All Forum Posts by: Gordon Cuffe

@Samone Johnsonwelcome to bp. I hope you get a Bp group going in Sacramento . There are other rei groups around sacramento and Roseville that you can go to monthly .you can always pm any questions that you have about real estate investing .

@Zankar Parekhyou can send me a pm and I will send you a re broker name plus the map of good and bad areas 

@Mike WilliamsThe fastest way to get to 4k per month is doing the brrr method when buying rental properties. On top of that you can get more cash flow with duplexes or fourplexs. For example, buy a duplex for 80k, put 20k into the property. Then rent it out for 1300 per month. refinance it at a 130k to 135k value take out a 95k loan to get your money back and invest again. You should be able to create 400 per month. The tough part is getting the new appraised value before 12 months is up. Most lenders make you wait 12 months to use the new appraised value. When  you find a portfolio lender that uses the new appraised value before 12 months, you can purchase 2 properties per year then hit your goal of 4k per year in 5 years. You can find properties in this price range in Kansas City. 

@Jinyu ShaoI have been talking to a nationwide lender that finances investors who can not prove income. The investor just needs the down payment plus a decent credit score. Not hard money rates. you can pm me for contact info. 

@James PiercyI just did a search on the Sacramento MLS and I was shocked to see a very low inventory of 4plexs for sale. The lowest priced pending sale is at 315k in the del paso heights area. Gross rents at 3500 per month. That area is known as the rough area. The 2nd lowest pending is in Rancho Cordova at 479k. grosss rents at 3200 per month. The prior owner purchased it at purchased it at 330k in August 2014. Just to show you the large increase in price. The lowest active not in the hood is 449k. 2br units rented at 800 each but one vacant. Those rents are low. They should be 1000 to 1100 per month.

You might need to expand your cities to find something in that 45 day time frame. The problem with Austin is the high property taxes so that lowers your cash flow. 

You might want to think about a mid west city like Kansas City. I located a duplex for my sister in law for 125k where the rents are 1500 per month. You can purchase 6 duplexes that get 9000 per month gross income for 800 easily with lower taxes that Texas.    Good luck in your search. 

@William S.4 months is too long. Your property manager is terrible. I have a rental in South Kc and i just rented it. I was involved in the process because I wanted to see what kind of response I would get at a rent of 825.0. I had inquiries but no real applicants. I dropped it to 800 per month and had applicants and choose one. You can pm me and I will tell you the address of my rental and size to compare it to your asking price on rent. It took me 7 weeks to fill the vacancy. It was only vacant because it was updated. 

@James Piercyjust think of the money you spent as a quick real estate college education . I purchased in Austin back in 2005 and used the most corrupt agent that I ever met in my life . The rental house was ok but he burned myself and other investors out of tons of money on another real estate venture. I did like the city though. If your going to speculate on appreciation , you might as well speculate on sacramento real estate if you stay living in CA. I would not use a realtor to find a property unless they have owned investment properties for many years. I think if you keep reading stories here on Bp , you will do much better on your next real estate investment .

@Joe Prengeri am wholesaling properties in the Kansas City market . You can pm me with any questions . 

@Nathan StuartFinding loans under 50k is very very difficult. Getting more than 10 loans under 50k probably is impossible. This person https://www.biggerpockets.com/users/JerryPadilla#0

has said he can do sub 50k loans in the past. 

sub 30k homes are in the worst school districts. look up the address on zillow and see the school score of 1 or 2. You might condsider buying homes at 65k and buy 7 of those types of homes then with the extra monthly cash pay down one loan as fast as possible until it is paid off. 

@Nguyen Quachdont be embarresed. Be pro active. I own a rental in the same zip code.do you know the condition of the house?  It is very cold in kc right now . Below zero. Make sure the house is winterized first before the pipes freeze and crack. You can pm me with more ideas . You just have to decide if you’re keeping it as a rental .