Investor · Denver, CO · Member since 2016 · 181 posts · 242 votes
Just closed on my first SFH 2 weeks ago and I am AMPED to have finally defeated paralysis analysis and joined the club. Quitclaim deed has been initiated and the property is officially in the LLC's name. Let the fun begin! Here are the dirty details:
Purchase price: $112,502
25% down
3.375% int rate (paid ~ $1,500 in points)
3 bed 2 full bath with 4th
non-conforming bed in the basement
Detached garage and carport
Property taxes $1,127
Insurance $1,050
Property management 5%
Rent $1,250
Vacancy rate 5%
Maintenance and repairs 6%
Oh **** fund 5%
Cash flow $421/month
My main issue going forward (like many fellow investors) is having enough capital to purchase more properties. I am able to find great (> 1% on the 1% rule) properties but I don't want to wait 6 months to save up enough cash. Time to get the BP book on no and low money down and also find some partners!
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
6y
@Nicholas Sheridan, Jr. in light of your post, we are going to officially relabel the “capex reserve” in our calculators the “oh sh** fund”. This is far more intuitive.
Congratulations on what seems like a great first step!
Congratulations!! Sounds like you bought a great property. After my first purchase, I spent a lot of time figuring out how to get my next property within my finances. I’m sure you’ll figure out the best way for you to get your next door ! 👏👏👏👏 congratulations from Oahu, Hawaii 🤙🏽🤙🏽🤙🏽
Investor · Longmont, CO · Member since 2019 · 46 posts · 23 votes
6y
@Nicholas Sheridan, Jr. Do you mind sharing your commercial portfolio lender info I'm in the Denver area as well and looking for additional sources on the commercial side.
Hey @Nicholas Sheridan, Jr., congratulations on the property! I hope all is going well so far. I'm looking at purchasing a property and transferring via quitclaim to a series LLC. What was your experience like for doing the quitclaim? Are there costs associated with it? How long did it take? Any information you can provide would be a HUGE help! Thanks in advance for your time.