All Forum Posts by: Jordan Butz

@Tobias Falzone yeah I was trying to be as conservative as possible because I like looking at all of these deals right now and trying to see how I can make them work for anyone. But with the repairs, I just put the max suggestion on the rental calc. and who knows there might be some hidden things but the 20-25K I presumed was about 3-4K per unit and 10K for the front and both side stairs. They were a total hazard so they needed to be totally replaced. But I myself don't actually know how much that costs so the initial repair costs could've been less. 

as for the commercial, I had been looking for that also because I had the same thought but there is only one listing I know of right now. It's a 12u at the 300K asking price but I've driven by it but hadn't looked further into it. Other than that there are a bunch of much larger complexes at a much much higher tag.

Been here in Huntsville, for a year now and have been diving in to real estate investing head on and strong since I actually realized it was an obtainable thing! I'm looking forward to meeting up and connecting with local REI's, agents, and such in the Huntsville and Madison area. Really looking forward to some local meetups and events in the area. But mostly I just want to know how everyone is making it look so easy!

@Tim Kaminski what specific area codes or neighborhoods are you looking at? and do you have to stay exactly in Tampa itself or can you be in the nearby areas such as Bradenton, St. Pete, Clearwater, Sarasota, or even Lakeland

@Tim Kaminski How long have you been looking for?

@Kyle McCorkel I was planning on house hacking to begin with by using either the FHA or FHA 203k. I've thought about the possibility of using hard money but not sure how comfortable I would be with it because of how high the interests are and points they wrap into the loan. But I also thought about just not living in the unit because it is only 10-15 mins away from where I currently live and about 5 from where I work.

Reaching out to the all-knowing BP community because I've been doing a lot of research and talking with various people in the local community here in Huntsville, AL and I am trying to commit on my first deal. I've been looking at some fourplexes in my area that are catching my eye. The one I've been analyzing is in between three universities and right down the road from the arsenal and the research park here in Huntsville.

I got a chance to talk one on one with the owner who lived there after I walked through the property and took pictures. She let me know that she was taking care of the property herself and was just exhausted and tired of it all because she is doing it all and her husband is stationed away from Huntsville but is having second thoughts about selling. 

Here's a little info about the property that I've ran through the calculator different ways.

Asking price: 175K (70% is 122,500)

Est. Repairs: 20-25K

Current Rent: 550/month (2200 total)

Vacancy: 220 (10%)

CapEx: 176 (8%)

Property Management: 242 (11%)

Repairs/Maintenance: 330 (15%)

Based on her estimates, 

Taxes: 125/month

Insurance: 125/ month 

Pest: 85/ month

Cash Flow: 373.41

COCROI: 9.53%

As you can see I put in conservative numbers everywhere and when vacancy is adjusted to 5% and repairs to 10%, it hits the estimated marks given by the 50% rule with a 600 cashflow. The only problem is I just changed jobs recently from serving food to car sales(hallelujah for being out of the restaurant biz) but now I can't use the 203K loan I was planning on because of not being in the same job field for a certain period of time. This is the real question though, what creative ways could I still take to pursue this or similar deals? I would love some feedback and hear what you all think might be some viable options.

Thank you so much in advance!

Jordan Butz

@Paul Moore @Samantha Soto @Zack V. Bethea yes definitely! It would help out a lot and would be easier to wrap my head around things.

Hey @Paul Moore @Samantha Soto @Zack V. Bethea I'm a new commercial multi-family investor that would love to connect with all of you and put some big projects together. I've been in Huntsville for a little over a year now and have been looking at different area codes with an agent. I've done drive-ins and walkthroughs of some of these properties and they just have huge potential in them. Would be more than happy to talk to you all and connect.

Just want to get a great discussion going that everyone can bounce around ideas to one another to share or pick up something that they had never thought about. What are some of the best or most creative ways you have managed to finance your deals. Also just also elaborate on the type of deal (single family, multi family small or large, etc. ) and if there wasn't anything creative just the simplest. 

I looked over some area codes with a realtor at AmandaHoward and going off what she said Madison and the Five Points area are two great areas although dealing with the the 5points area you are dealing with highly desirable houses but the houses are old and in a historic district so you have to jump through several hoops