All Forum Posts by: Brian Garcia

Hi all,

We are looking to start investing in NC and live out of state. This will be my first purchase and I am considering managing rehabs remotely. I would appreciate any contractor recommendations to help in this process especially if they have a good history of working with needy investors. There is no property at the moment but I'm building a team. Handymen would be great to have as well. 

Side note I'm not opposed to working together where it makes sense for all parties.

Thanks

@Brian Ploszay I got in contact with the building office. They told me i need a variance which may lead to me having to go before the zoning board. This is fine but now I don't know the likely hood of this happening. Also it does not seem like a quick process so I may loose the property while waiting for an answer I can move foward with. Any advice on handling this?

@Ralph R.I plan on living in this one but I do need to double check on what the best time to move out is. My Mortgage guy told me a year. 

@Andrew Sampino I'll adjust my calculation thanks. I was inflating other expenses to account for anything I missed

@Ralph R. I think your cell might be cutting the #s off. $917 for taxes, and the full rehab cost will be 80-90K. I plan to manage myself but I added in 9%.

@Brent Coombs Yes that would be the case for the first year or so. Until I can find the next deal. Yes the unit that needs to be converted has space for 8 rooms but i'm thinking a laundry room may be a better idea. Thanks

@Brian Ploszay Noted I'll make sure to do some digging myself. I'm across the country so I'll call but also try to have a proxy go for me. Thanks for stressing that point

@Andrew Sampino I plan on using an FHA loan so that would be 3.5% down instead of 20%. I didn't account for the Mortgage insurance. I'll look up fees associated with FHA loans and add those in. Does everyone usually use a percentage of the rent for the repairs or a flat rate?

@Brian Ploszay

This is what I came up with

Total Monthly income: $4,000

Total Monthly Expenses: $ 3,282

Total Monthly Cashflow: $718

Total Annual Cash flow: $8,620

Total Investment (Down payment+ closing): $14,350

Cash on Cash Return: 60%

Expenses:

Monthly Taxes	$917
Insurance	$120
Water/Sewer	$50
Garbage	$0
Electric	$0
Gas	$0
Lawn/Snow	$75
Vacancy	$200
Repairs	$100
CapEx	$100
Prop. Management	$360
Mortgage	$1,360

@Brian Ploszay

Yes I have my agent checking on that now. My contractor mentioned it shouldn't be too difficult to legally convert

Hi BP, I'm wondering if this is a good deal? Sounds good to me I came across a duplex (8 beds/2 baths w tiny unfinished basement and a pull down attic in the second unit) in NJ asking for 231K. The neighborhood is a B 1 unit is a bar but I plan to convert it into a 3 or 4 bedroom 3 if I a laundry room or a second bathroom. I plan on offering 205K. My contractor told me max repair would be 80-90k. 3.5-4K monthly rental income. Taxes are 11K but will likley drop to around 8-9k after converting it to a residential property. Mortgage would be around $1360. Using an FHA/203K I ran it with expenses and I get around $700 monthly cashflow and about 60% CCR

This reminds me of the podcast when they ask "what sets aside the people who make it from the ones they don't." I'm in the same boat as you. I'm working on my first deal and have gotten multiple offer rejected. I've been overwhelmed 1000 times already. Thing is none of that or any of the other hiccups will stop me. Failure will happen but it will not stop me. I sharpen my sword everyday for this battle. If you want it go get it. If not walk away No offense but you're they kind of competition I want.

Hi,

I'm looking to ride along or take a local investor out to eat. I'm in Castle Rock, Colorado for the until Wednesday morning. I'm actively looking for my fist deal and hoping one of the offers gets accepted in NJ. I've been amazed by all the new development and would like to invest in CO once I get through my first few deals in NJ. I should have made this post when I first go here but it literally just came too mind. 

In NJ I'm looking for 2-4 unit multi family properties

@Mateusz Prawdzik Yea the competition is getting fierce. I'm actually looking to use the BRRRR strategy. The area might be prime for it