Hey guys! After listening to the podcast and reading as many books as I can get my hands on, I'm taking Brandon and Josh's advice (which is always awesome coming from them) to analyze deals in my area to get a sense of the market and what constitutes as a great deal.
However, when I look at properties on sale there usually isn't enough information numbers-wise for me to accurately crunch the numbers. Obviously sales price and general info on the property is easily accessible, but I always have trouble calculating monthly expenses and mortgage rates.
Should I just be calling companies in the area that provide the services I'd be using, as well as a mortgage broker, and get the quotes from them?
If so, would they even want to talk to me seeing as though I don't have a property yet and am just calling to find out about prices?
Any advice on how you guys get these numbers yourself would really be appreciated, thanks!
Hi @Jackson Miller - welcome to BP! Yes call a few banks to get ideas of terms to finance an investment property. Then use this as a basis for financing, and run the numbers yourself online with a mortgage calculator.
Then of other expenses, talk to other investors in your area, get a sense of what they spend managing properties. There are a lot of "rule of thumbs" you can use like budgeting 5-15% for Maintenance, and 5-15& for capex. But talking with other local investors will help and is why joining a local REIA can be really important.
@Andrew Kerr Thanks for the advice! The really helps a lot and answers my questions, I appreciate it!
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