All Forum Posts by: Luke Sass

@Bishwash Aryal

Quick question why would you want to buy 5-6 in one area and then move to another area? It’s extremely time consuming to build a team in a local market that you can trust and rely on. It can take years to build the credibility and sort thru a bad vendors, pm’s, Relators etc once you get established deals will find you not the other way around. Curious why you want to do multiple areas?

I would focus on population growth there’s many articles on small hidden gems in the Midwest that provide a stable labor market with a lower price point then some of the overheated sunshine states.

Think Huntsville Al, Kalamazoo MI come to mind but it all depends on what article you read. I would find a common couple cities that show up on several articles and do a deep dive on those. The below article might help.

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/biggest-boomtowns-every-state-090000321.html

Best of luck

@Austin Bright

How are you searching for properties? Do you have any sort of direct mail campaign? Cold calling? Etc? In a hot market like DFW I would say your lucky to find SFR that will cash flow.

Your best bet is utilizing some sort of system for finding off market deals. I have good luck buying lists and handwriting letters to owners of small MFR saying that I would like to buy their house. Found a 6plex and a tri plex this way.

I use rentometer to pull some comps, that plus craigslist can give you a decent idea of rents in a local market.

Thanks

Luke

@Tadeh Vartanian

Seems like a no brainer if you look at population migration as well as job growth. I would pick NC especially given that your starting out. It has a much more favorable outlook for appreciation.

Not knowing much about Detroit I would bet there’s real opportunity for a saavy either local investor or someone with a good team on the ground. Its probably full of cheap (relative to California ) deals that people are peddling to out of state investors.

Best of luck keep us posted on how it goes

@Christopher Garnett

Curious why you picked Detroit? You have a network there? I invest out of state while living in WA but I do it in Minnesota. Decent cash flow much lower risk. 45k is tight but you could get your hands on a small MFR somewhere in the Midwest if your really inclined too. While you will get the cash flow out there you will miss out on Appreciation available out here on west coast. You might be surprised what house hacking a duplex in your area could do for you. Your returns might be significantly better house hacking when you account for your cost of living.

@Scott Trench

That’s a tough question but strictly best cash flow not accounting for any risk it has to be a war zone in the Midwest somewhere. If it’s not Detroit maybe Alabama?

@Jeffrey Masessa

College isn’t for everyone I personally think that the real value in college is that it shows you can delay gratification for 3-4 years and commit to something. It’s surely not necessary to be successful, if you want to be in real estate find a job working for someone whether it be an investor/property manager or real estate agent. If you work hard and have a good attitude you’ll be successful. Being successful takes hard work there isn’t a shortcut. Best of luck to you

@Michael Tempel

I know a guy that does this up in northern Minnesota he would be a good contact to bounce some ideas off. Dm me if interested.

Luke

@Trin Nagireddy

I would allow them, it easy additional income. I charge $35/mo per pet plus an additional non refundable pet deposit of $250-500 depending on the number of pets. As long as you do a comprehensive move in and move out inspection you’ll be fine.

@Mindy Perry

@Eamonn McElroy gave you some excellent advice it’s well worth a short meeting with a CPA to make sure you’ve got the proper documents and that it’s in your best interest to make the “single interest “election for your properties

@Carrie A.

Have you tried freshbooks?

https://www.freshbooks.com. It might be an easier animal than quickbooks to tame