All Forum Posts by: Account Closed

@Joe Grates I agree with @Demetrius Gatling , All the info you need is on this website. It's good you haven't got discouraged, each experience has a valuable lesson.  

Hi Abe, 

A Joint Applicant is when both parties agree to share the responsibility and a co-signer is when  only one person agrees to be liable. I'd recommend using a joint applicant so both tenants share the responsibility and can be held accountable. 

I'm not familiar with SmartMove but from what I see it is declining both applicants on account of credit score. 

Hi Jennifer, I'm guessing by direct marketing you mean yellow letters and bandit signs? Unless you build your own website the only other strategy I can think of is posting an ad on craigslist or in a newspaper. What kind of property are you looking for? 

Hi Sipho, try ring tax office and ask how to find a forwarding address. They should have access to this as they need to collect property tax from the owner. 

@Brent Coombs Ok sorry, I'm still getting used to the Investing terms. Yes turns out your right.

I looked into the costs some more and found the following: 

- Insurance: 600
- Repairs: Varies - safe to hold 10%   (  1,920)
- Service Charge (inc. maintenance and local council charges): 12% (1,600)
- Accountancy: 200 
- Miscellaneous: 200
- Vacancy very low in my area: Not likely to impact rents
- Tax: 20% (on rent - expenses) ( 3,000) 

So probably looking at costs closer to the 7000 - 8000 range.

Which leaves net cash flow around 3,360. CoC 3%

Hi, 

I was wondering what marketing strategies people use to find motivated buyers. I tried some free ads on a similar website to craigslist but got no response. 

I've designed a website, just need to write some content for it. 

Does anyone use facebook advertising or Google AdWords? if so what type of ads get the best response? 

(I was going to post a link to my website to see if anyone had some advice but I'm not sure if BP allows that??) 

Hi Elisha, 

I'm not and agent, but I don't see any reason why this would be a problem, in fact, it would be a benefit to both you and your broker. Having your own website is an excellent way to be a valuable resource to clients and set yourself apart from the competition. The more leads you have, the more valuable you will be to your broker. Hope this helps.

For yearly expenses, I used average estimates from a post online which included insurance, Accountancy, other minor costs. The total was less than 1,000 / year. I will do some more research into these, as you said there probably not very accurate. 

For CoC I got that figure from following Avg. % cost of Buying a house:

Agents fee: 2% 
Stamp duty (tax): 1%
Solicitor (Attorney): 1%
Mortgage fees (Admin and other): 1%
Added 2% for broker fees, Indemnity Bond (insurance), Survey and registration fees. 

@Eamon C. I have been looking for a way to listen to podcasts at x2 speed for AGES. I am downloading DoggCatcher as I type this. Thank you!!! 

Hi, 

I'm a web designer from Ireland. I'm fairly new to real estate, learning to evaluate deals. Thought I'd share some numbers from a commercial property with upstairs apartment. 

Property info: 

Downstairs: 48sqm Shop 
Upstairs:  2-bed apartment

Current rental income / year: 
11,160 (shop)
9,600  (apartment)

There was no asking price listed, so I used an estimate of 250k for mortgage rates, taxes, and other related costs. 

To qualify for a mortgage in Ireland as an investor needs 70% LTV. Interest rate Avg. 5.1%

The costs of mortgage, insurance, closing, agents, solicitor (attorney) , tax etc... adds up to approx 7% of the price

No repairs needed. 

So, to buy this property (using traditional methods) I would need:

92,500 in savings
(75,000 as down payment + 17.5  in expenses for buying) 

175,000 total mortgage loan

800 / month in mortgage payments (over 25 years) + expenses would leave: 

800/ month in cash flow

I later called the agent and found out the asking price was 300,000 and there was an offer of 290,000 on the table. 

What is the max you would offer on this deal? What other factors would you take into consideration?