All Forum Posts by: Tchaka Owen

@Bradley LaBrie - I'm an animal lover, used to volunteer and have even fostered cats. I currently own 3 that I raised from age 2.5 weeks. So I am open to renters with pets. James Galla had a great post above which all landlords considering pets should read. The greatest concern I'd have is cats in a home with carpet because it will need to be professionally cleaned at best and possibly replaced. Being in Florida, none of the rentals I owned had carpet so that wasn't a concern. And I installed laminate wood in my current rental in VA so that's not an issue either. Good luck with whatever route you take.

@Marisa R. - I'm not sure that people dislike Detroit. If there's money to be made, there's money to be made. People here focus more on success and regardless of which route one takes, as long as it can build wealth, BP peeps will support. For example, I'm from the Wash DC area and love it there. But I am 90% sure I can make more money faster in Detroit than I can back home. And 99% sure I can cashflow better out of Detroit. It's the numbers on the deal above that has people pessimistic, not Detroit. If you have 11 properties cashflowing, that's fantastic! Keep it going. Better yet, study more BP and move up to multi-units. Best of luck!!

@Marisa R. - the general consensus is 1) you did a great job getting that property at that price, and 2) we don't necessarily agree with the valuation. Based on our way of valuing, the place is probably closer to $120k. Here's my recommendation: if you can get $200k or even close to it, sell it immediately. Use that money to leverage other homes. You might not get the same deal, but so what? If you walk away with $100k, you can leverage it on 3 or 4 Detroit homes. They might not increase in value however you'll get much more cashflow than this one is giving you. 

@Wilson Lee - I agree with the advice most have given you, if you had to go the eviction route, finish the deal. You'll find another tenant who will hopefully be prompt with rent. An suggestion that might help you not end up coming out of pocket big time like @John Patton is to let the tenant know that you will forgive the debt and not pursue if she leaves the place in good condition. That way she can focus on putting her money towards her next place. Yes, you'll lose a little upfront...but it will hopefully prevent you from losing a lot. Good luck.

@Jon S. - ultimately a rental portfolio, however if a flip opportunity presents itself, I'd do it.

@Susan O., it is imperative to remember that real estate is local. And local can be as specific as inter-city. Florida is large...Key West to Pensacola is easily 12 hours. So generalizing on rents likely won't yield the answer(s) you seek. Multi-family trends is not unique to FL; IMO, if the multi-family numbers work, it's a buy. If not, move to the next.

Lastly, while Palm Beach County is considered "South Florida", WPB is much more affordable than most other places. A $100k condo is not unheard of - even lower priced can easily be found. But down in Broward and Dade, $100k buys you a lower-end place (the area boasts many 7-figure and even a few 8-figure units). Do you need 6-10% yearly rent increase to make it as an investor? You make your money when you buy so as long as you are cash flow positive and you can increase rent by the rate of inflation, you should still do alright. My 0.017 Euros.

Hi All,

I've been looking around for hard money lenders in Indianapolis and am not doing too well. Any recommendations? As an fyi, I don't have a property yet; this is primarily to set myself up for doing deals beginning in 2019. Thanks.

@Eric Giovannucci - Crystal City *is* in Arlington.....it's south side (and it's not a separate city). Fort Myer is also in Arlington.  

@Loretta Gray - agree mostly, however the "techy" area by Dulles is good IF there's going to be any distribution. If not, then Crystal City is better. Time to buy stock in Crystal City Restaurant. >:-)

@Jibu V. - thanks for the heads-up!

@Amber Turner - I was unaware that TD Bank didn't cover the entire country.
BTW, I did not recommend Pentagon Federal for the same reason I didn't add Navy Federal (they were one of the 10 on the list I found)…..both require membership and I didn't know if you'd qualify. I don't, which is a bummer since the home I want to use is in Northern VA. Please share with us once you've found other options.