Need help- First time Investor
8 Replies
Courtney Miles
posted about 1 year ago
Hi.
Hoping someone can help me. I am looking at a house outside of St Louis which is asking $49,000 for 2 bed, 1 bath, $1000 in immediate expenses with a renter till 10/20 at $775 a month.
My cash on cash percent is 13% at year 1 and 11% by year 5. I am prepared to pay all cash with an annual cash flow of $6,700 at year 1.
Tenant is responsible for all water, gas, etc so the monthly expenses are low. Property tax is also low at $700/year.
If anyone is familiar with the area or can tell me what they think of these numbers- it would be greatly appreciated.
Thanks!
Courtney
Melba Chambers
Rental Property Investor from Norwalk, CT
replied about 1 year ago
@Courtney Miles have you run the numbers using the BP calculator? That would give you a better idea to if this is a deal.
Peter MacKercher
Residential Real Estate Broker from Saint Louis, MO
replied about 1 year ago
@Courtney Miles if you plug it all into the BP calculator and share it we all could help you and it will help you. Also if you use the BP Calculator it will help you to make sure you did not forget any major category. Also put in the address so i know what part of town your talking about.
Courtney Miles
replied about 1 year ago
@Peter MacKercher I am not sure how to share my calculator.. User error! I did plug it in- that's how I got the numbers above. But i would be great to confirm I did this correctly.
Peter MacKercher
Residential Real Estate Broker from Saint Louis, MO
replied about 1 year ago
I will pm you
Courtney Miles
replied about 1 year ago
Opal Brown
Rental Property Investor from Long Island, New York
replied about 1 year ago
Hi Courtney,
I haven’t used it myself but I think as a Pro member you can save it as a pdf then forward it. Hope this helps and good luck.
Hans M.
Investor from St. Louis, MO
replied about 1 year ago
That's right, you can save your report (from the calculator) as a PDF.