All Forum Posts by: Chris Webb
Chris Webb has started 24 posts and replied 383 times.
Post: Is interest rate on a conventional loan at 7.6%?
- Investor
- Central Virginia
- Posts 393
- Votes 253
I was just quoted at 7.5% and 8.15% for investor loans, 25 down.
Post: Help finding first rental in Virginia
- Investor
- Central Virginia
- Posts 393
- Votes 253
We have some here in Lynchburg, let me know if you have any questions. I have done some videos on cash on cash return for them. Good luck!
Post: Looking for thoughts on a deal I am working on.
- Investor
- Central Virginia
- Posts 393
- Votes 253
Hi All, I am looking for some thoughts on a deal I am working on. The property is a 6 unit building with 4 living units and 2 commercial units. Below is the input from my spreadsheet. Taxes are from the assessors website, insurance is a monthly estimate. 2nd is seller financing interest only for 5 years. Let me know what you think. Thanks!
| Price | $ 1,000,000.00 | |
| Down | $ 100,000.00 | |
| 1st | $ 500,000.00 | |
| Payment | 4,113.38 | |
| Rate | 9.25% | |
| 2nd | $ 400,000.00 | |
| rate | 1% | |
| 2nd Payment | 333.33 | |
| total PI | $ 4,446.71 | |
| Taxes | $ 2,500.00 | |
| Insurance | $ 375.00 | |
| Total PITI | $ 4,686.29 | |
| Monthly rents | $ 7,200 | |
| Rents | $ 86,400.00 | |
| Monthly spread | $ 2,513.71 | |
| Yearly Spread | $ 30,164.48 | Monthly Costs and profit/loss |
| $ 4,686.29 - costs | ||
| Yearly PM | $ 8,640.00 | $ 720.00 - costs |
| Yearly Vac. | $ 4,320.00 | $ 360.00 - costs |
| Yearly Repairs | $ 4,320.00 | $ 360.00 - costs |
| Yearly profit | $ 12,884.48 | $ 1,073.71- monthly profit |
| NOI | $ 69,120.00 | |
| debt | $ 56,235.52 | |
| Total costs M | $ 5,766.29 | |
| Total costs Y | $ 69,195.52 | |
| COC return | 12.88% | |
| Cap | 6.91% | |
| DSCR | 1.23 |
Post: Spreadsheets for rental properties
- Investor
- Central Virginia
- Posts 393
- Votes 253
@Kenny Larkin, I justed DM'd you
Post: Meet with brokerages
- Investor
- Central Virginia
- Posts 393
- Votes 253
How was your trip? Did you find what you are looking for? DM me with your results.
Chris
Post: Will you be joining SFH investors in 2023?
- Investor
- Central Virginia
- Posts 393
- Votes 253
Always looking and I have the ratios that I look at to see if a deal qualifies. If one does, I will buy it. The key is to know your market and know your numbers. It is kind of both, wait an see until the deal comes through. Now, on the other hand, I am actively looking for creative ways to get deals done through financing options. Even deals that have been on the market for years can be structured in a way that creates a good buy. Good luck in 2023, only 11 months left, lol!
Post: Looking for more content
- Investor
- Central Virginia
- Posts 393
- Votes 253
Hi @Nathan Holt, check out @Dion McNeeley and the other Three Amigos on Youtube. Dion Talk Financial, One Rental at a Time, and the Lumberjack Landlord. They are great. Also for cash on cash return take look at my videos for Lynchburg Virginia at InvestLYH on YouTube. Take care!
Post: Rent control coming to Virginia
- Investor
- Central Virginia
- Posts 393
- Votes 253
I know some investors in CA that actually like the rent controls. They have built in rent raises every year.
Post: Property Managers in Greater Lynchburg, VA Area
- Investor
- Central Virginia
- Posts 393
- Votes 253
Try James Enoch at 434-851-7061. He manages a rental for a friend of mine.
Post: 1920's brick rehab costs
- Investor
- Central Virginia
- Posts 393
- Votes 253
@Trevor Richardson Those are excellent things to look at, this is exactly what I was looking for.