All Forum Posts by: David Gleason

HI @Mike Morgan, I may take you up on that; what's the avg. for 3/2 SFH's in B-class neighborhoods there? @Jonathan Greene, that's an extremely good point.  So far all 4 properties have relatively new roofs (<7 yrs. old), furnace's are all 3 years or less.  I'm considering a value add if the construction costs work out to add a 2nd bath (either full or half) to one property than is a 3/1.  (The other 3 are 3/2s).  Lease for that one is up in July and would use that window to do that if the juice is worth the squeeze.

Hi AJ and Joseph, thanks for the insights.  I'm primarily looking to keep my investments in Tennessee as the price point is considerably less than California.  It's also a LOT more landlord-friendly and rents are better bang for the buck.  Credit is stellar (800+) and I was considering cash out equities on the free and clear properties plus capital reserves to use as 25-35% downs on property(ies) up to 800k total (if not partnering).

Obviously I don't want to over-leverage but I'm still trying to find the right vehicle: 2-3 more SFH?, one low door comm. multifam (as in max 12-15 unit)?, partnering for larger multifam?, etc. to get to that sweet spot in the leverage math that makes sense. I HAVE considered STRs as well as Med-Term rentals (travelling pros) and am not opposed to them, but it's an area of real estate I know far less about. Obviously if the difference between a standard LTR and a STR/MidTerm is that different, I would highly consider it, but I'd have to study up on all the extra variables of what an STR entails.

HI BP community! I currently have 4 SFH rentals in the southeast, 3 of which are owned free-and-clear save for property taxes and insurance. The 4th has a LTV of 40%. Combined rents on the property net roughly $4200/mo after expenses (PM, taxes, ins., etc.) According to market comps from the area all together the homes' value total approximately $600k minus 80k left on that 4th property's mortgage. My main goal is to get to that "next step" and use these assets to leverage 5+ multifamily, apartments, or cash out refi's to spread out into additional SFHs. The problem is that I live in California (which is cost prohibitive for me currently to "buy local") and must rely on remote management that is local to the investment area. I'm saavy enough to know that I don't know enough yet as to what would be the best use of these assets to grow my portfolio and really begin to snowball the passive income, leverage and appreciation. Given the parameters of needing to be remote and trying to maximize monthly passive income while acquiring more/larger properties either through more SFH or 5+ multifams, if you were in my position, what would y'all do? I'm open to "outside-the-box" ideas as well (getting into-self-storage, etc.) Thank you in advance for any and all advice!