All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1535 times.
Post: Pondering on 1st commercial Apt Blding. Any advice? Either Dayton, OH or Chicago, IL.
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Forgot to add: Chicago and Illinois have been bleeding population for literally decades. That means they are dying.
Maybe when the southwest runs dry people will more to Chicago for the water, but that’s not a great investment strategy.
Post: Pondering on 1st commercial Apt Blding. Any advice? Either Dayton, OH or Chicago, IL.
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Quote from @Eddie Ramos:
Good evening to all,
I'm 34 and have been land-lording a quadplex in Pawtucket, RI for the past 4.5 years. I've recently gotten a HELOC and while I would like to complete some renovations at home, a part of me has also been thinking about scaling and buying my first commercial apartment building. While my initial goal was to look into properties that would provide immediate cash flow (somewhere in OH), I've also noticed a few 6-unit properties in south side Chicago that I feel could garner much appreciation and eventual cash flow due to it being in a major city. Any insight (or a mentor for guidance =]) from someone who's gone through this experience, or has in depth knowledge on either of these two markets would be greatly appreciated.
The politicians are spineless, and are simpering servants of the unions, first and foremost the Chicago teachers union, of which the mayor is a member.
Then there’s the fact that the landlord/tenant rules are so effing slanted towards tenants as to be crack pipe/LSD ludicrous, and are enforced as such.
Finally, until you have about 50 years experience in landlording, you do not want to go out of state. After said 50 years, you’re going to be so old you don’t want the hassle.
Post: Need Advice: (800+ credit score) I may need to give my property back to the bank
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Quote from @Jorge Borges:
@John Clark Sorry, the backstory did not save on my original post. But I've updated it, and it should show up soon (BP says it takes 15 min or so).
I purchased it in 2022 and rented it out; then a water pipe burst in a unit above mine and totally ruined my unit. I could use the equity in my primary home to rehab it but I think I might be overextending myself.
Post: Need Advice: (800+ credit score) I may need to give my property back to the bank
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Quote from @Jorge Borges:
Sorry, I am new to this... In terms of the scenario, I think you mean some of the financials.
- Unit is about 470 square feet and is gutted to the studs
- About $150K due on the loan (monthly payment $957)
- Mid-term rent is $2,200 to $2,400 per month
- Rehab cost is between $70K-$100K
- Monthly Condo Fees: $506 (likely to go up $100-$300 in the next few years)
- ARV is about $260K-$280K
(I'm going to have to edit my original post. I wrote in a good amount of detail but apparently it didn't save/post)
How in the name of all that is holy did you get involved in something like this given your obviously limited experience?
Post: Biggest mistake in negotiating a listing agreement
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Quote from @Christopher Stewart:
Quote from @James McGovern:
Seller offers no compensation to Buyer Agent. "Put it in your offer". And if you get multiple offers, then you would likely get some variance among BA compensation between the offers. And you'd then say "Which one nets me more?" which is all any Seller should be concerned about, all else being equal.
That's true to a point. Second considerations are which buyer is most likely able to complete a deal. And that's where the buyers agent is more or less incentivized to help the buyer close depending on how much they are getting paid...
Which is A violation of the buyer’s agent’s ethical obligation and fiduciary duty to his client. Now you know why lawyers think r.e. Agents are scum
Post: Help with a subject to
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Quote from @Chris Igard:
Hello all and thanks for any tips in advance.
My realtor is selling a trashed out home that’s owned by a widower in their 80s, they are already behind one month on the payment and will more then likely be looking at 2 months shortly. The home will need new, flooring, paint etc. If the home were in good shape it would likely sell for $200-210k based on the comps and sit for a 2-3 months. They owe about $140k on the property and an investor has offered $130k to purchase it site unseen (it’s trashed on the inside) but will look at it tomorrow and likely go lower. I offered to buy it subject to but I’ve never done one before. What would be a good amount here if every cash investor is coming in at the $120s? The realtor would like them to pocket some money (translation) the realtor would like to make a 6 percent commission managing both sides. Lastly how does a subject to transaction work as far as closing fees? Thanks in advance.
Quote from @Dillon Ransome:
If the loan was taken without your knowledge or consent, does this indicate fraud or a breach of fiduciary duty by a co-owner? And how should I proceed on not being liable?
Post: Looking for Cash Flowing Long-Term Rentals in Class B+ Neighborhoods
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Quote from @Si Chen:
Hi everyone!
I’m an investor based in California, looking to expand into out-of-state markets. My focus is on long-term, buy-and-hold rental properties in Class B and above neighborhoods. I’m primarily targeting starter single-family homes and townhomes, and I’m prepared to put down 30–40%.
My goal is steady cash flow with good tenant quality and appreciation potential over time. I’ve already looked into a few markets in Alabama and Tennessee, but I’m finding it challenging to locate cash-flowing properties in true Class B neighborhoods—once I factor in property management fees and maintenance costs, nothing seems to cash flow, even with a sizable down payment. I’m not trying to maximize cash flow, since I’m looking for a mix of cash flow and appreciation, I’d be happy with even $100–200/month in positive cash flow, as long as the property is in a good neighborhood with solid appreciation potential.
If anyone has suggestions on markets or submarkets where the numbers still work for Class B or better properties, or any tips on how you’re making deals pencil in similar areas, I’d love to hear your insights. Also open to agent, PM, or wholesaler recommendations for markets where this strategy still works.
Thanks in advance!
You probably are chasing unicorns and need to adjust your criteria.
i like the B+ limitation you have. Out of state investors can’t usually handle the hassle of C and lower neighborhoods.
Post: New Military Officer - Should I Jump Into Real Estate Right Away?
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Quote from @Ken M.:
Quote from @Verril Martinez:
Hi everyone,
I’m an incoming military officer, soon to be stationed in Texas. Over the past month, I’ve been devouring books, audiobooks, and podcasts to build up my financial literacy. Like many, I’ve been inspired by the idea of financial freedom that’s so often talked about in that “purple book” we all know. My goal is to leverage my military benefits as early as possible to start building wealth.
But here’s my concern: Am I moving too fast?
Most of the stories I've read from service members who house-hacked or used the VA loan to kickstart their portfolio come from people who had already been active duty for a couple of years. I'm fresh out of training and still learning the ropes, so I don't want to overextend myself.
My tentative plan is to spend my first 6 months getting to know the Texas market, then look into house hacking. For my situation, would it be smarter to:
* Start with a duplex (or small multi-family), or
* Buy a single-family home with 3–4 rooms and rent to other officers who are looking for affordable housing?
Any advice on how to pace myself and choose the right starting strategy would be greatly appreciated.
Do you know your Command yet?
Do you know your Commander yet?
Do you know how much of your attention your Commander will command?
I'd get settled in before I took on looking for and buying an investment property. Besides, aren't they going to move you in 3 years anyway? That's not enough time to recoup your money on a property. There are a lot of almost abandoned properties in Killeen. There is plenty of product available, and little money to make there.
when you make O-3, or are on the cusp of O-3, THEN start looking around for investments.
Post: How Do You Handle DNC Numbers When Cold Calling?
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Quote from @Maleigha Gambrill:
Hi everyone,
I’m a teen trying to get into wholesaling and I’ve been wondering how others handle phone numbers on the Do Not Call list. Do you avoid them completely, or use other outreach methods like texting or mail?
I’m trying to stay compliant and learn the right approach from those with experience. Appreciate any help!