I’ve been planning a move to Oklahoma City for about a year now, and I am absolutely furious that every one of your videos keeps talking about it. I thought I found a hidden gem and now the masses are going to start flocking there lol
have you ever thought about the fact that these videos might be made to purposely gentrify or move people to certain areas? Nothing is by chance or accident. Where attention goes, there goes your $
@@davidmeyer1101 20% down on $241K leaves mortgage of $192,800. 7% over 30 years is $1,283/month. Taxes $300/mo, insurance $100/mo, house looks in good shape so we can go low on cap ex, repairs, and vacancy (say 4% each) $210.36. That comes to $1,893.36/mo in expenses. Even without accounting for cap ex/repairs/vacancy (which would not be good underwriting) you're at $1,683/mo in expenses. Rents for $1,753. It's not my market so I largely guessed on taxes and insurance rates so tell me if I'm wrong. Love your stuff Dave and I am a big fan of the On the Market Pod but this one might have been a bad example.
@@randyh3094 Good analysis here! The point of the video was definitely not to say this particular deal was good -- it was to talk about the markets and just showcase some cheaper properties. That said, I personally would analyze a dealif it has an RTP of about .7% or better right off the bat. Then I'd look and see if the rents are accurate, or if it could get towards the higher end of the range. Also would consider a rehab to see if I could boost rents. Just as an example I bought a duplex this year around .73, did a $20k rehab and now get a 8% CoCR. But you're absolutely right -- as listed it wouldn't cash flow. Probably should have been more clear about that. Appreciate the feedback.
Fayetteville is the lamest city ever with pictures of military helicopters on the walls in Starbucks. And you compete with 3% VA loans for all of the serving people there. It made to the list just cuz none wants to live there
That's not what I'm seeing! I see breakeven in a lot of markets at around .7%, and decent cashflow closer to .9-1% personally. But then again, I don't expect a 12% COCR so maybe thats where we disagree.
@@davidmeyer1101 I aim for a minimum of a 5% minimum COCR. But I also assume 10% Maintenance/CapX and 10% management fee since I can't afford my local market yet. (The Springs) I avoid breakeven at this point. I agree - you can get breakeven with a lower RTPR.
@@randyh3094too many variables to consider. The neighborhood, tax rates, insurance rates, down payment, rate buy down, etc, are among the many variables that can make a .7 RTP cash flow or not.
I think it depends on your strategy. Looking at this deal just off the MLS casually doesn't tell the whole story, neither does RTP. Are you doing a rehab? Is it a nice place that can command rents towards the higher end of the area's range? The point of this video was to showcase markets with strong fundamentals, not propose this specific deal.
Thanks Dave, short n crisp content
Glad you enjoyed!
I look at all homes for sale in the zip code, highest-lowest ,look at the schools
Excellent reasoning and analysis
Thank you!
I’ve been planning a move to Oklahoma City for about a year now, and I am absolutely furious that every one of your videos keeps talking about it. I thought I found a hidden gem and now the masses are going to start flocking there lol
Same thing that happened here in Texas now we have a bunch of damn Californians flocking here causing things to become more expensive
I actually like OKC. I've been there a handful of times and it left a good impression.
I guess they won't be affordable much longer thanks to this video
Yeah prices will skyrocket because of 3k people who watched this LoL
@@stevend481 And way fewer will actually act on it 😆
😂 you right about that 😅
have you ever thought about the fact that these videos might be made to purposely gentrify or move people to certain areas? Nothing is by chance or accident. Where attention goes, there goes your $
@@MKpixelfan I certainly wouldn't discount the idea. Channels like this can easily influence a shift in price in target markets.
As a BP pro, do we have free access to propstream ?
8:10
F5 Tornadoes 😂
Says he would not buy property that does not cash flow then choses an example property that would not cash flow.
Are you sure it wouldn't cash flow? Would love to see your analysis! Please share.
@@davidmeyer1101
20% down on $241K leaves mortgage of $192,800. 7% over 30 years is $1,283/month. Taxes $300/mo, insurance $100/mo, house looks in good shape so we can go low on cap ex, repairs, and vacancy (say 4% each) $210.36. That comes to $1,893.36/mo in expenses. Even without accounting for cap ex/repairs/vacancy (which would not be good underwriting) you're at $1,683/mo in expenses. Rents for $1,753. It's not my market so I largely guessed on taxes and insurance rates so tell me if I'm wrong.
Love your stuff Dave and I am a big fan of the On the Market Pod but this one might have been a bad example.
@@davidmeyer1101piti would be about $1508, if it rents for $1753 that's after 48k down payment
@@randyh3094 Good analysis here! The point of the video was definitely not to say this particular deal was good -- it was to talk about the markets and just showcase some cheaper properties. That said, I personally would analyze a dealif it has an RTP of about .7% or better right off the bat. Then I'd look and see if the rents are accurate, or if it could get towards the higher end of the range. Also would consider a rehab to see if I could boost rents. Just as an example I bought a duplex this year around .73, did a $20k rehab and now get a 8% CoCR.
But you're absolutely right -- as listed it wouldn't cash flow. Probably should have been more clear about that. Appreciate the feedback.
Fayetteville is the lamest city ever with pictures of military helicopters on the walls in Starbucks. And you compete with 3% VA loans for all of the serving people there. It made to the list just cuz none wants to live there
Propstream really sucks in Massachusetts
The West side of ND. Oil, oil, oil
With today's interest rates, it is hard to cash-flow with a rent to price ration lower than 1.25%. Ideally, you'd be at 1.5%.
That's not what I'm seeing! I see breakeven in a lot of markets at around .7%, and decent cashflow closer to .9-1% personally. But then again, I don't expect a 12% COCR so maybe thats where we disagree.
@@davidmeyer1101 I aim for a minimum of a 5% minimum COCR. But I also assume 10% Maintenance/CapX and 10% management fee since I can't afford my local market yet. (The Springs)
I avoid breakeven at this point. I agree - you can get breakeven with a lower RTPR.
@@davidmeyer1101I would like to see how .7 makes any sense zero cash flow
@@randyh3094too many variables to consider. The neighborhood, tax rates, insurance rates, down payment, rate buy down, etc, are among the many variables that can make a .7 RTP cash flow or not.
You are the wrong guy to make this video my friend lol
why in the world would you buy a 240k house that rents for $1700 zero cash flow
I think it depends on your strategy. Looking at this deal just off the MLS casually doesn't tell the whole story, neither does RTP. Are you doing a rehab? Is it a nice place that can command rents towards the higher end of the area's range? The point of this video was to showcase markets with strong fundamentals, not propose this specific deal.
I hope your list doesn't increase competition in my market
Who installed this man
Where's David this guy is not it ....