All Forum Posts by: Vincent Crane

There's always repairs that you don't anticipate. Good chance of at least $5k-$10k that you're not expecting. You have the right idea with an owner occupied FHA loan to house hack and get started, but make sure you have some decent cash reserves. I'm in a similar situation, waiting another year isn't a terrible idea.

Yeah I haven't seen a BP meetup in Atlanta anytime recently. Where's everyone at?

I believe that @J.Scott has one that's pretty good

Rather than doing a flip I would recommend doing the BRRR strategy which you're halfway through. Keep it as a rental as long as the cashflow is $200 per month, and use that money that you cash out to buy and rehab the next rental, rent that one out too, then cash out refi again and buy the next one. Infinite returns with the same amount of initial funds. Congrats though on jumping in

It depends on the quality of the unit. A and B quality units typically have washer and dryer provided in the apartment

Normal

In most major cities I'm seeing A quality condo's and apartments going up like crazy. I don't see much of an offering of C class apartments or condos for millennials anywhere right now. Most of the new inventory that's being built is on the high end, and once it surpasses the available demand prices will fall.

@Syed Lateef

Just google cities with highest appreciation over the last 3 or 5 years and you'll find plenty of charts

@James Park That's a very interesting post. I do want to invest primarily for cashflow, and I'm wondering if prices will ever dip again, not just cool off. I don't see many small multi family properties that make sense. I think people are buying at very low cap rates and the percent of real estate investors that have been buying has decreased each of the last 3 years here. I do think there is great business growth potential here though. Atlanta is a top 5 most moved to city in both 2014 and 2015 and top 5 in job growth. But, the public schools, very weak unless you're up in Johns Creek. Not sure where I want to be for the long run, but I do wish I was seeing better deals in Atlanta right now. I am going to make my first purchase my primary residence, and rent out the other rooms to cover hopefully the whole mortgage. That's if I can find that good of a deal.

It's interesting that you say this because chicago actually hasn't been as crazy as many other cities have been. It's still far behind SF, LA, Dallas. Houston, Denver, and even Atlanta as far as appreciation over the last 3 years. The recovery is certainly over and most markets are in the expansion phase, which then leads to hyper supply, and then the next drop or recession. Each cycle is normally 4 years or so. I've been wondering the same thing here. 99% of deals won't cashflow and it's frustrating.