All Forum Posts by: Arthur Banks

Sorry, I forgot to mention it's a SFR.

Are your numbers based off self manage or after factoring management costs?

@Aaron Montague @Robert Leonard @James Syed

How do I determine what's a good ROI? Is that more subjective or no? Or a I would like "such and such ROI"?

The taxes are killing the deal for me. I need to keep looking up in WI where my buddy @Dawn Anastasi is =)

@Jean Bolger LOL! I misread that too when I was proof-reading.

How much do you need to clear per door to consider it a deal? I'm looking at my first property and accounting for management cost (10%), the numbers (provided I'm not over estimating costs) aren't too appetizing. Managing myself, I'm looking at about $135/mo cash flow. I've heard $100/door is good. I do plan to manage as it will only be one property at this time, but I'm looking at the bigger picture.

That's what I think I will do.

@Jenna Stonecipher Thanks! I'm handy, I can do all the above, well except lay carpet well, but I'm trying to get in the mindset that as an investor, my time is better spent looking for the next deal rather than swinging a hammer. I did that already. :)

@Robert Brubaker I'll look into that.

I'm looking at purchasing an 1100 sq ft 3BD, 2BA home to owner occupy and rent later. It needs some carpet, paint, flooring in kitchen/bath. I'm scheduled to meet the 'contractor' tomorrow. I put contractor in quotes because I don't know if he's a licensed contractor or a handyman. He was referred. But that lead me to think if he's a licensed contractor, would I be better off (read: less expensive) getting a handyman to do this small work? Also, the big box store sells and installs cabinets and carpet, would that be better to get them to do those items? Anyone ever face this dilemma?

I'm looking at purchasing an 1100 sq ft 3BD, 2BA single family to owner occupy. If I'm not mistaken the lender has advised I can use a 203K loan. My question is, if it's a small amount of work (carpet, paint, kitchen and bath tiles, maybe cabinets) should I do this type of loan? I'm thinking I don't want to finance these things over 30 years.

@J Scott Thanks! Makes sense.

@J Scott In your SOW, what is considered 'finishing materials'?

@J Scott Thanks. And your book has been a great help as well.

I'm scheduled to meet with a contractor tomorrow. The work needed, from my eye isn't much... carpet, paint, tile. Other than carpet, I could do the work myself, but I've learned it's much better to hire out and spend my time building my business. That being said, this would be the first time using a contractor. What questions do I need to ask? Contracts? Lien release? Pay schedule? I don't even know what I don't know to ask.

Thanks in advance. I tried searching the forums, but it's so much info out there and I didn't see this specific question after 1/2 hour of reading.