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All Forum Posts by: Adam Egloff

Adam Egloff has started 4 posts and replied 11 times.

Post: Western Slope - CO "opportunity zone" meeting 12/12 anyone going?

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

I am unable to attend this one unfortunately. Keep me posted on the next one though and thanks for the invite!

Post: Banks that don't require seasoning period in Birmingham, AL

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Hello!

I bought my first SFH in the Birmingham area and just got a tenant July 1st. I am trying to do the BRRRR method and paid cash, did the rehab and now I'm trying to refi to get my cash back out. All the banks I've called require a 6 month seasoning period. Does anyone know a bank that could do it now? I'd like to get started on the next one.

Post: Should I move ahead with my first deal?

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Hello,

I'm currently working on getting my first property and I just wanted to get some opinions on whether or not this is a good deal. It looks to me like it is even if the cash flow is a little lower than I was hoping but the cash on cash return looks pretty solid. Any thoughts are appreciated! Thanks

Property Information Cost Information
Property Name C Class   Building Cost   $ 34,311        
Location Birminham , AL   Land Cost     $ -        
Type of Property SFH   Cost Basis     $ 34,311        
Size of Property 3,000 Sq Feet   Less Mortgages   $ 25,733        
Year Built         Equals Initial Investment $ 8,578        
          Amortization Period   30        
Ratio Information                            
Loan to Value     75%   Mortgage Information              
Cashflow / Initial Investment   18%     Balance Payment Interest Loan
Term
Amtz
Period
Cashflow / Assets     5%   1st Mtg $ 25,733   $ (138)   5%   30   360
CAP Rate     9%              
                             
Description(All Figures are Annual) Annual
Amount
Notes
POTENTIAL RENTAL INCOME         $ 7,800   Total Potential Income if rented 100%
Less: Vacancy           $ (624)   Assumed 8% Vacancy Factor
EFFECTIVE RENTAL INCOME         $ 7,176  
Plus: Other Income           $ -   Other Fees, charges, etc
GROSS OPERATING INCOME         $ 7,176   Total Revenue
               
OPERATING EXPENSES            
Real Estate Taxes         $ 535     Property Taxes
Personal Property Taxes       $ -    
Property Insurance         $ 1,442    
Off Site Management       $ 780    
Payroll         $ -    
Expenses/Benefits         $ -    
Taxes/Worker's Compensation       $ -    
Repairs and Maintenance       $ 624    
Utilities         $ -    
Accounting and Legal       $ -    
Licenses/Permits         $ -    
Advertising         $ -    
Supplies         $ -    
Lawn and Grounds Keeping       $ 200    
Miscellaneous         $ 390    
         
         
         
TOTAL OPERATING EXPENSES         $ 3,971   Sum of Line 6 thru 23
NET OPERATING INCOME         $ 3,205  
Less: Annual Debt Service         $ (1,658)   Total Mortgage Payments
CASH FLOW BEFORE TAXES         $ 1,547  
Add Back: Principal Payments         $ 371   Principal Paid on Loan
- Depreciation           $ (1,144)   Tax Depreciation on Building
TAXABLE NET INCOME (LOSS)         $ 775  

Post: GRAND JUNCTION INVESTOR COFFEE

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Dang I just saw this and it already happened! Please let me know when the next one will be, would love to meet some like minded people!

Post: Insurance and tax numbers for analyzing deals

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

@Jaysen Medhurst Thank you that is most helpful!

Post: Meetup real estate investor group in Montrose, CO

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

You guys still in the area?

Post: Insurance and tax numbers for analyzing deals

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

So when plugging numbers into the calculator to analyze a deal, if you are trying to just do a quick one to see if its worth further looking into, would pulling the tax and insurance numbers from the mortgage page off zillow get you in the ballpark or are those completely different numbers than what we are looking for? There is also a price history/tax page that has property taxes on it which is different from the tax one from the mortgage page. Have you found that that is reliable for the tax line or do you always have to go to the county page? I would think an insurance agent would stop responding after asking him to quote 50 different properties...

Post: Out of state investor looking into OKC

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Thanks for all the input guys! I have since realized that starting in a "war zone" seems tempting due to the cash flow numbers but the more I research, the more it seems like a horrible idea. I am currently doing more research on the BRRRR strategy which sounds like a great way to do this. I'm thinking of looking for 2 beds/1 bath that have over 1,000 sq ft which could easily be turned into 3 bedrooms and going that route instead of the multifamily to start. Any contractor or property management company recommendations?

Post: Building a detached garage with apartment

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Just checking to see how this project turned out price wise and also the one for Karen in Boulder. This would be a good idea if the price was right.

Post: Out of state investor looking into OKC

Adam EgloffPosted
  • Investor in Montrose, CO
  • Posts 11
  • Votes 1

Thanks for the input! Is the Bricktown area already to far inflated or are there still deals to be had? I've been reading about some revitalization projects across the river in the Capitol Hill neighborhood. Obviously it won't appreciate any time soon but ten years down the road perhaps? This would be my first deal so trying to get my feet wet relatively inexpensive. Also, does anyone have any realtors, management companies or appraisers they would recommend? I appreciate the feedback