All Forum Posts by: Brandon Chavis

Hope everyone is well!  I just placed my first official offer and wanted to get some candid feedback from the site on the potential value of the deal. 

Offer: $105,000

Estimated Repairs: $4,500

ARV: $130,000

FHA Loan @ 3.5%(Duplex.. going to live in the down stairs unit)

30 years @ 3.875%

Total Cash vested: $7,815.00

Monthly Income if both units rented: $1,350

Monthly Expenses: $982.12(Including... P&I, PMI, Vacancy, CapEx, Insurance, Taxes and Repair costs)

The home seems to be rock solid, beautiful hardwood through out(Had two inspectors check the property out thus far).  Carpet in the upstairs bedrooms, recently remodeled baths both up and down stairs.  Hoping to stay here for a year and then refi and do the same thing once more. 

Eddie Werner the bottom is more like a typical home. Has a living and dining area. The top has two bedrooms, kitchen, washer and dryer area and a single bath. So no common living area. The home was build in 1920 and was recently renovated. In your opinion do you think not having a common living area would mean that much to a typical renter? My rent estimates are on the conservative side.

Nice job!!! House looks amazing.

Lumberton NC area

Great Job!

I am currently analyzing my first deal.  A two-family, and plan to place an offer on Tuesday!

Hello everyone!

I am currently analyzing a deal and would love some feedback from someone with a bit more experience.  Thanks in advance to all those that help!!

Duplex

Listed @ 129,000

Agent thinks we can get the property at $110,000(Been on the market for over a year)

Solid rental history, bottom rents for $850(2/1) and top $550(2/1)

Plan to put 5% down

Being conservative I am putting Operating expenses at $600 and Monthly Mortgage expenses at $550. 

We plan to house hack and live in one of the units for the short term. 

Great job! I am looking to put in an offer on my first property this week and do the same thing! Live in the bottom and rent out the top.

Looking to potentially purchase my first investment property in Wilmington NC. Looking for anyone with any insight on the area. Thanks in advance for your help!

Thanks for the advice guys!  I am hoping to purchase this first property and live in it for 2 years and then either sell or rent it out.  While in the mean time use extra savings to purchase good cash flowing rentals. 

Hello everyone, I am fairly new to BP and currently looking to purchase my first buy and hold property. I work in Sales and plan to start out slow and do this part time until I gain the knowledge to fully commit to RE investing Full-Time. My question is, will it be a better decision to put 20% down on the property I purchase in order to avoid PMI; or to put 5% down and use the extra cash to potentially line my self up for another acquisition in the near future? I have already been pre-approved for a traditional 30yr fixed @ 4.2%.