All Forum Posts by: Jay Grabbe

Sounds like a nice start and plan, once you get rid of Mort ins and lower house insurance.

As far as cash flow i pull in around 350 on condos, the insurance runs me something like 160 for the year.

I’d stick in your local area and master a section of town etc. before going out of state. I bought some properties from people listed and they are mostly trouble especially Memphis for all they hype it to be. If they were such good properties they would hold them in their portfolio.

I was going down to Belize next week to check it out through BuyBelize(Placencia region), I want to see about the real estate guys too. Where are their properties at?

Anyone that has experience feel free to drop me a line.

I have bought 3 properties in Tennessee with them. Was a great learning experience so I wouldn’t say the money was wasted but not a great investment. Hoping it will pan out with a steady tenant of two.

The TK providers provide a good learning ground for new investors but they are not very profitable at least from what I have experienced even when you work the numbers and everything looks good. I know California may be one of those areas people reach out of state a lot but if you look hard enough you can find something local.

You already have a plan and have done the numbers which is a good start.

I get 19% returns on local properties I manage versus about 0 out of state between fees, maintenance, damage and vacancies. Maybe it will turn around or I just don't like Memphis, haha. As long as they pay for themselves, tax advantages and build equity it will work out. There is a 6 unit multi nearby that I wish I had capital to pull the trigger on now. Patience. GL everyone.

I'd be very careful, a lot of the houses are foreclosures promising turnkey remodels and easy investment. They are far from that. Ensure all the major components are replaced or you will be replacing them yourself in a year or two.

A lot of the newer stuff is hard to get 1% rent or above, Especially adding the Hoa fees. The older stuff has a lot of repair costs even after the remodels they do. You have to be careful and not be afraid to walk away.

You might get lucky, only spend money you can afford to lose. I tried 3 properties to play the odds. So far 2 are failures 1 is performing. So zero gain, small loss so far after almost a year. I also hit 3 different PMs, all in Tennessee. Hopefully they pay off after a couple years. I get better returns in my hometown, around 20%.

600 repairs 500 section 8 inspection repairs 2500 house prep 4000 new ac 900 house prep 1000 water heater Half of these are on the remodel Curt did. I absolutely wanted to stay away from C areas, these 2 houses were A and B areas rated by Norada. There's another I have down there with a different company that I don't hear anything from but had to threaten eviction when tenant didn't pay for a month. I own properties in Indiana that I manage myself. Chicago prices are some of the highest and these repairs are over twice what I would pay. If I had to do it again I'd stay away from these companies. Everyone has different tolerances and goals, they don't meet my standards. Ive settled on only buying properties over 100k worth in good areas rated by amenities and schools. I'm sticking to my area for now, you can find deals if you look.

Reedy bleeds me dry from expenses