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All Forum Posts by: Alesha Irvin

Alesha Irvin has started 6 posts and replied 24 times.

Post: Newbie: offer on triplex and dual agency

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

Hi all! Newb here.. need some help.

I'm interested in a property and I've run the numbers. Would you all mind giving me feedback? A little bit of background: this property (triplex) is in my dad's hometown. It's an older small town. There aren't a lot of triplexes in the area so comps are difficult and there are only like 4 real estate agents. I thought my aunt suggested a person but turns out there was miscommunication (even more weird --- now I'm in a dual agent situation bc she showed us the property). 

The property: List Price: 83K

Offering: 69k 

ARV: ? Conservatively 83K?

Repairs:? (There is no property disclosure statement as this is heirs property and the heir lives out of state/ never lived in the property. It was built in 1920.) It looks like it's been well maintained on the inside; the outside has paint chipping) I anticipate learning more during an inspection. 

Only one unit was occupied recently: he passed from COVID; the owner/occupant passed a while back. 

Door 1 (2/1): $550

Door 2 (1/1): $525

Door 3 (studio): $450

P&I: $436.52

Vacancy: $106

Maintenance: $152.50

Property management: $106.75 (We will likely self manage but always good to put the number in) 

Taxes: $153 

Insurance: $125

Cap ex: $152.50 (10%) 

Total expenses: approx. $ 1233

Total monthly income: $1525 (conservatively) 

Utilities are all sub metered 

Cash flow: approx. $292

Two questions: Should I reach out to another agent to eliminate the dual agency issue? ( I made an offer Monday and she JUST sent over the sales agreement contract) Any feedback on my numbers?

Post: First Dallas House Hack

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

So maybe I’m not running the numbers correctly... for a duplex, ideally the rent from the other side would cover the mortgage at a minimum but we should factor in  vacancy, repairs/maintenance, capex, and management fees. In analyzing the numbers for a duplex I almost always have a negative cashflow. Are these just bad deals? 

Also, when I run the numbers with both sides rented out should the expenses be doubled since it’s technically two doors?

Since I’ll be househacking for at least The first year, what’s a good rule of thumb for cashflow and CocROI?

Any advice? 

Post: First Dallas House Hack

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

Hi Kami, I'm having the same issue with the property taxes being so high.. I actually want to hack a duplex and the property taxes are killing my numbers.Hoping my response will gain interest in the post.

Post: Finding deals on Foreclosure.com

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

With the eviction and foreclosure moratorium from the CDC that's been in place for a while, would there still be properties there? 

Post: Dallas-Fort Worth Meet Ups

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

@Marlen Weber I’m looking for virtual!

Post: Buy now or later - starter home and newbie investor

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

@Alex Grosvenor woah thanks for the perspective! That helps a ton especially because I was struggling to determine a price point for my primary residence.. analyzing it like I would for any other property makes perfect sense.

Post: Buy now or later - starter home and newbie investor

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

@Alex Deacon Thanks Alex, yes it has been difficult for sure.

Post: Buy now or later - starter home and newbie investor

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

Hi all!!

I’m in a bit of a dilemma. I’m planning to move to Dallas in the next month or so to make that home for the next 5-10 years. I’ve moved around a lot and I’m finally ready to pick a place to call home. Previous job based in Connecticut.

I’m already pre-approved and have been looking at place. Was planning to house hack a small multifamily but they’re scarce in the DFW market. Single family homes in a nice area are around 250k> right now. Also, from what I see, distressed properties are in an undesirable location for me as a single woman. && with covid I’m not crazy about house hacking a room in a single family.

I’m trying to decide if I should just rent for a bit in Dallas and continue to invest in MS (currently have 2 properties there; strategy = buy and hold). I’m concerned about tying up a lot of cash in my primary residence and it’s impact on my ability to get loans and continue to invest. My goal is to add at least 4 doors this year.

Also considering purchasing a nice single family, live there for a year or two, then rent it out and purchase another.. just seems like it’ll take forever to build my portfolio.

Thoughts or suggestions?

Post: New to Real Estate Investing Dallas, Tx

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

Hi all! I’m looking to relocate to Dallas soon. I’m also finding that the small multi-families are scarce in the areas I desire... would love to house hack. I’m interested to know what strategies have proven successful in this market especially right now

Post: 1031 for Partially Renovated Property

Alesha Irvin
Posted
  • Rental Property Investor
  • South Central MS
  • Posts 24
  • Votes 3

@Dave Foster thanks Dave! I have a property I’m evaluating now for a buy in the near future so this may work! Where do I find a qualified intermediary? And does it actually have to be listed since he’s already given an offer? 

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