All Forum Posts by: Cody L.

Hey, no offence to people that live there.  It's close to a lot of stuff.  And I see it getting better and better (though I wish it wasn't getting so good so quick, I was buying stuff there 3-4 years ago under $20k/door).

 I'm just heavily partial to the Montrose area as that's where I had a home for a few years.  It's where I cut my teeth on investing and where my current office/HQ is.

3rd ward is great.  Or rather, its very close to great areas (midtown/montrose/downtown).  3rd ward itself sort of sucks (to live in -- not to invest -- I own a lot in 3rd ward and it's good for that)

 Fun to see this from a few years back.  I'm now 1000 units and $550k/month rent roll :)

I was for sure a "do it myself" guy when it came to running my properties.  But pretty soon I found out I was a property manager and not an investor.  So then I hired a property manager but did most other things.  But then felt i was running a property management company and not an investor.

So I hired an operations person.  And now I'm back to being a full time investor.  You pay a lot for good people (my ops person makes over $100k/yr) but it's soooo worth it.  You can't grow your business if your time is sucked away by showing apartments and taking calls from people with no hot water. 

"I was thinking of investing in land or a strip mall with a buddy of mine who has done this before."

You had a pretty long post about how horrible retail / office is doing, and why, but you want to invest in it?

Dude:  Multifamily.  You're welcome :)

10 CAP, SE inner loop. Though I normally ignore CAP and buy on a price per door basis (against what I feel is a good price per door in that submarket)

Curious what your goal is with trying to find a list of people with equity in their homes?  What are you trying to get them to do?

Best place to invest: Houston

Best place to LIVE: San Diego

Just my opinion :)

The broker is a good friend of mine.  I know the full history of that property.  Who owned it several owners ago and what a few people between then and now paid.

It'll cash flow but it'll be a 6-7 CAP. You're over $100k/door on older class C stock -- which will never be a strong cash flow story.

I own hundreds of units in this Montrose submarket and haven't bought any in the last few years since when i was buying them I was paying ~$50k/door and the rents were 80-90% of what they are now. So in the last few years asset prices have doubled, while rents have only gone up a bit (so basically CAP/returns have fallen off a cliff since everyone wants to own in Montrose)

Better bet would be to go a few miles east.  Pay $40k/door and get 75% the rents.  higher return, more upside.

But if you really want this one, PM me and I'll see what I can share on pricing data. 

As soon as you own a few properties, everyone thinks you were born into money.

I have about 1000 units.  Grew up on powered milk and government cheese.

With $80k you can eaisly buy a 5-10 unit.  Lots of ~$30k/door stuff.  There was some 6 unit I just saw for like $250k (next to some of my other properties, but not really my size of deal).  $50k or so and you can close on it.  It would easily cash flow.