All Forum Posts by: Jon Martin
Jon Martin has started 36 posts and replied 1083 times.
Post: First BRRRR deal - Alabama
- Posts 1,094
- Votes 960
Great numbers, nicely done!
Big box will give you the most selection. For a rental, go to a local appliance store and ask for the scratch n' dents/open box (big box can have these as well).
Post: Single Family Values Down April 2022 Get READY
- Posts 1,094
- Votes 960
Still seeing comps going pending/contingent very quickly and closings at higher prices in the market where I bought my first investment (Greenville SC). While many of the recently closed went under contract a few months ago during more optimistic times with lower rates, things still seem pretty healthy in desirable markets with low inventory. Especially those are still inexpensive relative to national averages/medians.
Post: Where would you move to start building your real estate empire?
- Posts 1,094
- Votes 960
Quote from @Nadine O.:
Quote from @Joe Hammel:
@Nadine O.
Metro Detroit
(my rental portfolio is here)
Purchase: $80k-$130k
Rent: $1200-$1500
ROI: Double Digit
Cash flow: couple hundred/month
Appreciation: Double digit (for past 10 years, will gladly send data)
Location: C, B- (suburbs and certain markets)
We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare and Auto industries.
The bad reputation comes from OOS investors wanting $20k D market properties.
Investors can retire (FIRE) in a few years with these.
We love them.
Joe - thank you, I appreciate that. Metro Detroit is another great option and I am looking for a lower barrier of entry to start so I can scale from there so that is good to know. I will reach out to you for more information, thank you.
Ann Arbor is a very nice (and not cheap) college town and at most an hour to most of the Detroit metro area. If you want to be "boots on the ground", it would make for a great home base.
If I had to move to the midwest from the west coast, that would be my first choice!
Post: I just can’t wait until people take me seriously
- Posts 1,094
- Votes 960
Look at it this way . . . Most of the people who blow you off probably aren't worth dealing with in the first place. They are doing you a favor by shining you off now instead of midway through a project when real money and time sensitive actions are at stake. Give your business to those who are willing to work for it.
Post: Help with first Rental Mortgage in South Carolina??
- Posts 1,094
- Votes 960
Do you currently have a 2nd home loan on any properties? You should be able to get a closer to "normal" rate with that. Banks don't care how often you use it, and know that you will be renting it out . . . .
Post: Anyone investing in upstate South Carolina?
- Posts 1,094
- Votes 960
Bought my first investment property in Greenville. Rehabbing it now. It's an exciting market! Feel free to post here or send a DM.
Post: STR guests can be a trip....
- Posts 1,094
- Votes 960
Yeah, it’s easy to forget how many PITA people there are out and about until you actually have to accommodate them!
IIRC you can have reviews removed if they misrepresent themselves at time of booking or complain about something that is disclosed?
Post: What happens when you blow your wad?
- Posts 1,094
- Votes 960
You are allowed to carry a single 10% down 2nd home loan (which could also be your first home) on your credit report at any given time. That said, with closing costs you will have to spend wisely on your improvements.
Post: Where to Buy Toiletries in Bulk - STR
- Posts 1,094
- Votes 960
Anybody mounting refillable dispensers and filling them with bulk gallons of shampoo, conditioner, etc?