All Forum Posts by: Clifford R Fowles

Hello BP world,

My son just turned 6 and we have started having more conversations about money. He loves books so I was hoping there are some recommendations from all of you that have more wisdom than me. I'm learning all this on the fly because like most of us finances were never a subject growing up, in school or at home. I want a head start for my kids just like every parent. All replies are very much appreciated.

@Michael Albaum Great point! I did pick that up somewhere along the way so I always run my numbers with 10% PM. Thank you so much for a second pair of eyes.

@Michael Albaum Thank you for taking the time to look this over! You had great questions. I believe I have an introductory rate of 2.49% (verifying tomorrow) for the first year but I changed it to 7% just to be conservative on the purchase. I double checked and we actually have the cash to do the rehab so no HML needed. You were dead on, though, with your assessment based off of that report. The deal seemed really bleak. I don't agree with that equity position either, I'm not sure how the calculator gets there. I did get a flood insurance quote and it doubled. So I ran the numbers again with a cash rehab and $300 for insurance. Cash flow should be just better than $100. We'll manage ourselves for a few years. Seems like a "base hit" for a first deal. I think our equity position is going to be pretty good because $100 ARV is very conservative. Buy and hold for long-term is our strategy. Thanks again for your time.

@Justin Wotring Congrats! I'm familiar with that initial fear, we're offering on our first possible deal. Glad yours went so well, it's encouraging!

View report

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

This is our first serious consideration. Our offer will go in this week. We have a HELOC to use on the purchase of the house then possibly hard money at 12% for the rehab (I used the loan fees section for that cost). Our insurance will be high because flood insurance will most likely be required since the property is in a flood zone. Any insight is greatly appreciated because I'm sure I've missed something.

@Logan Freeman Thanks! I'm looking at the meetup page now. Hope to make it.

@Matt K. Thank you for the great insight. Thankfully I have a great career so I'll let the numbers of a deal lead me to a good decision. We don't have to take any unnecessary risk. But we've learned the speed of RE investing moves fast!

@Marc Edwards Thanks! Any favorite meetings? With an already full schedule I have to choose wisely.

@Pinderdeep Cheema Congrats! Thank you for sharing. How did you find your duplex? Did you do any rehab? We're listening to our network waiting for the next lead.