All Forum Posts by: Brian Heaver
Brian Heaver has started 2 posts and replied 5 times.
Post: First buy help or advice
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Post: First buy help or advice
- Posts 5
- Votes 0
Hey everyone hope this reaches everybody well, I am under contract on my 1st property for 58000 it's a not a state investment.
However in the inspection report there's a sagging ceiling, A Crooked support beam in the basementIs sagging porch impossibly meeting a new roof...Among other small little things
The house is probably worth 63000 so so I'm buying it below market market value.
But I am very nervous about structural stuff I'm wondering if anybody has any advice if I should go through with this property or find a better 1st property that doesn't cash flow as high or coc as high.
My cash flows 450 cash on cash return about 10 and a 1/2 percent
Post: analyzing my first few properties (help)
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thank you all so much... man I have a lot to learn and will take any advice or help I can get...... I'm house hacking right now so at least that helps me live for nearly free.
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Post: analyzing my first few properties (help)
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@Nathan Gesner thanks for the reply!!!
the rental market analysis is around 1200 on. the low end.... and the lease isn't done until march 2023.. with this being my first deal I am hesitant to pull the trigger on a loss of 294 a month. with me being a newbie I want to follow the "if the numbers work they work, but if the don't , they don't." kind of rule. the thing that's keeping me hanging on is the rental market analysis is around 12 to 1300. I cld recoup that ninth next year, but shoot I don't know. lol
Post: analyzing my first few properties (help)
- Posts 5
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ok... I am analyzing my first property and I wld like some one to help and tell me if I did this correct.
total cost of project
110k (offer) + 2000 (closing)+ 10000 repair =. 122,000. ARV around 130k
quick break down
1) asking 125k
2) I want to offer 110k
3)down payment of 22k (20%)
4) loan amnt 88,000
5) mortgage $817 ( including taxes and insurance)
6) cost basis
. vacancy $47
. mortgage $817
. cap ex $200
. maint $40
. prop mngmnt 90
total expenses $1194
rental income 900 (Tenant occupied until mar2023) - 1194= -294 in the red
thanks for helping a newbie and ill take any advice on what to do different or if I missed something or... whatever else.