All Forum Posts by: Account Closed

Hi all,

Anyone have any experience with buy and hold rentals in Richmond Virginia? Anyone targeting the areas around VCU or University of Richmond?

How is the market for student housing around the Fan?

I have been researching different finance options for my rehab projects. Hard money is my obvious last choice due to the high cost. I was thinking just borrowing from family members (maybe at 8 to 10%), no paper work and keeping the money in the family. :) HOWEVER, today Bank of America called me and offered me HELOC at 2.2% for the first year... my eyes just opened, why didn't I think of this? Now, question is.. any downside of using HELOC for rehab projects?

Hello,

I'm a new RE investor looking to start in wholesaling.  I am wondering what the typical going rate for bird dogs in the San Fernando Valley area and all of Los Angeles county is.  I was told minimum $500 per property lead.  But how about if the cash buyer purchases/closes?  I was told 2%-3% of the selling price.  Does that sound about right?

I am 48 there I said it.

I bought my first property when I was 26, (1995)I have since managed that until now.

Since then I've been married, divorced and raised two children.

Now I am ready to hit it hard.

I have an owner financed deal under contract, and another owner occupied (3bd with studio) on the horizon.

Thanks to Biggerpockets I've been inspired, and motivated to finish what I started in 1995.

My goal is to leave a legacy for my children and grandchildren and to finally live in the home of my dreams.

I set a goal to have 5 properties by the time I am 50.

In the last month I have another with the possibility of 2 in the next two months.

I am beside myself at how everything comes together when we are ready!

I am reaching out to others who are in their 40s+ on how you are accomplishing your goals.

It really is refreshing to see the young ones.. I'm looking at you @Brandon Turner!!  Just going for their dreams and goals!

I started out with the intention in my 20's but got side tracked, it was always on my mind but I wasn't able to really, really focus on my goal until now.

I would like to hear from others who have started "late" not to say that we cant catch up! LOL

This site has been a true inspiration to me and with it I have rediscovered my passion for real estate and the possibility within its realms.

I guess it is the geek in me...others don't really understand, they are 9 to 5ers, and see that as the way.

But for us its different, I feel we can see beyond that, beyond the constraints of what is "expected" or even in our ignorance how the world works.

Especially if that is all we have been exposed to in our life experiences (goodness knows they don't teach "rich dad poor dad" in school!)

I for one applaud everyone who has the guts to throw off the harness of "we've always done it this way" and venture off the beaten path. Towards a future we just know is there for us!

Financial Freedom...on. our. own. terms.

There I said it.

To the rebel in all of us...I salute you!

Hey Eric! I'm also in SoCal and have only dealt with out-of-state properties. Great questions.

- Which market is your preferred location to purchase rental properties? Why?

The answer to that is always changing. I bought my properties in Atlanta in 2011-2012 and it was likely one of the smartest places I could buy in at the time, but I don't recommend Atlanta at all now. Market dynamics are constantly changing, so you always want to look specific to the current time (a lot of people still talk about Atlanta and Memphis, not realizing that they were freakishly hot markets a few years ago, but that's not so much the case now...at least not in the same way). For right now, my favorite markets are Chicago, Kansas City, Indy, and Philly.

- What return (cap rate) do you typically seek?

Completely depends, and varies, between the markets and the property types. I'd want to see higher caps on MFRs, for example. The cap I look for also depends on what trade-offs are in play. For example, I'm willing to settle for a lower cap (5% min.) for a very minimally risky property. I'm willing to go with higher-risk properties if there is a higher cap attached to it. I'll consider anything 5%+, but I'd say 8-11% are great doable caps right now.

- How many rental properties do you have?

Quite a few.

- What is your outlook in your preferred market?

I only deal with markets that are in a solid growth cycle. For more details on what I look for in whatever market I'm willing to consider at the time, check out

https://www.biggerpockets.com/renewsblog/2015/12/1...

Hope that helps!