All Forum Posts by: Colin Leach

What cities are you getting calls about?

I agree with JD.. $1200 rent at a purchase price of 171k isn't going to work. That's going to be negative cash flow. I always look at the 1% rule when doing my first glance at it. If rents are $1200, I think the asking price needs to be under 120k to even go further in the analysis.

I keep an eye on single family places up there. Let me know how it goes up there. Good luck.

Welcome Brent. I just got started as well. One of the first places I looked was in Starkville because I thought "College towns have lots of renters and the more renters the better, right?" I looked at a few places online, but I thought the prices were higher than I wanted to commit to. Plus, I wasn't super familiar with the area. I ended up buying in Hattiesburg because of the same thought and the prices were lower. I do still keep my eye out up there. I still would like to buy up there.

I saw there are a few apartment complexes for sale up there as well. Like a lot of people on this site, I think that's where I want to end up.

What are you looking into up there?

Is this still available?

I agree Victor. I thought I was going to do a BRRR on this one, but I miscalculated ARV. That's part of the lesson I learned on my first one. So I should work the numbers better and get a true BRRR on deal #2 and then refinance to get deal #3 all the while saving up cash flow?

 I am going to work on saving up for the next down payment. It's just being patient is the hard part.

Welcome to BP from your fellow real estate folks in Central Mississippi. 

@Chirag Shah ... Patience is key for us. Mainly because as was mentioned I don’t want to become over leveraged where the slightest thing could cause major set backs. I will work with the property I have and keep looking and saving. 

@Milton Rivera I wish someone had told me about house hacking 15 years ago when I was single but now I am sitting here with 4 kids so I feel that has passed me by. That’s ok though. I make sure I tell all the young people I know so they can have that opportunity. I am going to tighten up the budget and continuing saving. While my unit was vacant I was covering the mortgage so now I should be able to save all that money. 

I didn't buy it well enough to come away with any equity to speak of. That was a lesson learned. My lists of lessons learned keeps growing, but that's a good thing I guess.