All Forum Posts by: John Ching

That might be a bit tight, Nathan, but trust me, I'm no apartment guru!

For example, I passed on a 36-unit building here in Springfield and the rent rolls are $17,750/month. Purchase price was $1.0 mil. I ran the executive summary buy an expert who said the property was a deal in the $750-$800k-range.  That's his typical "sweet spot" (in terms of cash-on-cash-returns) for his investment pool. 

But I still feel if everything panned out (maintenance, capital expenditures, etc.), it would have been an attractive buy even at $1.0 Mil. The property did sell rather quickly, so obviously someone thought the same thing I did!

My point is that just because a deal doesn't fit your expectations doesn't mean it won't fit someone else's. But you have to have the numbers to back it up. If' you're happy with the rate of return and can swing it, make a deal.

I didn't really bring anything to the discussion, did I? Hahaha....Oh well, good luck!

Welcome to BP, George. For wholesale deals, check your local REIA (real estate investment association) groups. There must be plenty in the NorCal area?! If not, head over to 'meetup.com' or Facebook and go!

Great post regarding wholesaling, Ann. In my opinion, you shed a realistic light on a segment of our business subject and really nailed it. 

Oscar, I feel for you, buddy. I admire your chutzpah and desire to, 'leave the rat race' and forge your own path. Stay positive and learn, learn, learn! Wholesaling, like other aspects of this business, is difficult. Hell, if it was easy, everybody would be doing it!

The ARV is the most critical aspect to any real estate deal and especially when wholesaling a property, so you need to be very accurate on your comps. I feel you can get accurate estimates of ARV without using the MLS, but you have to know your areas! Neighborhoods and prices can change the moment you turn a corner.

I know MA can have an eclectic mix of properties on any given block, so make sure you are being as accurate as possible when picking comps. Not just square footage and bd/ba comparisons, pay attention to year built, architectural styles, layout (if possible) and construction elements.

Keep striving and stay positive!

Hi Italy,

I found great interest in your post because, like many flippers, we all feel your pain when things don't go as planned. But judging from the pics, you did a great job on the rehab.

Since I don't reside in KC, I can't say for sure why the home isn't selling. But with 20 showings and no offers, I think you need to have a heart-to-heart talk with your RE agent about what it's going to take to sell your home. I think the BP'ers here that know the KC market have offered up that the price might need to be adjusted accordingly.

Are you in a position to owner-finance the property? Take a page from Ron LeGrand's book and go after the (much) bigger market - buyers that cannot qualify for traditional home loans. In a large market like Kansas City, you could have a blow out campaign with, "Lease To Own" and, "No Bank Qualifying Home For Sale" signage at your next open house.

For marketing, go REALLY big and put an insert in your next Sunday paper advertising your home for sale. It's a fairly expensive proposition, but you could divide up slots on the reverse side of your insert and sell the spaces to other RE agents, mortgage lenders, appraisers, etc.

Good luck and keep us posted on your progress.

Just a friendly suggestion, I would suggest not writing about yourself in the third-person. 

Following this thread with great interest, Ken. I'm sure those properties have Section 8 tenants in there now, if not, you should knock it out of the park! But expect to do some repairs/updates to get these properties up to snuff (i.e. cap ex) to meet Sec. 8 guidelines. Good luck!

Great. Send email to: [email protected]

I'll be in CA next week, would love to attend this event! 

I heard Columbia is pretty hot. Something to do with a school?

Welcome, Megan. My gf/biz partner are from SoCal and have been investing here in Springfield for the past year. It's a great place for buy and hold properties because of the (relatively) stable economy. 

Great to read about your first purchase, how did you find a 4-plex living in CA?