All Forum Posts by: Mark Douglas

I'm in Nashville, TN, a pretty competitive market.  In many of the once unpopular areas (only a few years ago), older homes are being torn down to build two homes on the same lot, each going for upwards of $300k+.  I'm not one to "catch the fever", but it is hard to ignore to rapid expansion of new construction.  Regular homebuyers (not investors) are paying considerably more than properties are appraising for, and even these higher priced homes are under contract within days of being listed.   

What's the difference between speculating future (continued) market appreciation vs. buying in the PRE-GENTRIFIED areas because "it looks" like that's where the attraction is headed?  Is it generally considered safe to begin investing in those post-gentrified areas (paying near-market rate) or is it too late to realize any gains after the big guys have built, sold, and moved on?

Are these neighborhood shifts more regulated by state/local organizations heading up the movement, or are they just becoming popular by word of mouth?  In other words, I wouldn't able to start the next wave of people moving to such-and-such zip code, if I built a new house.  I'm thinking it would take the attention of a developer coming in and doing X amount of new builds.   

I don't know that there's a particular question in there, just something I've been tossing around upstairs :)

This is good stuff.  I've got one duplex (closed 3 months ago!), but I'm looking to expand quickly.  I realized that the faster, more realistic way to scale is to get into small apartments (small to me is between 10 - 30 units), rather than buy 15 more duplexes :)   

I'm driving for dollars, and have had some success in spotting FSBO signs. One sign I called, and talked with the guy about selling his two triplexes. Looking up his property assessor info, I find this guy owns 41 properties, all around the city! I'm definitely interested in doing some owner financing deals. Trying to find something that's owned free and clear, to avoid the sticky due on sale clause.

Thanks for the motivation everyone.  We've got to continue networking, and stick to our numbers.  It'll come together hopefully very soon!

@davidcrutcher Thanks , going out to see it Thursday.  If it checks out, I'll go ahead with financing.

@Account Closed Thanks for the feedback guys!  I've got about 25% to put down, the numbers look pretty good (just over 2% rule) just wanted to explore some other options

Thanks !

Hey BP ! Looking into a HML for my second rental property. Does it matter if the lender is in the same town/state as the property? Also, silly question: are they all going to ask for 20-30% down? Further silly question: does anyone do 90+% LTV anymore? I know since the crash it's become super rare, but it would really help me get going !

-Mark

Anyone know of a good handyman/contractor that can replace rotted floor joists/subflooring??  I tried HomeAdvisor, but no luck so far.

Thanks ! 

Thanks Joel, trying to be patient. This stuff is exciting! :) I'll try and focus on solid deals though rather than volume.

 Will do Paul, thanks!

Hey BP !

After one deal (FHA owner-occ duplex) under my belt, I'm very aware that I'm still considered a "newbie", but I'm super excited about accelerating my growth, so I've got a question:

Would it be better to pick up one SFR (student rental, to maximize use of bedrooms) every six months until I reach my freedom number, or buckle down and save up the down payment for another 2/3/4plex? A large part depends on my goals, of course, which are as follows: to reach $5,000/mo net income from rental properties by 2018.

I've heard the concept of growing too large, too soon mentioned in several of the podcasts, but I've only got one tenant right now, and I don't really feel like I'm trying to take on too much....or am I?

Have you found it better/wiser, in hindsight, to slowly build up your portfolio?  Anybody feel OK after picking up multiple properties in one-two years?  (Keep in mind, I'm single, no kids, have a full time job, and have a pretty high risk tolerance.) 

Many thanks :)

Let's make it happen!  Won't be able to make this Thursday, but keep me posted if it's a monthly thing, I can plan ahead