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re: Information for my fellow Real Estate Investors
Posted on 2/7/16 at 8:39 am to poochie
Posted on 2/7/16 at 8:39 am to poochie
A market were the population hasn't changed in 20 years and you expect to get 5% increase in rents? Demographics are not in your favor that's for sure.
Most of my rental properties are getting me 2% of the purchase price. I'm normally buying in the $20,000 - $50,000 per unit range which I understand is probably not possible in your market right now. But in a year it could be...
Most of my rental properties are getting me 2% of the purchase price. I'm normally buying in the $20,000 - $50,000 per unit range which I understand is probably not possible in your market right now. But in a year it could be...
2
Posted on 2/7/16 at 8:57 am to I Love Bama
Good points. That's why I'm asking for insight.
You're right about population. Also take into account a university with a steady supply of renters, a hospital expansion, and nearing the bottom of the oil market.
Thibodaux is more diversified than Houma and not as oil dependent but it certainly is a factor.
Also on the rental rate, I thought the increase was too much but I think back to a 2br i lived 7 years ago and the rent is now 1.5x what I paid which is in line with 5% increases.
If we can get prices like you stated (sub-$50k and 2% of cost), so much the better. I'm basing it off of the information I have today.
You're right about population. Also take into account a university with a steady supply of renters, a hospital expansion, and nearing the bottom of the oil market.
Thibodaux is more diversified than Houma and not as oil dependent but it certainly is a factor.
Also on the rental rate, I thought the increase was too much but I think back to a 2br i lived 7 years ago and the rent is now 1.5x what I paid which is in line with 5% increases.
If we can get prices like you stated (sub-$50k and 2% of cost), so much the better. I'm basing it off of the information I have today.
Posted on 2/7/16 at 2:47 pm to poochie
pay down mortgage with positive cash flow or use it to purchase your next property?
Posted on 2/7/16 at 7:11 pm to poochie
What area of Thibodaux are you looking to buy rentals?
Posted on 2/7/16 at 9:50 pm to GoldenD
Hit me up at poochiedog69@gmail.com
Posted on 2/8/16 at 8:26 pm to Fat Bastard
I do not have anything to add information-wise, but thanks to all for this thread! There is some great information being shared here and I am appreciative of everyone's efforts 
Posted on 2/9/16 at 12:07 am to poochie
quote:
poochiedog69
Posted on 2/9/16 at 9:59 am to RickAstley
quote:
I do not have anything to add information-wise, but thanks to all for this thread! There is some great information being shared here and I am appreciative of everyone's efforts
It was long overdue. Most everything on this board is stock market based. So us RE guys are a small segment here. Feel free to add at any time.
Posted on 2/14/16 at 10:00 am to I Love Bama
what's so exciting about residential RE?
quote:
It’s very rare that you see people talk with excitement and enthusiasm about what they do for a living. Real estate investors do. They get excited. They get energized. They get carried away when they talk about it. And that also links back to the shows, books, clubs, podcasts and everything else out there related to the industry. So, what is it that’s so exciting about real estate investing? And why has it heightened to the level of awareness, enthusiasm and energy that is out there today? I’ll tell you, as a full-time real estate investor and HomeVestors franchisee in Dallas, I do not know that I have the “silver-bullet answer” or the one universal response to this question, but I CAN tell you what excites ME about real estate investing.
Posted on 2/18/16 at 10:29 am to Fat Bastard
I have some thoughts on the subject, but besides paying a premium and having a lower ROI than DIY, what are y'all's thoughts on turnkey companies (the "good" ones)? Besides that you'd rather do it yourself. Thanks, keep it up!
Posted on 2/19/16 at 12:17 pm to Teddy Ruxpin
quote:
but besides paying a premium and having a lower ROI than DIY
are you talking about complete rehab? or just maintenance?
quote:
what are y'all's thoughts on turnkey companies (the "good" ones)?
ok, and yet again, are you referring to turnkey wholesalers or something else? I'm trying to understand your question.
Posted on 2/19/16 at 12:19 pm to Fat Bastard
They handle pretty much everything. They rehab and then you take possession, then they handle property management as well.
It is pretty much as "hands off" as you can be.
For example, like Memphis Invest that you see on BiggerPockets.
It is pretty much as "hands off" as you can be.
For example, like Memphis Invest that you see on BiggerPockets.
This post was edited on 2/19/16 at 12:20 pm
Posted on 2/19/16 at 1:11 pm to Teddy Ruxpin
quote:
They handle pretty much everything. They rehab and then you take possession, then they handle property management as well.
Our agent does this type of business on the side of his company and he does very well. We have not made the move to operate like this but if we acquire 2-3 more properties, we have already set up an agreement.
For anyone who has followed my progress at all, we closed on 4th rental property on Monday and working on getting it rented right now. Had a ton of interest and one showing already but no contract signed yet.
We are closing on another potential flip property a week from today as well. Specs below.
3 bedroom/2 bath
1,250 square feet
VA foreclosure final settlement price $56,000
Two contractor bids for $15,000 and one for $13,500.
New roof, paint and some frame structural work.
Comp's in area are between $105-120K.
Average rent in area is around $1K/month, if we can't flip within 60-90 days.
This post was edited on 2/19/16 at 1:13 pm
Posted on 2/19/16 at 1:29 pm to Teddy Ruxpin
quote:
For example, like Memphis Invest that you see on BiggerPockets.
Yes, they are good. They do deals in Dallas and Houston too now. Memphis cashflow is another who does a great job. I've personally done business with them and know all of their group personally. Completely legit and great management. Memphis is basically a top 10 rated city for rentals in the nation. A very high percentage there rent. Go check them out. I can give you a referral if you are interested.
This post was edited on 2/19/16 at 1:35 pm
Posted on 2/19/16 at 4:33 pm to Fat Bastard
quote:
Yes, they are good. They do deals in Dallas and Houston too now. Memphis cashflow is another who does a great job. I've personally done business with them and know all of their group personally. Completely legit and great management. Memphis is basically a top 10 rated city for rentals in the nation. A very high percentage there rent. Go check them out. I can give you a referral if you are interested.
Damn. I was expecting a more negative response for some reason
Ya, I'd be interested in a referral for sure. I had just registered to get the packet from Memphis Invest, etc. Very interested in the TX properties.
Been starting this year getting my dedicated funds together and then will probably Series LLC by the summer.
Still have to check case law if the Series has held up under TX law like we hope it has.
This post was edited on 2/19/16 at 5:29 pm
Posted on 2/20/16 at 9:54 am to Teddy Ruxpin
quote:
Teddy Ruxpin
i'll have to contact you off of here.
Posted on 2/20/16 at 9:59 am to Fat Bastard
(no message)
This post was edited on 2/20/16 at 10:39 am
Posted on 2/20/16 at 10:23 am to Teddy Ruxpin
ok sending now if you want to delete your email now.
Posted on 2/20/16 at 10:41 am to Fat Bastard
Got it.
Ya, I have some things going on the next few months but I'll have this email and this thread and will stay in touch.
Appreciate it.
Ya, I have some things going on the next few months but I'll have this email and this thread and will stay in touch.
Appreciate it.
Posted on 2/21/16 at 12:24 pm to Teddy Ruxpin
Does everyone just use Excel Spreadsheets or some other software.
I use Mint for personal finances and greatly prefer a nice UI over excel. I enjoy having credit accounts/mortgage/checking accounts auto updated and all that jazz.
Buildium?
Quickbooks?
Quicken Rental Property Manager?
Other?
I use Mint for personal finances and greatly prefer a nice UI over excel. I enjoy having credit accounts/mortgage/checking accounts auto updated and all that jazz.
Buildium?
Quickbooks?
Quicken Rental Property Manager?
Other?
This post was edited on 2/21/16 at 12:30 pm
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