?
2. How much annualized return could I expect on an average for a STR and a MTR with current investors interest rates and my budget? 
3. How much would my property management expenses % be? I don't want to manage the property myself.
4. How long before I start seeing returns once the property listing goes up on STR websites?

I'd also appreciate if you could share yours STR numbers and experiences with me. Really looking for advice here! Thanks in advance.