All Forum Posts by: Adam Burns
Adam Burns has started 7 posts and replied 24 times.
Post: [Calc Review] Newbie here, this is one potential property for me.
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Originally posted by @Keith Ghion:
No utilities listed, everything sub metered? Lawncare, trash, snow removal etc.?
I DID say I was a newbie haha utilities would be on the tenants. Lawn care/snow removal would be about $25 a month. I will edit the report now
Post: [Calc Review] Newbie here, this is one potential property for me.
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
*This link comes directly from our calculators, based on information input by the member who posted.
Post: What is the power of cash?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Originally posted by @Arun D.:
I would say 5% is the power of cash in your 100K/ 20% down example (assuming you have good credit)
All cash could probably take that deal down for 95K all cash quick close.
I think that is how the seller would view it as they would give up 5K for a lower net price but a slam dunk all cash offer.
I think the market you’re in is a huge factor; There may be a 5% Cash Power (did I just make that up?) in your market, but if I had to guess I would say in my neighborhood it would be around 10-15%.
Post: What is the power of cash?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Originally posted by @Marc Winter:
@Ryan D.has a great point. One other thing to keep in mind from his comments--the key to a good deal is a seller that is motivated and NEEDS to sell (as opposed to just WANTS to sell.)
I often make 3 offers: all cash, 50% of market value. With NO contingencies, ie, no inspections, no mortgage clause, etc.
2nd: 65% of market with x down and bank financing.
3rd: 75% of market with seller financing.
Depending on the 'hotness' of your market and the motivation of the seller, your percentages can vary. But by giving options, you'll find you end up with more deals.
Good luck!
I like that strategy for making an offer, it mixes in several creative methods 👍🏼
Post: What is the power of cash?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Post: What is the power of cash?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
What is the power of buying with hard cold cash? We all heard the phrase “cash is king”, but to what extent? If you and a seller agreed on a $100k price, 20% down with a 30 year mortgage.. what would be the cash price? My guess is the true power cash has will vary depending on markets, seller motivations, and other variables. In your experience, does having the ability to make cash offers give you a significant edge in the market? Just something I’ve been thinking about and wanted to hear some opinions on.
Post: Too good to be true?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Do you think a bank would give a loan for this kind of property?
Post: New member from Pa with focus on SFH and MFH
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Originally posted by @Alex Deacon:
@Adam Burns welcome to the group. Reach out to me for any advice. I do a lot of flips and buy and holds in the western side of the state near Pittsburgh
I really appreciate that Alex, thanks!!
Post: New member from Pa with focus on SFH and MFH
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
Hi everyone! I am Adam Burns, a soon to be real estate investor in the central PA area. I am mainly focused on SFH and small Multi-Family preoperties. For roughly 8 years, I have helped manage several rental preoperties for my family, so don't think that just because I'm new to investing that I don't have experience or knowledge to share! BP has been an amazing source for me so far, and I really look forward to contributing to this community.
Post: 24 years old, 35k a year but good saver - do I buy a property?
- Rental Property Investor
- Danville, PA
- Posts 25
- Votes 12
If I had the opportunity to have a conversation with 24 year old me, I would advise him to do a house hack. You can use your savings to put a down payment, then have your mortgage paid down by someone else while having your house gain appreciation all the while you are living there for free.