All Forum Posts by: Steve Short
Steve Short has started 2 posts and replied 26 times.
Post: Birmingham, Alabama Turnkey Deals
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
Originally posted by @Spencer Sutton:
I'll put a post up here once the ebook is done along with a link where you can download it.
Is this out yet?
Post: A potential property
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
Originally posted by @Kyle Penland:
Several things for me here that may help you...
I do not invest in properties with HOAs. I hate HOAs. When I bought my first townhome, I was poor, strapped for cash, this was 15 years ago...The HOA decided to paint the exteriors and tripled the HOA fees for 3 months...My HOA went from 150 a month to 450 for three months...It was almost as much as my mortgage. Left a bad taste in my mouth.
Second, I would not put 40k into any property that didn't CASH FLOW significantly. Why invest 40k to break even? Go put it in a bank and draw interest.
Personally if I were in your shoes, I would walk.
What he said,......
I sold a condo when I got wind of a potential assessment coming that was going to be enormous, like $50,000.
HOA's can be very bad for owners
Post: A potential property
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
I'm with Michelle,
I'd pass on this one, UNLESS, your goals for this particular property clearly define that this is a good choice.
Can you absorb vacancies of more than a couple of months?
Do you have more down payment $? This might make it more of a buy.
I tend to look at a property a little differently: area economics, area growth, jobs, etc. 1st
then I look at the actual cost of the places and average rents for the area I want to buy.
Again, my .02
Good Luck
Post: A potential property
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
Might want to analyze the "potential for upside" if that is what you are basing most of this decision on.
If the property goes down in value, which is likely in a cyclic market, can you tolerate / afford it?
Can you add immediate value ie: sweat equity, or,...is it just a hope or "if only" scenario?
my .02
Post: Back on the horse
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
Originally posted by @Michael S.:
Welcome to Biggerpockets. There are plenty of how to's that you can check out and blogs to read from experts under Learn. I think that will help set the foundation. Also the forums for Starting Out can help give you tips on where to start. Good luck.
Thanks Michael, me and the missus are just absorbing all we can. It's been awhile since I did a deal, but really excited and driven.
Post: Back on the horse
- Investor / Contractor
- Aliso Viejo, CA
- Posts 26
- Votes 10
Hi everyone,
Hitting the reset button in life, looking to build up a portfolio of investment properties for me and my beautiful bride so we can eventually have enough passive income to retire.
Have a bit of our own capital / time / energy to invest, along with good credit, so instead of paying high for our own place, we're getting into investing first to increase our monthly cash flow.
Will also be partnering with family to do out of state, (for us, not them) deals as well, maybe starting in the Dallas / Ft Worth area.
My brother in law has the financial edge, me, in construction trades for over 30 years.
Together we want to assemble a few properties, then slowly build on that momentum to insure a better quality of life for both our families, ultimately controlling a decent sized portfolio.
Interested in mostly SFR's and multi-units, and not afraid to board a plane to check a deal or get out the tools and perform some sweat equity.
So, if you have some info to share, please do.