All Forum Posts by: Min Zhang

Hi, 

My brother and I are looking to invest in our first property. I currently live in Miami, FL and he lives in LA. We are open to long distance investment.
-Our capital is around 20-25k and we both have a great credit scores
-Turn key investment (We don't want to spend time fixing the property)
-Looking for a LT rental, single family home
-We were looking to get a home around 80k or less (to be able to cover the downpayment, closing costs, minor fixes).
-Looking for a market that could provide a good cashflow based on current market conditions
-Looking to do a conventional loan or DSCR

I am currently looking at: Columbus OH, Cleveland OH and Indianapolis IN.

Could you please let me know what markets are good markets based on these criteria and the current RE market?

Looking forward to connecting with you all! 

Best,
Vladimir

Hello everyone, I am new to the forums here. I live in San Diego right now, and just trying to figure out what market makes the most sense for me with few connections outside of San Diego.

I am looking to buy my first rental property using Subject To strategy or seller financing. Looking to make connections in other markets so i can feel comfortable investing outside of where I live.

I was looking at anything from Texas and west of that, and somewhere that is landlord friendly. Las Vegas, Arizona and Texas are all intriguing to me. Not too far away if I need to fly there and check on my properties. 

Would love to connect with all of you!

Thanks,

Darryl

Hello everyone,

I've been spending a lot of time on Biggerpockets and listening to as many real estate podcasts as possible everyday. 

 I'm an 18-year-old aspiring real estate investor, I've been working for a little over a year now at a real estate office learning everything I can from the people around me.

 I'm currently looking for my first house hack, and because of my age, I am open to move to whichever state has the best landlord friendly laws and highest cash flow/appreciation.

My criteria is triplex/quadplex and up to $700k 

What markets can you guys recommend. Any feedback or advice is greatly appreciated.  

Thank you in advance for your help!

It's official, I'm all done with my first house hack renovation. It was a long a road and I learned a lot and made so many mistakes. But I did it. Now on the hunt to find tenants. Listed it on furnished finder for 2 rooms. Finger cross. 

For the newbies, all the hard work and frustration is all worth it. Keep looking, don't give up. 

Hello!

I have been tasked with picking new markets to take our flipping/wholesale business to and was wondering what parts of the country investors are having the most success finding good deals in? We're currently in a handful of states on the east coast (Virginia, Maryland, DC, Pennsylvania) and prefer to branch out from there, but are open to suggestions.

I've liked the data I'm reviewing in the southeast but my fear is so does everyone else and those markets will quickly become saturated.

Thanks in advance Bigger Pockets community!

Best,

Keith
 

Hello guys! 

I am a 34 year old woman in Ohio pending a divorce and will have about $100k to start over and rebuild when the dust is settled in a few months. I've dabbled in several investment types with limited success (stocks, crypto, etc), and the only thing that paid off significantly was our marital home (it nearly doubled in value since 2018)! So I'd like to embark on my real estate investing journey to grow my money, and am curious as to how you all would go about doing this to achieve the best ROI! Here's my situation:

 My goal is to establish passive monthly income along with owning properties that accumulate in equity. I will not need this money immediately, so am open to either short term or long term strategies. 

I have a credit score of 738, make about $105k a year in base salary and also earn about $30k-50k annually in bonuses. I currently have $100k liquid and am saving an additional $4k per month. Additionally, I am in our marital home and can remain once the divorce finalizes, but if I decide to sell or refinance the home to get money out, I would have an additional $80k in funds from equity to use for whatever route I decide to pursue in real estate. 

I am totally new to real estate investing (other than the primary home we own), and know nothing about maintenance/repairs or the costs of contracting someone to do this on a potential home (my now ex was in the home renovation industry, so he took care of all this)-- but I have the expendable income that would allow me  to afford improving a property if it is  in need of a little care. I also would prefer to be hands-on since this would be my first investment property, so am primarily interested in real estate in the Columbus, OH market and other local surrounding areas. 

Any tips or insight would be extremely helpful!

Hi! I've been lurking on bigger pockets for a few years now, excited to finally be taking a dive into a first potential investment. My biggest goal is to maximize cash flow.

I've been working with a particular turnkey investment online service that has listings in Ohio. This service seems to be highly recommended on bigger pockets. I already have a preapproval and am comfortable with a purchase price of up to $180,000. One thing that was attractive to me with this service is that they already have property management in place and will help find tenants once the property is rehabbed.

I'm a bit worried about the pre prepared proformas they have for each of the available properties. For example, this one proforma I see for a property valued at $159000 assumes a 6.25% interest rate on a 30year fixed mortgage. Now I've talked to several lenders, and while this could be a potential interest rate for an aspiring homeowner, it is much too optimistic for an investor. The rate I was quoted was 7.125% with 2 and a half points purchased ( I have good credit at 750+).
Moreover, there is a promotion from the turnkey service where the first year property management fee is waived, therefore it is not listed as an expense on the proforma, which only covers the first year. With the lower 6.25% interest rate and no property management fees, the first year cash flow appears to be fairly healthy- $3864 annual cash flow on a total down payment (adding assumed $5K closing costs) of $44,750 (8.63%).

Now if I take the higher interest rate into account (7.125%) with the purchase of 2.5 points, that increases the total money put down to $48,725. And with the addition of the property management fee (assumed to be 8%), this increases my overall expenses and brings down cash flow to $1662 annually. The cash flow is now a bit disappointing- $1662 annual cash flow on a total down payment of $48,725 (3.4%).

I guess I just want to get some agreement that this is not a great investment. Any thoughts on this? I'm also happy to provide more information if that would help.

Note- I am a true beginner, I just graduated last year and since I don't know anyone else who does this, I'm literally following the instructions in a book. Please let me know if there is something wrong with my reasoning above.

Thank you all in advance!

Hi all, 

I am looking for a mentor that will help me to achieve my 2024 goal of buying a multifamily investment 

Currently I have SFR long term properties and I am looking to take the step to buy my first multifamily investment . I read a few books about multifamily but still feel I have a few part missing in the puzzle.

What do you think? 

Dror  

Hello, my name is Caden and I am 18 years old. I currently work full time while also taking a course online to attain my real estate license. My company is also about to send me to college to take a course to become a project manager. I have been obsessed with the idea of real estate investing, and creating generational wealth since I was about 14 years old. I have read multiple books, and spent hours and hours online reading, and watching youtube videos to learn all of the ins and outs of real estate investing. My goal is to purchase my first property by the beginning of 2024. It will be a multifamily house hack using a FHA loan, and hopefully cash flow a little bit, but if not at least cover my expenses. After this is attained, what is my next best strategy? Stay in the multifamily and keep living with no expenses? Purchase another multifamily and repeat? STR? BRRRR? Open to any feedback, thank you!