All Forum Posts by: Charlene Isoh

Hi guys i'm looking to do a buy and hold on this property:

http://imgur.com/a/d57HU

based off the pictures what  would you guys think would be an appropriate rehab cost?

(My basic observations : Looks like it needs a new roof, renovations to ceiling and kitchen cabinets)

Thanks in advance!

@Matthew Drouin thanks for the input..my main worry is Cashflow...not too interested in selling anytime soon...( buy and hold strategy)  niche : single family and small multi family duplexes 

@Martin Grizzanti @Steve Santacroce Thanks for the quick response! It's located in the city of Rochester neighborhood: 19th Ward

Please see above

HI Guys and Gals,

I'm currently really interested in the following property but would love experts thoughts on this? Really appreciated! 

List Price : $15,000 - Foreclosure

         Single Family 4 bedroom/ 2 full bathrooms

         2 Car garage in the back  yard with a sizeable back yard half fenced in

Located in Rochester NY

  I did some basic numbers just based off of the pictures and came up with this tell me if my estimations are on par

Income - about 1100/month (based off of rentometer 4 bedrooms in the area)

Expenses

Tax - 130

Insurance - 60

utilities - renter pays

vacancy - 55

repairs - 110

Cap ex - 110

Property Management - 110

_______________________

$600

Capital expenditures that we'll need to put into the house before renting based off of the pictures

(new roof - about $7,000

the inside ceiling looks like there is water damage and might need to be re plastered as well as the flooring in each room may or may not need work - $7,000

Kitchen looks workable minus a few cosmetic fixes on the cabinets

plumbing - will need inspection to look at it

foundation - needs inspection to look at it

windows - inspection

let's just say 20k into renovating and making it renter ready and we are able to low ball them and purchase it for 12k

cash on cash roi - 15% which is great for me (anythiing more than 10% cocroi i'm ok with)

Again, please let me know your thoughts on things i could be missing and if this looks like a good deal!

Thanks!!!

@Adam Gelman Thanks for sharing your story... I too am new to Bigger pockets and looking to get my feet wet with my first investment. I currently live in Manhattan but being that this market and the immediate surrounding areas are just too high for my current  budget ...i have started to explore other areas within a 3 hour driving radius...which leads me to this thread. I started looking into Albany due to a family friend mentioning real estate being more affordable than Manhattan. Based off of this thread you seem pretty well versed in the Albany region...i'm curious to know what areas in Albany you think could be good for a green investor such as my self ( I currently have about 20k saved up and my immediate goal is to purchase a single family or small multi family house that cost no more than 50k with the intention of renting it out to students). 

@Avi Garg i'm looking into investing in sub 30k properties have about 20k saved to start investing which i think should be more then enough money but having difficulty getting a conventional loan...if you can PM me the lenders that helped or people that provided info on what to do that would be great..ideal i don't want to pay cash for my first property

@Bill Devola Thanks for the advice.. that is what i thought but i wanted to hear an experienced renter's opinion..i'll keep learning, saving and analyzing deals then. Again thanks for the input.

Hey Guys i need your help!!!

I"m heading down to Philadelphia ( from New York) to look at a couple of properties that my real estate agent has  provided. There is a particular property that i have taken a great deal of interest in and for some reason my numbers aren't quite adding up on whether or not this is a great property to invest in for my first rental property (i'm looking for at least a 10% cap rate):

Key things about the property: from the pictures it seems like it's newly renovated in a C+ neighborhood based off of my research (Frankford, Philly, Pennsylvania), rent is going for roughly around 800/month in that area

Asking price for the property is $69,900 (property taxes is roughly around 1,100) again the place looks like it's been newly renovated so i'm not too sure from the looks seems like there will be minimal work. 

Using the rental Calculator it's showing me after i put in all of the expenses that i would be down -2000 for this property?? I would really appreciate the insight as i don't know whether or not i'm miscalculating. Thanks in advance!!

Wow, a great deal to think about...thanks for providing this information. I will certainly be doing more research as a whole...@Katie Heer now would you say there are places that you like in Philadelphia you feel i should look into more? As far as what i'm looking for?.. simple cash flow properties that will provide some level of profit after all expenses are considered