All Forum Posts by: Evan Bell

Bob E. thanks for answering all the questions. Sounds like a really good model to me.

@Bob E., I see.  

Couple questions about your current strategy:

1. Are you buying/rehabbing these properties with all cash, or are you carrying a mortgage with a bank or other lender?

2. Since you are doing owner financing on these, are you typically selling them to people who aren't able to qualify for conventional means of financing? I'm assuming since you said that this is the model you follow, that it is working out well for you, it's a strategy I had never really considered before.

3. If you are carrying a mortgage on these properties, are you employing the BRRRR strategy and pulling money back out to use for other deals?

@Brian Volland, you mentioned your established timeline, when are you looking to purchase by?

Bob E. I see. What size MFR's to you like to hold? I am planning on building a MFR portfolio of at least 500 units over the next 10 years and I am always interested in learning what other MFR investors are doing.

I would not consider those vacant - we have the same situation here in Arizona. By vacant I mean truly vacant, no one living there. As far as why it matters if it has an HOA, I am asking because HOA's make the property owner maintain the appearance of the house. However, if the house is truly vacant, would the HOA be able to enforce the appearance standards in order to keep the house looking nice, or would the typical distressed property signs start showing up, I.e. over grown vegetation, newspapers piling up, etc.? Basically I'm just trying to figure out how to find the vacant properties in neighborhoods with HOA's.

Bob E. what areas of the Midwest are you in? What type of MFR's do you typically look for?

Brian Volland just wondering if you were able to find anything yet?

So I've been driving for dollars lately in areas that have no HOA attached to them. These areas are about 30 miles from my primary residence and I am wanting to find stuff that is closer to home if possible. The only problem with that is that all the communities around where I live are newer and are all part of HOA's.

My question is how do I find the distressed/vacant properties when they are tied to an HOA? Areas with no HOA make it easier to discern which houses are most likely vacant, does this ring true in HOA neighborhoods as well?

So far, the little bit of driving for dollars I've done around my home area, I haven't noticed any "distressed" looking properties, and I am wondering if I may be missing some potential investments. 

If the home is vacant, is there anyone who is then responsible for maintaining HOA standards, or should it fall into disrepair just like non-HOA properties?

Hey @Eric Wilkerson, cool story on the long distance transaction.  I am also a member of the investor group with @Ross V. here in Phoenix.  Like you, I am also looking to close a deal by the end of the year.

@Jacob Perkins, welcome and thanks for sharing your goals with us.  I am a big believer in the strategy of setting huge goals in order to motivate and push you to achieve the highest levels of success possible.  Check out Grant Cardone's book, The 10X Rule, for more on that type of goal setting.

Moving on, unlike one of the other poster's said, I don't think you need to rethink your goals simply because you don't have any properties yet.  I can't understand why someone, who isn't you and isn't in your shoes, would tell you that you need to rethink YOUR goals....just can't figure that one out.  Without lofty goals for yourself, how are you ever going to succeed??  I like the goals you've set, as I share similar goals: 500+ units and $10M net worth by the time I am 45 (I just celebrated my 35th birthday on Halloween).  The only property I currently own is my primary residence, but so what??  If I don't hit the numbers I've laid out by the time I'm 45, I'll be a heck of a lot closer to them than if I hadn't laid them out at all, right? 

I believe your goals are fully attainable in the timeline you have specified.  

Good luck with your investing!