All Forum Posts by: David Boykin

I'd look to leverage it across multiple units, close to home. Either multifamily units or commercial property. With $50k down, you might be able to buy small apartment building or a few 2-4 unit properties. 

Really depends though. Whatever has the best cash flow in your area is what I'd recommend. 

In general, I always ask for the rent rolls, taxes, insurance, and current occupancy. And whether electric, gas, and water are tenant paid, separately metered, or owner paid. If you're lucky, the broker might send the listed rent rate and current occupancy. Many seem to want to get it under contract first. 

The property looks to need a lot of work and is currently vacant. You'd definitely want to find out how long it's been vacant. As a commercial (5+ unit) property, your offer should really be based on cap rate and current occupancy, or otherwise some calculation of NOI after repairs. If interested, I'd offer much lower than listed.

As far as the description goes, there's a lot of fluff in there. This property will need a lot of work. You could always make an offer with an inspection contingency and get an estimate of the work, and revise your offer down.  

I don't know much about Columbus, but the property doesn't seem to be in too great of an area. It also backs up against railroad tracks. Not too sure how attractive that makes it if it's a busy rail. The unit mix also doesn't seem too appealing to me. I'd expect these units to rent for no more than $400 on average. It's 8 2/1s and 4 1/1s. 

Hi Jeremy. Welcome to BP. It's a great resource. Explore the forums for investment strategies you can start using now. You don't have to be debt free to get into the game. I actually started with a $600 investment in a tax lien. 

What type of printing do you do in your ad business? 

Augusta certainly has some affordable investment properties for rentals. I've been thinking of getting into SFHs and section 8 rentals. What type of property were you invested in? 

Hi Lauren, 

I'd probably be better able to tell you who not to use...

Seriously though, I'd look to one of the smaller companies. You might consider Auben as Ann suggested. Chad actually reached out to me on BP this week so I think he is active. 

Thanks Dave. I'll check that out. I plan to start using the site more and more. 

Thanks, @Chad Heard 

My rental quadplex is in Martinez / Columbia county but I've been considering Augusta more lately. Seems to be better opportunity to meet the 2% rule. I've also been looking at REO homepath properties but haven't found them to be discounted enough to flip. It's been a struggle to find an agent willing to work with investment property. It's one of the reasons I'm working towards my RE license.

Does the Augusta REIA have a website? I couldn't find anything when looking for more on them. Just a dead link on the GA REIA site.

Thanks, Brandon. The podcast is awesome. It only took 30+ episodes of nudging for me to finally join BP! 

I definitely plan to dive into the forums a bit more. Getting some ideas for tenant proofing one of my units today actually. 

I'd say anything below 1.5% is hard to cash flow. I've found 2% to be pretty tough to find for decent properties. I run my numbers using the 50% rule for expenses and base the mortgage on 100% financing at 1% above the current rate. If it still cash flows, then I look at actual numbers and make a decision based on the most conservative calculation. 

I'd definitely recommend to invest the $30k in other properties where you can leverage it to buy more units. I'd think you can get a duplex or other multi-unit property with $30k down.