All Forum Posts by: Amanda Green

Hi.

First time on the forum though been following the podcast for a few years. 

So last week I did something truly dumb. I bought a massive [9,000 sqft +basement] old [est.1900] building [church] at an online auction, site unseen.

This was my first time buying anything from an online auction, technically first time bidding on something. I was honestly surprised that it was “that” easy.

It is about an hour's drive from my house now and I justified it as a BRRR type deal… but honestly I just think I bite off more than I can chew. I was renovated somewhere in the late 1980's and re-zoned to Residential. It's got great bones and potential but I'm just at a loss as to how to move forward.

How to find investors to build this into a multifamily, niche/unique, building? I am open to flipping it too, anyone in Dayton? 😅

Hi all. Thank you for every ones input. Yeah my husband and I agree that it's silly to worry about closing costs, because we really aren't interested in selling suitable rental properties at any time in the future.     

Plus I agree that the closing costs would technically be paid out of the appreciation   in the event I "needed" to sell the property. I was just over thinking it and being too conservative. 

Hello Internet's Landlords! This is my first post on BiggerPockets, so please forgive any lingo spelling errors and the like.

I am interested in buying a rental property. I know the purchase price, approximate rental income, obvious expenses (taxes, ins, prop management, etc)..... but I want to know if anyone also budgets for possible future closing costs in their numbers? Or is that just a sad fact of life? 

I am thinking to budget 10% of the purchase price (conservative estimate of closing costs with wiggle room) divided over 10yrs of income. Which amounts to 1%purchase-price-a-year set aside. Ex: A 2/1 SFH which costs $84,000 (cash, no mortgage). Set aside $840/year or $70/month for paying future closing costs (should the need or want to sell in 10years time come up.) If I don't sell in 10years then I have a useless saving acct with roughly $8,500 sitting there, doing nothing, BUT if I do sell then I won't lose out on basically all of the income/profit made over the last 10years?

Am I being too caustious or too parinoid? Is my math wrong? What about apperictaion on the house or inflation values? Am I over thinking this? (0_o)