加州南灣去德州遠程投資出租房的成功案例。

加州南灣一老美，遠程投資德州東部，離大城市/國際機場100邁的小城，基建設施好，經濟多元，穩定，增長，房價房租相關性好，長期持有，CAP率10+，空置率5%， 房管10%，從2002開始， 已購55房，2008年，擁有的房子價格和房租均沒有明顯下降。計劃100房。

德州朋友，這大概在哪個地區啊？

這位老兄的方法與我的方法不同是，我不遠程，隻找房價大跌（跌60%以上）的銀行屋和短售屋。共同點是離經濟多元穩定發展的大都市近，100邁之內，都用PM管理，CAP率10+。他是在房子瘋漲的2002年開始，我是在房市泡沫破裂後的2010年入市的。也許也可以試試他的方法，特別是如果銀行屋持續短缺的話。

Brian R. • Alexander:

My goal on acquiring single family homes is a 10+ cap. This model assumes:

- adding to the purchase price any fix-up costs necessary to bring on-line

- a 5% vacancy rate

- 10% management fee (funds my internal ppty mgmt infrastructure)

- a run rate % of revenue for maintenance & utilities (based on my historical numbers)

- ppty taxes

Such a strong cap rate allows a very strong leveraged return, even assuming a 15 year loan.

I'm buying in a stable, growing market (very little distressed sales) in a stable & growing state. It's a smaller town (off the radar) with outstanding infrastructure and a diversified economy, within 100 miles of a major metropolitan area with an international airport.

It's not in California, though...it's in East Texas. Although I live in CA (SF Bay Area), I determined back in 2002 that I wouldn't be able to achieve this cap rate target without investing in distressed areas with substantial long-term risk from a "buy & hold strategy" standpoint, so I looked outside CA. I looked for growing, diversified economies with a very strong relationship between house prices and rental rates. I think my model was proven-out as the housing market debacle surfaced in 2008. The area that I invested in has seen virtually no devaluation and occupancy rates have remained strong.

I currently own 55 homes in this area all within a 5 mile radius...three of which I have purchased in the last few months and I'm currently in contract on a 4th. I've achieved an 11+ cap rate on the last three homes, and I expect the same on the current purchase.

I plan to grow to 100+ homes in my current area. If I concentrate 100+ homes in this tightly clustered area, I will achieve the proper scale over my existing in-house property management and maintenance infrastructure (which my 10% ppty mgmt fees pay for). I then plan to expand to other areas with similar fundamental metrics. I'm currently deciding whether to continue to grow this organically as I have done, or to bring in investors to ramp the model faster.

In summary, I'm in line with your expectations on cap rate, and also employ a buy-&-hold strategy as you do. Since I'm a fundamental, long-term investor, I stay away from the distressed areas. I'm sure there are micro-markets all around the country where this model works...it's just a matter of doing the research to find them.

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• Ding -向大洋- ♂ (0 bytes) () 06/17/2012 postreply 16:52:57