All Forum Posts by: Chris Eaker

@Stephen Adams

I told you about the alerts I have on Craigslist and this property has been popping up on my alerts several times a day. That is fishy.

@Sean Malone

Why are you planning to put down over 30%? Is that a requirement of your lender? You could probably find one that will do 20-25%. I see on your profile you want to house hack. If you do that here, then you can go with a FHA loan and your down payment will be even lower. You need to include expenses for lawn maintenance, trash pickup (unless included in property taxes), and pest control. Will you be providing water/sewer service to the tenants? If so, $100/month is low. Call the utility company and ask the high, low, and average utility bills per unit for the last 12 months. What are you planning to do for the $5k repairs? That will go pretty fast, especially on 4 units.

@Bryan Wilson

Seller financing shouldn't have any bearing on whether or not you can build. If you purchase it, even with owner financing, you own it and can do with it as you please, within the limitations set by the zoning.

I have used www.FindtheSeller.com to some success. 

Thanks for the update, @Mindy Jensen. The funny thing is when I search for a single word, I see the search results. When I search for two or more words, I don't. 

@Phuong Uyen N. what happened with this?

When I search for a phrase, I see that there are a few thousand results on the forums, but nothing shows up in the search results list on the right side of the page. Anyone else having this problem?

Hey @Thomas Duvall, glad to have you here!

@Elyse N. I got it. It's just the typical rental property analysis arranged into 4 quadrants. The total investment is the total amount of cash you have invested in the property. It does not include the loan amount because you did not contribute that, the bank did. You see Brandon shows down payment + closing costs + rehab costs + other misc expenses = total investment. Divide this number into your annual cash flow (total income - total expenses [including your mortgage payment]) x 100% and you get Cash on Cash return. Make sense?

@Elyse N. You will have to explain to me what the BP 4 Square Method is. I've never heard of it.