All Forum Posts by: Miles Viant

I agree with @Peter Mckernan, find a market you like and dive right in! I recommend you read both Long Distance Real Estate Investing and Buy Rehab Rent Refinance and Repeat by David Greene to help you develop your strategy with investing in out of state. I believe both of these books have given me strong knowledge and confidence to invest out of state. Will be diving into Indianapolis this winter implementing the BRRRR strategy.

As mentioned before, SFR appreciates more than multi family, multi family cash flows better than SFR, however does not appreciate the same.

Take a look at renttoretirement.com, turnkey provider and they even are offering new construction opportunities in Florida. They offer properties with strong cash flow and appreciating markets. Worth a look!

Hope this helps! 

New Construction in Cape Coral offered by RentToRetirement offers an opportunity for solid cash flow, appreciation, and built in equity! Still so much to build there, long term hold would be good here, in my opinion. Right now they are saying it is looking like a 10 month process, but worth a look! 

I plan on implementing the BRRRR strategy with SFR out of state in Indianapolis this winter! Focusing on cash flow, which you can find a lot of cash flow rental opportunities. Hope this helps!

@Dmitriy Fomichenko @Derrick Burtle thanks guys! Really appreciate it

@Matt Dombrowski thank you! Yes, that’s what I meant for “reserves 8%” in my analysis which includes vacancy as well…. of course having 6 months reserves on hand as well.

But the first few years of building up my portfolio. I don’t plan on using cash flow for Anything other than building up the maintenance and vacancy account to 6 months as well before I’ll be comfortable with just 8% going into the account.

@Robert Gamblin

I’m not at all saying Tim is wrong, but including capeX in your property analysis I find it to be a more conservative approach. As I mentioned before, I was accounting 10% for vacancy and maintenance, but if you are not going to account for capeX, I highly recommend that you have six months of reserves to the side from the get. If something comes up, and you don’t have enough in maintenance, You can dip into your reserves to cover the cost but then I would make it my top priority to get my reserves back to six months of coverage. I like to look at maintenance, vacancies and the six months reserves as a barrier to when things hit the fan.

It is just based on your strategy and what you believe you can handle. A lot of investors don’t use CapeX and then a lot do 

@Matt Dombrowski

Absolutely! 

and thanks everyone for the comments! Finally broke out of my shell on BP! 

@Matt Dombrowski

That seems a bit high… did you shop around for other policies? Did they give you a reason to why it’s so high ??

300/mo insurance gets you insurance for a beach homes on the water in some places 

@Terry Fox
Thank you! Very excited about the area, can’t wait to see how the Northwest turns out! And yes! Once the elevation certificate comes in, the premium for the flood insurance actually might be a little lower but the flood insurance that I purchased and home insurance that I have selected brings me to 98 a month. I’m in an AE flood zone. Will Taylor & Associates is who I used 

Robert, 

Well, that's 7k of closing costs I added into your all-in costs that is back in your pocket! Nice! Yeah, unfortunately since the lease agreement has been signed, that will be the rents, but obviously once that lease is up, it's fair game. 

I am definitely not one to want to manage a property, however if you are handy and have the time, then the first few can't be too hard to handle! 

I just got started myself and want to build my SFR portfolio fast and reach financial freedom. But we must always remember to never jump into deals just to build our portfolio, there will be plenty to choose from. I suggest picking a CoC % that you are comfortable with and expect to see. 10% is doable especially in the multifamily market, but it is whatever you're happy with. If the property doesnt meet your criteria, move on to the next.

Great connecting with you

@Zach Lemaster

Very excited about it! I knew to trust my gut with this one! Thank you and Rent to Retirement for making it such an easy process to secure this deal! Look forward to continue working with you guys!