All Forum Posts by: Michael Kay

Golly, I haven't seen a BP flamewar until now. @Brandon Turner, I feel like there should be a member award for people who see this. :D

Incidentally, if anyone has good 4plex deals in Detroit or Cleveland feel free to dm me. :peace:

Hello! I made contact with these folks recently about their loan service for private lenders. I'm looking to borrow. Has anyone ever worked with these folks before? Their website is acapusa.com

Kansas City doesn't have a huge inventory of 2-4 MFH so don't get discouraged.

You also may want to consider getting a realtor license

@James Wise 

https://www.indystar.com/story/news/2019/07/12/ex-fox-friends-host-clayton-morris-leaves-country-for-portugal-amid-fraud-allegations/1705521001/

Dude! He fled the country!

Awesomex story. I especially liked hearing about people who get investors. :)

Past you is proud, future you is grateful

You need to look at your IRR and Cash-on-cash returns before you look at cash-per-door.

If you bought a place that costs a million dollars per door and netted $100 for each, it's probably not a good deal for cash flow. 

In my experience it seems that cash-per-door is more of a sanity check rather than a Key performance indicator.  Passing a cash-per-door test doesn't mean you have a good deal but failing it means you probably have a bad deal.

@Simon, You have a good strategy. I'm trying to do the same here in the bay area.

Turn over costs are one of your biggest profit killer. If it were me, I would not raise the rent immediately. If that happened to you, how'd you feel? Not great.

I do think that it sounds like your prospective property is a de-facto BRRRR situation -- definitely count on having to rehab units to get that $1000 a month rent. It can still be a great deal but this doesn't sound like a straight up purchase like you are expecting.

I'm always keen on estate sales. Especially non-gas motor push mowers, they don't make them like they used to!