All Forum Posts by: Chris Coleman

@Liam McGoldrick yes this absolutely makes sense and kudos to you for such strategic planning.

I cannot speak to the FHA qualifications.

For the HELOC, it will depend on how much equity you have gained in the property over the year and thus the LTV.

@Vaughn Johnson there are plenty of REI Meetups in the DMV that are very helpful in meeting other investors and learning. You can find them on meetup.com

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

@Chelsea Jean-Mary yes, you can find properties for under $300K.

Extend your search out into Prince William County, Fauquier, and down I-95 toward Stafford in NOVA.

Depending on your strategy, it can be a challenge to find good cash flow. You will likely need to buy low and do some renovations. But not necessarily distressed BRRRR.

There are plenty of investor-friendly realtors in the DMV who can help you find the right property.

@Daniel Peavey

@Jake Hottenrott can help with this.

@Jeremy Hackenberg use your numbers.

Unless the Turnkey operator you’re going with has their own in-house PM that specifically quotes you 8%, then you’re most likely going to pay 10% for good PM.

The standard for maintenance and vacancy is 5% and 5%. You hopefully won’t use all that in the first 2-3 years since it’s Turnkey and supposed to be newly renovated. But better to underwrite conservatively.

@Joseph Niedermeyer with office space, yes this can be a very good deal financially.

However, with land, you do not get to take depreciation on the value. So for that reason, I would suggest talking to a real estate savvy accountant about it.

@Brandon Green welcome! I’ve seen great things about the Tampa market.

@Paul Wolfson

It really depends on how active or passive you want to be in the investment. $150K can do quite a bit.

If you want to be very active, then you can Cash Flow pretty well finding a Class C/B property, renovating it, and renting it out using the BRRRR method in certain markets in the Midwest or Southeast. This strategy usually requires that you buy with cash, or get hard money/private lending. So that will be a factor in how far $150K will go. You can look up what the BRRRR method is here on BiggerPockets. Again, this strategy will require you to be VERY directly involved.

If you only want to be partially active, then you can purchase cash-flowing Turnkey properties in places like Kansas City, Memphis, Oklahoma City, St. Louis, Jacksonville, and others. Again, you can look up what the Turnkey method is here on BiggerPockets, as well as Google. The nice thing about Turnkey is that the rehab is already completed and it generally cash flows from the first month of purchase. You can purchase Turnkey property with 20%-25% down and conventional financing. So in the right markets, $150K could easily get you 3 or more properties.

Finally, if you want to be completely passive and have essentially no involvement in the property, then you can invest in multifamily syndications with as little as $25K-$50K. While not all do, there are plenty of multifamily syndications that provide Cash Flow from the beginning on a monthly or quarterly basis. Be aware that many of these require you to be an accredited investor, so you'll need to know that.

@Greg Gervais

Best Ever Apartment Syndication Book by Joe Fairless and Theo Hicks

Raising Capital for Real Estate by Hunter Thompson