All Forum Posts by: Corey Depuy

@Peter Rodriguez Yeah, everything looks good on paper and math checks out, I just need to make sure I'm being realistic with my numbers. I think I figured $3,000 for taxes - again, this is something that will come easier the more I get acquainted with the market.

But you can see it went contingent the first day...so it seems I was actually able to spot something. That's the first step, I guess! Haha

@Jeremy Taggart Thanks for the insight man. While it seems I went aggressive with purchase price and rent, I did keep on the 35%+ side for the management (5%), maintenance (10%), capex (10%), and PM (10%)….even though I would probably self manage my first handful of units and see how it goes (not a fan of that placement fee). I appreciate the feedback - you confirmed what I was thinking myself, guess I need to trust myself a bit more.

I plan on getting with a lender as a formality, but I have confidence there. 800+ credit score and 6-figure income. I just haven't yet, because I'm in no rush to buy and want to learn first.

And I've noticed that investment properties seem to go quickly - even though overall population for the area is on a slight decline. I think the consensus there is that the older population is dying off faster than the younger generations are moving in....but that dynamic is still creating a stronger rental market in the area. I'd be curious to hear your thoughts from a supply/demand perspective and the idea that deals are going quick because of larger pool of hungry investors (or is it more of a macro-economics things)?

I didn't notice the utility clause anywhere. Is that something that was in the listing (and I missed it) or is that information that only agents would have access to?

Hey BP Community,

So I am in the phase of analyzing properties and understanding the market around me further. Last night while looking at everything, I ran across this piece that was just posted yesterday and would like some advice:

https://www.realtor.com/reales...

After running the numbers, it showed an appr $350/mo cash flow and 23% CoCROI. There were a few things assumed on this, which make me question how good the numbers look - assumptions being that I could negotiate to a purchase price of $90k and that each unit would get $700/mo for a 1br/1ba.

That said, here are the questions that I have (I understand that some of this will come more naturally with better understanding of the local market, but as I build that knowledge, I'd love to see what people here have to say):

- Are these assumptions too aggressive? Am I setting myself up for failure by not always putting in worst case scenario?

- Because this looks good on paper, what are the things that I should have prepared prior to making a deal in order to strike while the iron is hot? Assuming I come across properties like this when I'm ready, I want to be able to capitalize as soon as they hit the market and present an offer ASAP. (Also, meeting with lenders, agents, and other stakeholders is on my To Do list for Feb)

- Is Realtor.com and the other websites a realistic place to find deals as they hit the market? Or will I be in too large of a pool of people....and get eaten alive as someone who is new to this?

Thank you all for any comments that help my learning process. While I know that there will be a steep learning curve when I get started (my timeline is mid-year), I'd like to mitigate the mistakes I make, to ensure that I don't get frustrated too bad in the beginning!

@Michael Ealy Very nice success story - as someone in the beginning phases, this is something that I will be striving for!

@Anthoney Hanks Thanks man - I’m looking forward to seeing what this year brings.

Hello BP Forums!

I'd like to introduce myself to the community, as I've found so many helpful posts and blogs already for my path into REI. I really love what this place has to offer and the generosity that people have towards their peers and new investors. I'm also finishing up Brandon's book on rentals, as well as going through the BP podcasts fairly quickly (on episode 13 I believe right now - you can say I've been bitten by the bug).

A little bit about myself - I am 37 years old and currently reside in the South Hills of Pittsburgh with my beautiful wife and two children. I currently work in sales in the oil/gas industry (I know, I know - it's a controversial industry, but it's been good to me), which I started out of college 14 years ago, starting working on the drilling rigs and working my way up. While I enjoy my career and the industry as a whole, I know that everything has a lifespan and want to plan for my future the best I can. Enter my interest into real estate investing....

I am currently in the learning phase and am dedicating myself to education into the REI realm for the first 3-6 months of this year. I also have some friends/colleagues in the industry who I plan to have many conversations with, to make sure that this is the path for me. While I haven't gotten to the point of sitting down and writing down my goals and plan (it will probably happen this weekend while my wife/daughter are out of town), my first inclination is SFH buy and hold properties that I can build low and slow growth...and evolve from there. But who knows, maybe I love my first couple and want to expedite the process... :) I'm coming into this with very realistic expectations and a conservative approach - however, I do want to take some risk and have been thinking a lot about foreclosure auctions and REO properties. I have no real estate background, so I don't know what those processes look like, but I plan to start looking at all of that in more detail in the coming months.

Anyway, I hope to be a contributing factor to the community in the years to come and plan to get involved in the local community REI groups at some point. So be good everyone and be on the lookout for success stories in the coming years!