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All Forum Posts by: Austin Largusa

Austin Largusa has started 11 posts and replied 111 times.

Post: Planning for Detroit - Who has the deals?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Darius Ogloza:

Do you plan on living in that $15,000 house?  

 No I don’t. The more realistic idea is making sure i can find properties to hold on to as rentals. I’ve been watching 48224 and 48215. 
I see you’re not too far from me. Do you have rentals in Detroit 

Post: Planning for Detroit - Who has the deals?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Paul S.:

*rolls eyes*

Thanks for jumping in here Paul. I’m really just looking for feedback on areas. I’ve identified 48224 and 48215  zip codes as areas that could be C neighborhoods. They don’t look to be such bad areas 

Post: Planning for Detroit - Who has the deals?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

I'm currently looking into the Detroit market. I'd like to follow the BRRR model but not sure where to start. I have been looking on the north east parts of Detroit and West.

Would hope to find these numbers:

Purchase: 15k

Rehab: 20k

Rent: $700


any areas to look at more closely? Agents or wholesalers to work with? Contractors to...contract? 

Post: Beat areas to buy rental property around Detroit, MI

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

Thank you for posting this. I’m looking to get in the market here. Have noticed decent homes in the north east part of Detroit.

Any recommendations for wholesalers/agents and contractors to work with in the area? Need to find something cheap to rehab and rent out. Hoping purchase could be around 15k with another 20k to rehab. 

Post: Backyard Knowledge in the Northwest Indiana Market

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

Was looking into making my way into the NWI market. Thank you for this super valuable and helpful post. 

Post: Bay area Housing 2020- Crash or no crash

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

I don't think you can lump the Bay Area in together in any form. We are completely different in each area and city. You went as far North/East as Walnut Creek, which still leaves out a significant part of the Bay Area. 

San Francisco is going to see significantly different effects than Concord. Milpitas will see different effects than Livermore. Marin will see different effects than Berkeley. 

In my area, Solano County, we're seeing a pretty consistent market. I've actually seen homes in my area sell for more than they should be. 

Post: Newbie looking for guidance for out of state investing

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

Same deal here. Looking in Cleveland
Looking at same market but from Northern CA
And for the same reasons as you 

Post: Delayed financing and appraisal in Cleveland

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79

Maybe it’s a Cleveland thing. I had a wholesaler send me a duplex and try to use a comp of a completely rehabbed duplex. Then he tried to use a duplex that sold in August 2019. Like, no. COVID has changed the game. You can’t use that same comp from last year. 

Post: Don’t qualify - What to do?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Dan Bryskin:

@Austin Largusa

You may look at commercial mortgage products or some favor of portfolio financing. Some banks will write commercial paper on 1-4 units. They want 25% down and evaluate property, not your DTI. They want 1.15 - 1.25 coverage, so you need to get $1.25 in rents for every $1 in mortgage. Some will finance rehab. Good luck.

 Wow that’s interesting. Thank you for the response 

Post: Don’t qualify - What to do?

Austin LargusaPosted
  • Investor
  • San Francisco Bay Area
  • Posts 119
  • Votes 79
Originally posted by @Marc Winter:

If you are in San Fran with $30K I'd advise you to hold onto that money and find a great deal that you can join forces with a money partner.

Yes but I was originally looking in Cleveland