All Forum Posts by: Alisha Burgfeld

thank you :)

Hello everybody,

I am in the Army and my ETS date is in approximately 11 months. All of the banks I have called require a MINIMUM of 12 months guaranteed employment for me to qualify for a conventional loan. I have just recently been getting into REI and this really put a damper on things. I have found one bank that will give me a 25 year loan with a 5.65% 5 year variable rate, I was wondering if anybody knows a lender who can beat that? I'm located in Clarksville, TN. Or does anybody have any other suggestions as to how I can get a loan? I'm open to doing private money lending, but those % are even higher than the 5.65 I previously mentioned. Thanks for the help.

Hello everybody,

I was wondering if anybody has a recommendation for an attorney in Clarksville? Specifically to close contracts and also to discuss setting up an LLC.

Thanks!

Hey guys this isn't entirely related, but it looked like you had some good advice for Henley, so I was wondering- can you do a 1031 exchange on a flip? i.e use the profit from the flip to purchase another flip/buy hold property? Thanks.

@Preston Ellis Biggs I would contact @Eric Yow on Bigger Pockets. Although he personally is not the attorney you're looking for in this specific instance, his firm has successfully evicted tenants and I think they'd be able to help you out. 

Thanks for showing me that @Christopher Phillips but I still don't understand what I did wrong in my calculations with the analysis tools? Do you spot my error?

so maybe I wasn't clear @Cesar Sabio They are asking $250,000 which is about the going rate around here (hence the ARV of 240,000. I kept all of the items listed above the same except the Purchase price (I kept lowering it until I could get it close to the $100 profit per month per door) this amount landed at 135,000. So I would essentially have to pay $115,000 less than what they're asking for. Unless I'm doing something wrong?

I am putting the 10% in for property management because I will be moving out of state in a little over a year and will need a PM. 

Also, you're correct about the PMI, but I just replaced it with what I calculated the funding fees to be based on the loan amount.

I did the calculations however many times it took to find out the purchase price I would need to pay to get to my $400 profit per month @Christopher Phillips and @Isaac S..

I see that it falls near the 2%, which is great, however I couldn't reach $400 profit until I reduced the purchase price significantly. 

Is that more clear?

Hello everybody. I have been conducting my first analysis on a quadplex and I think I may be doing something wrong. After I put in all my numbers and edited the report (the purchase price) about 15x I found out I would have to offer $115,000 less than the asking price to get ~$400 a month in profit. (The asking price of the quadplex is $250,000)

The amounts that I think should most likely stay the same are:

Rent: 2675 (provided by owner)

Garbage: 70 (owner currently spends this per month)

Monthly insurance: 160 (got a quote from USAA)

Property Taxes: 390 (owner pays this per month)

Mowing: 25 (owner stated about 100/a year but that seemed super low so I went with $25/mo)

Vacancy: 8%

Repairs and Maint: 5% 

CAPEX: 10%

Property Management: 10%

Annual Income/PV/Expense growth: 2%

Sales expenses: 9%

I'd like to take advantage of the VA loan and just provide 10% down payment.

I assumed a 4.3% interest rate on the loan, but I'm not entirely sure about this one.

I put $3000 in repairs because one of the units may need new carpet/paint when they move out.

The way I calculated the PMI was since its a VA loan I read its 1.25% of the loan amount if doing a 10% DP.

Here is the link to the report I made:

https://www.biggerpockets.com/calculators/shared/7...

Would somebody (hopefully multiple somebodies) take a look at my math and my report and tell me what I'm doing wrong?!

Thank you in advance!

Haha thanks for the quote @Chang Hee Lee. I don't think starter homes are the issue for my area- Clarksville, TN. We do have a lot of renters though and they stay full because of Fort Campbell. Just worried about increased vacancy or rents dropping during the vacancy time that would potentially happen during a Crash.

Thank you for the response @Levi T.