All Forum Posts by: Chris Sweeney

Good afternoon!!

Here's a deal I have come across. I'm still learning as much as I can about the financial side of these deals. And could use as much critique and feedback as possible.  I currently have 90k (and saving like crazy) that I can use for down payments, so looking to buy 2 potentially 3 properties by the end of the year. I live in Seattle. I have been working as a General Contractor for the past 6 years on large commercial projects so I understand the dynamics of contracting and working with other individuals and establishing a team. Looking to buy OOS due to the market here. Came across Columbus Ohio as an overall growth rate of 1.15% and it is in my price range for starting. How do other people select networks when you have a wide net from which to choose. 

Assumptions: 

RENT: 1100 per door for rental. Checked via rentometer & cl this is my biggest unknown as I don't have a lot of knowledge of the market and the class of neighborhood. Rents look surprisingly strong for the price of homes in the area.  How can I better investigate this? I was planning on calling property managers tomorrow morning to investigate. 

VACANCY: 7%

REPAIRS/MAINT: 3%

CAP EXP: 3%

MGMT FEES: 5%

INCOME GROWTH/: 2%

Nearly nabbed the 2% rule. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Julie Marquez Great thanks for the insight on heading north for opportunities. Thanks for the encouragement re the Real Estate construction! 

Ok I re-ran the numbers. Had been doing a lot of calcs and mistakenly uploaded the wrong sheet. 

https://www.biggerpockets.com/buy_and_hold_results...

I revised with 20% downpayment. And corrected from A BRRR to a simple buy and hold.

Thank you so much @John Leavelle and @Nicholas Lohr for taking a look. 

- Nicholas - I revised to have 20% downpayment.

- John - I don't think that I could get 100% cash back. The revised shows a net loss during the first year. 

For duplexes is appx $500 a month in cash flow enough to take the risk on the downpayment? Should I be looking in other markets where homes are less expensive and higher rents can be achieved? 

Welcome! I too live in Seattle. 

Read and learn as much as you can! 

Best of luck on your triathalon! 

Hello! I've been investigating this deal and it looks to be a pretty good opportunity. What do you all think? I was conservative on the rents expected and added value after repairs. Looking at appx 50% ROI.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello Bigger Pockets Seattle!!!!

I currently work for a Multifamily Real Estate Developer in the Seattle area on their construction side as a Project Manager. I have a lot of experience when it comes to building new multifamily and commercial office buildings. And am happy to offer support and guidance when it comes to the construction side. I am in the process of developing a personal portfolio and will likely use the BRRR method. I'm currently in the process of running #'s on opportunities. Looking to connect with other individuals to learn and teach. Everyone knows Seattle is one of the more expensive markets to start in. For those who are operating here. How did you get started? What type of properties are you focusing on? And what type of financing are you working with? For those of you who are working perhaps out of state, I know this is a Seattle focused forum but are there using the BRRR method out of state?