All Forum Posts by: Jason Pabon

Hi @Eric Lopez - to put in simple terms: Do you want to be an active or passive investor?

If you want to work with contractors, negotiate repairs, be a landlord, source deals, find a tenant and manage rehabs, then being an active investor is the way to go. No need for turnkey.

If you want to just collect rent and get your feet in the game, turnkey is the way to go. This will also give you the ability to learn about other markets without jumping into the deep end. Time is valuable for people and having another part time job may not be ideal for everyone.

Hope this helps! 

Get a mentor! There's no better way to learn than from someone who has already been in your shoes. What mistakes did they make when they were starting? What would they have done differently? This will help you form your own journey. 

Hey Folks! Didn't think I'd get so many responses so let me backtrack.

Purchase price: $112,000

Rents: $1,050 (currently occupied)

Down Payment: $22,400

Closing cost: $6,000

All - in cost to close: $28,400

Based on the inspection report that Roofstock provided, I know it needs at least 6k in repairs (ask a local PM to get you this information).

I bought this in Stone Mountain, GA - address is 1098 To Lani Farm Rd. It's an older side of town (close to Decatur) but demand for rent is high in this area. If I complete the repairs and put a fresh tenant in there, I can bump rents up to $1,200/mo (again, make sure a local property manager can confirm market rent for you). 

It's a 3bd/2 bath home w/ 1,545 sq ft.

Side note: Zillow has a zestimate of 144k but it appraised at 120k (zestimate's aren't very reliable).

@Jason G. I don't know the seller's motivation but I knew the seller bought this home in 2017 and tried selling on Roofstock 1 yr later (2018). This home came back on market after a previous buyer had to cancel so I made an offer after it came back to the site. 

Hope this helps!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $112,000
Cash invested: $22,400

Just closed on my second investment property in Atlanta! It's a 3 bd/2bath home with 1,545 sq ft. Homes in this side of town rent between $1,050-$1,200/mo

What made you interested in investing in this type of deal?

Atlanta - one of the hottest markets in the country and still growing. Rental demand is very strong here.

How did you find this deal and how did you negotiate it?

Roofstock - I knew it needed minor repairs and the seller was tired of holding onto it so I made him an offer that was fair on both sides.

How did you finance this deal?

Conventional - 20%

How did you add value to the deal?

Homes in this area sell between 115k-140k - I bought at 112k

There is minor upgrades to be done - exterior, paint, basic maintenance.

Lessons learned? Challenges?

Get the best rate! Lending is a big component to this - do not just settle for a rate "because it's the best one out there"

Hey Everyone! 

For those planning on attending, we'll be on the 4th floor of the Paramount Theatre in Oakland! If you're taking bart, we're off the 19th st station. If you're driving, there's a parking lot nearby. It's a big green building with a coffee shop (Tierra Mia) underneath. You'll see signs. 

If you come late (past 6pm) and are locked out of the building, please call/text: 650-921-4683

Looking forward to it!

Hey Everyone! Excited to get things going in less than two weeks in Oakland, CA! I mistakenly created a private FB event within our Cleveland network and did not open to the public so I created a new one this morning: 

https://www.facebook.com/events/1869586533152003/

Here's some topics I'd like to discuss with everyone - feel free to add anything you may find useful:

-Meet and greet
-Pros and Cons of Cleveland market
-Discuss different counties (Cuyahoga, Lake, Lorain)
-Job Growth
-Building your team
-Holding title (LLC vs Sole Proprietorship vs Individual)

Please let me know if the link does not work! I will figure out a way!

Try this one:

https://www.facebook.com/events/375142786551739/

Thanks @James Wise! That would be really helpful. I'll send you a personal message.

https://www.facebook.com/events/375142786551739/

Hi @Gabriel Albor, we've got a date scheduled for Thursday, February 21st at 6pm in Oakland! Would be a good opportunity to meet other investors and create a network amongst each other. Feel free to join!