All Forum Posts by: Juvawn Parker

Hi Steven,

Funny enough I just made my first out of state purchase as well this past weekend. It is definitely possible and there are tons of good markets out there. I see people above are already mentioning cities/states you can look at. I'd definitely pay attention to the where, because you want to start off as strong as possible. I have documented my entire out of state investing experience from where I started, to how I found my properties, teams, etc. I still have two more videos to upload discussing the underwriting process and what the final numbers on my first deal looked like, but maybe what I have uploaded so far can answer a lot of the questions you have. If they don't though feel free to reach out and I will dish out all that I learned.

GOODLUCK

Link:

Out of State Investing - YouTube

I recently closed on my first deal this past weekend. It is a property

that is located out of state, about 2-3 hours from where I live.
The numbers are the following:

Purchase Price: 70k
Downpayment: 14k (20%)
Closing Costs: 5k
Interest Rates: 3.625

The property already had a tenant in place and they pay $750.00 monthly. My expenses after PITI, vacancy, maintenan/repairs, etc comes out at $633.00 leaving me with a net cash flow of $116.32. Thats a little over a 7% cash on cash return. The best part though is that the property was managed by an older property manager/landlord so even though the rents are $750.00 currently, the market rents for similar units are $895 and upwards. That leaves plenty of room for the property to grow. After doing the math, if I could increase rents to $850.00 a month, my cash on cash would sky rocket closer to 12%. All in all I am pretty happy with this deal and I wanted to share it on the platform that made it possible for me to attain so much knowledge. So thanks to every investor that took the time to answer questions that I had, it truly does go a long way.

There are still some things I have to do for the property management side, but as of now, I am happy. After reading that, is there anything I should be on the lookout for? I have cash reserves in place for emergencies, and the mortgag is so low that I can afford to flip it for awhile until i can get a new tenant in there if that does happen (which I doubt it will since they have been on time so far). If you think of something I should consider definitely let me know.
I also recorded my whole experience on youtube from start to finish. If you want to know what I did as a beginner, feel free to check it out. I have 2 more videos left in the playlist and truly break down all line item numbers. All critiques on my methodology is welcome so I can better improve my strategies going forward. Thanks again to all members on this platform for the wealth of knowledge being shared, to make things like this possible for a young guy like me.

Out of State Investing - YouTube

Hi All!

I recently closed on my first deal this past weekend. It is a property that is located out of state, about 2-3 hours from where I live.
The numbers are the following:

Purchase Price: 70k
Downpayment: 14k (20%)
Closing Costs: 5k
Interest Rates: 3.625

The property already had a tenant in place and they pay $750.00 monthly. My expenses after PITI, vacancy, maintenan/repairs, etc comes out at $633.00 leaving me with a net cash flow of $116.32. Thats a little over a 7% cash on cash return. The best part though is that the property was managed by an older property manager/landlord so even though the rents are $750.00 currently, the market rents for similar units are $895 and upwards. That leaves plenty of room for the property to grow. After doing the math, if I could increase rents to $850.00 a month, my cash on cash would sky rocket closer to 12%. All in all I am pretty happy with this deal and I wanted to share it on the platform that made it possible for me to attain so much knowledge. So thanks to every investor that took the time to answer questions that I had, it truly does go a long way. There are still some things I have to do for the property management side, but as of now, I am happy.

After reading that, is there anything I should be on the lookout for? I have cash reserves in place for emergencies, and the mortgage is so low that I can afford to flip it for awhile until i can get a new tenant in there if that does happen (which I doubt it will since they have been on time so far). If you think of something I should consider definitely let me know.

I also recorded my whole experience on youtube from start to finish. If you want to know what I did as a beginner, feel free to check it out. I have 2 more videos left in the playlist and truly break down all line item numbers. All critiques on my methodology is welcome so I can better improve my strategies going forward.  Thanks again to all members on this platform for the wealth of knowledge being shared, to make things like this possible for a young guy like me.

Out of State Investing - YouTube

Looking for Real Estate Agents in Augusta GA. Any referrals?

My advice, watch this playlist. https://www.youtube.com/playli... She is someone who is young as well just starting and she documents her whole journey while also answering questions on live. Really cool to see the progress from start to finish.

Thank you to the responses on this post. It's my first one so I did not know what to expect but I am glad the community is friendly. I will be reaching out shortly with questions :)

@Brian Garlington That is good to know. I have not yet been pre-approved by a lender since I don't have a specific area I have honed in yet. Once I make my choice in location I planned on reaching out to local lenders. My projections on what I can afford is based on my own experience from what I have been quoted in the past for my area. 

@Caleb Brown KC Never popped on my radar for some reason. Ill add it to the list and do some research. If I have any specific questions, would you mind if I reached out?

Hi!

This will technically be my second investment since my first investment is a house hack that I am currently living in now. Hopefully I can get some feedback on areas I can acquire good property with following restraints:

50 -80 k purchase price

Minimal to little rehab costs needed

Looking for rentals

Ive narrowed down locations to places like Augusta Ga, Dayton OH, Cleveland OH, Indianapolis IN.

If you live in one of these cities/states and have any thoughts I would love to connect. Thank!