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Updated over 5 years ago on . Most recent reply

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3
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Michael Jenx
  • New to Real Estate
  • Chino Hills, CA
0
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3
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Please : some opinions on my first attempt at a BRRR - Newbie

Michael Jenx
  • New to Real Estate
  • Chino Hills, CA
Posted

Hi friends. Newbie here. Reading and reading and trying to soak it all up from all of you.

Need sincere advice on my first investment. Here is the info:

-Foreclosure for $85,000, 3 Bdrm 2 Bath, 1200 Sq feet, Lot 7,000 sq ft, detached 2-car garage,1945 built.
(Roughly $80/sqft price)

-Small town with 12,000 Population. Good schools, nice clean town.
-Taxes $600/year, no HOA

I will put down 20% ( $17,000) and do some basic fixes ( maybe carpet and paint total about $4,000)

Rents appear to average at $900-$950/pm. Snowfall is 60inches annual.

The BP calculator had me at 20% cash on cash and $420 positive cashflow. I assumed a 10% vacancy and 5% repairs. I assumed $3,000 closing costs

My main fear is not being able to rent it. 

Would really welcome any feedback, to avoid me getting myself in a mess. ( I also live in another state, so I would need to fly in. I'm hoping to self manage(no prop management company). There is a small Airbnb opportunity due to hunting in the area, but I would think a good long-term renter is the goal.

Thanks in advance.

-Mike

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