All Forum Posts by: Danielle Wolter

@Matt Ten Well first off, you have negative cash flow, so I would say no, it's not a good deal. Also your expenses for repairs and capex are way to low. Vacancy and property management are too low as well. You also probably won't be able to get a loan on a rental property for 3.75%. Lowest I have is 4.5%. I'd stay far away from this deal. Keep looking and you'll find one!

Depends on whether your contractor will take credit cards. I have had some that do, some that don't. The one I am working with now will take them, but I have to pay the processing fee, which could be several hundred dollars depending on the size of your rehab. However, while I've never used a HML, I believe he will give you draws to pay the contractor as work progresses? I'm sure someone else will correct me if I'm wrong.

@Michael Ealy What an amazing deal! Congrats :-) You're definitely out there doing the deal. Inspirational to us newer investors. 

Welcome @Everett Batten! There are so many great resources on BP! I also invest in Memphis, but am focused on SFR for now. Are you familiar with the Memphis area?

No way.

@Valerie Winrow Congrats! That's awesome and what a great goal (I have a similar goal of 10 in the next year)! It's scary but so exciting!

Your vacancy looks a little low, and you will likely have to do SOME repairs before renting it (paint, etc). Otherwise, numbers look decent without knowing any more about the property.

I joined BP in June 2019 and am in the middle of my first out of state deal. I did own a couple rentals before then, but bought them years ago before knowing anything about investing (did not buy them well....)

@Everest Jordan Your vacancy seems a little low to me. I always try to have at least one months of vacancy each year, which would be more like $140/month instead of $68. Your repairs may be a little low too - while it is a condo, I know I've definitely had some expensive repairs in my condos, however, it depends on the specific property. The interest rate you're using may also be low - it will likely be hard to find a rate below 4% on a rental property. Just some things to think about!

@Alvin Sharp Jr. I just worked with Yon Kim from Nexus Title on a deal and the experience was great. Closed in a week.