All Forum Posts by: Gorden Lopes

Congrats @Caleb Bryant! Great job on getting this done in such difficult situations!

Were there any closing costs/fees associated with this flip? Or are those numbers included in the purchase prices?

@Jake Wong

Congrats on your first rental property! I am a fellow out of state investor with few single family and a quad.

I have a good PM that I can refer you and they cater specifically to out of state investors!

I will DM you.

Hey @Shawn Costley!

How is it going?...Have DM'd you the info.

Hey @Caleb Bryant!

Nice post! 

1. Are you still investing in real estate through the Covid-19 crisis?

* I am still looking at deals and and have put offers without being accepted. But I am definitely much more cautious. The more I read the more I feel to wait for a month and see what happens! Huntsville has not seen any price decrease so there is that reason as well to just be on the sidelines and wait till there is some sort of correction!

2. Why or why not?

* This is an unprecedented situation and even the experts cannot accurately predict what might happen to our economy in the short term and long term. Real estate also takes some time to feel the heat so it might be couple of months before we really start seeing the impact.

3. What niches are you most focused on and why?

Class B Single family houses, with a belief that this asset class will have a lower impact as compared to say multifamily.

4. Is that the same focus you had before Covid-19 or not?

Yes.

Hi @John Minnix!

I am a out of state investor in Huntsville, mostly focusing on SFR and small multis (2-4) units. I would definitely talk to @Jason Grey and @John White! 

They have worked with a lot of out of state investors and also know a lot of the local RE market. 

Hope this helps! If you need anything feel free to DM me.

Regards,

Gorden 

Hi @Blake Dailey!

I am a out of state investor in Huntsville with 3 SFR and one quad. I have couple of PM recommendations and would be happy to share with you. DM me and I can give more details.

@Stephen Foltin

That's a tough dilemma but if you are ok losing the 10k then here is what I would do, I would try to negotiate with the builder and tell them that you are willing to walk off that deal unless they reduce the price to say 340k and give your reasons, if they don't agree then walk off. They might also face tough times to sell their inventory and they have bigger loss of they can't sell that town home!

This is a high risk move but in any negotiation whoever wants it the most...looses!

All the best!

Hey @Cordell Hughes!

All the best for your RE agent exam preparation. I think this is good time to learn and acquire new skill sets!

I am a out of state buy and hold investor in Huntsville and I would highly recommend joining the Madison County REIA meetups. They have a great wholesaling class for free and I think that can atleast get you started. I have not taken that class personally as I am not into wholesaling but I have heard good things about it. And the REIA is a great way to network as well!

I wish you all the best in your RE journey! PM me if you need more details and I will be happy to help!

Hey @Michael S.!

How is it goin! I agree that 35816 is a rough zip in general but there places closer to UAH that are doing really great rental wise and price wise. 

Rent wise I have got inputs from 2 different PMs and as this is a 4/3 with an extra room, conservatively I think I can get 1200. Given the current situation, even if I lower it to 1150, I think I still have enough room in my numbers to cash flow comfortably. Will start with 1200 and if it does not rent in couple of months then will lower it to 1150. Lets see.

I am not planning to flip this one, although I bought this with an intention to flip but the more I looked at the area and the numbers the more confident I am that this is a long term buy and hold.

Thanks once again for your input, really appreciate your honest feedback!

@Scott Doyen Thanks!

Do you own any rentals in huntsville?