All Forum Posts by: Casey Miles

I'm in Conroe every other week. I'm form Phx and only hold property in AZ. When you say buy and hold, how long are you anticipating the hold? I'm guessing your banking more on a quick appreciation? The reason I ask is I would never but up $200k cash to make $10k a year. Why not finance and leverage? Unrelated to the area, I just always wonder why people pay cash vs finance (with the exception of buy with cash and refi, etc.)

I guess everything is still up in the air but it sounds like the GF won't be coming back. She is contesting the protection order. Assuming everything goes through and I want him to stay. Could I terminate the lease with her and renew a lease with him? Would the deposit originally paid rollover or could the GF contest and say she paid half, etc?

I definitely need to get over there and inspect the property as the accusations are flying. She called and left a very emotional VM after their initial court hearing accusing him of destroying the house, etc.... Ahh the joys of landlording.

Thanks in advance,

Casey

So really long story short. Things are apparently not going so well in the home. BF calls me this morning saying his GF has gone crazy and he's going to the court to file an order of protection and he was just calling to let me know. GF calls me a couple hours later saying BF has gone crazy, that the cops have thrown her out and that the BF changed the locks, that she's on the lease and he doesn't have the right and that she's headed to the court house. They do have a somewhat weird relationship where everything is split down the middle even though they have been together over 10 years. She's on SS and he has a decent job as a machinist.

My question is/are:

I'm assuming if things go south I can't hold her to the lease agreement because she was legally removed by law enforcement? Is there any precautions I should be taking? I've never been in a situation like this.

Thanks in advance,

PS, they did pay rent for June :)

Great work! How long have you been flipping/RE in general? Di your partner provide private funds or did you use HM?

Thanks,

Sounds like you really jumped into RE investing, congrats! I have a 1 million dollar umbrella policy and it covers me for all my properties. My portfolio lender will lend to LLCs but I'll always need to personally guarantee it. They don't offer non recourse loans.

I'm comfortable with my umbrella policy but do have an LLC as well.

Guys,

I don't think I'll be able to make this one. I land at like 1:00, have to run to the bank and then to title by five. I'll try but I doubt I'll be able to pull it off.

Have fun and hopefully some great connections are made!

Casey

And as the Raul and Tyler mentioned, these appear to be pro forma rent numbers that I would verify directly.

Using your numbers I get the following. Unless I anticipated HIGH grown with a long term flip as the exit, there isn't enough meet on the bones for me. I know the gulf coast is anticipating decent growth but with the slow down in oil I would be cautious. For the money I would be looking north of Houston, maybe a couple SFR?

Returns Net Operating Income (NOI) $16,574

Cash Flow     $4,910 

Capitalization Rate (Cap Rate)   6.69% 

Cash-on-Cash Return (COC) 8.77%

Hi Will and welcome to BP.

I think with your desire for design I would look at a fix and flip properties. I know how it feels to have cash sitting and not making money with your money. I currently only have buy/hold experience so all of my cash goes towards down payment $.

I think after I close on these next two properties I'm going to pursue a fix/flip myself.

Good luck and if you ever want to meet up for a beer let me know, I live in NE Mesa.

Casey

 I guess I'm not active enough...

Too rich for my blood on a no contingency/nonrefundable deal.