All Forum Posts by: Cody Steck

 Well, of course you have your vanilla "investors" who just put 25%+ down and get cash flow cause they have reduced their leverage. But your more experienced investors are buying a flip, fixing it up, and then renting from there so that they can get in at a lower purchase price.

Are there great deals out there? Sure, there are great deals in any market.

However, most deals are still above that $90k even for just the purchase on a run down property. 

I am even asking myself, how some of these investors have sustainability with these numbers.

You have to run the numbers and know what the market tells you. 

For instance, @Ben Leybovich is saying that $1050/month rent can't support 90k/door. However, in the market I am in, people would scramble for those kinds of numbers - because you just aren't going to find them. There are people paying upwards of $175k for a SFR that rents for that much in my market.

Now, are there investors finding better deals than that? Sure, but there are deals like this out there being done.

I would recommend getting a better grip on your market. Go to the neighborhood and start asking the neighbors what they are paying for rent. That's how you will know what the market rent is going to be. 

Also, try to spruce up the deal by finding a way to put less money down if you can. Maybe an owner 2nd? 

Also, don't forget that if you are buying this at a discount, you can fix it up and then sell it as a turn key rental and profit from some built in equity.

Good luck!

Sounds great!

You say you want 100k cash flow/year from 10 properties. That equals out to $833/month/property? Unless your market is extremely lucrative, I think you need to look over your numbers there again.

Well done! That's awesome! 

The duplexes were listed at 75k each but you only got 125k for all three from the other investor, was that a fair price? Were they just over priced to begin with?

Planning on getting out of Utah? But it's great here! 

Welcome to the club! Definitely come attend the SLREIA or UVREIA meetings and get to know the local players in your market. There is a vast amount of knowledge mixed in there and they can help you find what you are looking for. 

Welcome! 

Congrats! I'm part of the younger crowd as well and am renting bedrooms in my house to cover my full monthly payment (close enough to house hacking right?) when I move out, it should cash flow about $250 so I'm pretty satisfied with that.

I am now working full time as an agent to get more exposure and make more connections in the industry. As for finding your next deal, I personally am looking for seller financed properties for my next investment and would probably recommend the same.

I have to wait two years before I can get another loan anyway

Perhaps you can look into seller financing? If you have some money for a down payment you can put money down and have the seller finance the rest. Of course, this is dependent on the seller owning the property outright or you putting enough down to pay off the bank loan.

I would probably stick with typical agent commission's for the buy and sell (3% each time) and then work it out with your partner what to do about the rehab management. I've heard the person with the money gets 80% leaving 20% for you. 

I'm sure others with more experience will weigh in.