All Forum Posts by: Account Closed

Account Closed has started 29 posts and replied 150 times.

Originally posted by @John W.:

@Account Closed how come they give travel nurses a hard time? Curious because I was thinking of switching to travel nursing. I was told the stipend they give you is non-taxable.

1. The stipends/per diem/car allowance are non-taxable. So they aren't on your w2.

2. It's contract work so it's not "steady" income.

We've gone to Maui and now in Alaska, so it's still worth it but long-term and investing plans...I don't think so. My wife is actually the nurse...

1 Vote

Originally posted by @Jay Hinrichs:

Originally posted by @Anthony Gayden:

Originally posted by @Matthew Runfola:

Small-Time Bankers Make Millions Peddling Mortgages to the Poor - Bloomberg Business Week https://apple.news/A-FtZMr0uTJSudDsEPZrF-Q

Was I the only one who read the article? The article seems to be suggesting that we are headed to a crash because lenders are pushing unqualified buyers into loans they can't afford.

well then i say that simply is not True Anthony.. just try to be self employed and get a loan these days..

LOL. Or a travel nurse grossing almost 100K/yr.

1 Vote

Originally posted by @Adam Scheetz:

Michael Dang thanks for the feedback. Do you recommend any resources- short of working for an underwriter- that I could use or read to aid in that process?

It'a a fancy word for analyzing the numbers. Spreadsheets, dealcheck.io, biggerpockets....

1 Vote

"My wife and 3 kids would probably not survive living in 1/4 of a Quad lol. "

While I understand this, you and your wife need to want it bad enough. It would teach the kids a thing or two. As for your wife, you have to be on the same page. It might take some convincing.

I have 2 kids and after 4 years of bending her ear, my wife gave me the go for owner occupied 4plex. We are looking/putting offers in now.

We have been traveling for a year now, living in small apartments.It's not that bad. We sold out 3000 square foot, waste of space house.

There are some nice duplexes out there too, which is our backup plan in case we can't find a 3 or 4 unit.

2 Votes

ANyone???

0 Votes

Originally posted by @Philip Williams:

@Account Closed Well part of this that you have to consider is what are your personal goals for this property. As someone stated above he would offer x based on wanting a 10% return. I personally wouldn't buy any rental without at least a 15% return so it makes sense that his offer would be higher than mine. If you wanted a 5% or 20% whatever will definitely change your offer, so consider what your personal goals are. This might lead you to determine that whatever market your offering in may or may not be for you.

OK thanks. I feel better. I just thought mu numbers were so far off that maybe I was making a big error in my calcs....the 1% rule, while I understand is not a rule...haha....seems to fail here. Cause I am at 1.5ish with scenarios that will actually cash flow 100/per door.

0 Votes

Originally posted by @Thomas Manning:

@Erik S. i wasnt paying proeprty taxes for 189k. new number is 154k all in and short version of my calculation for max investment is: 27,600 (income) - 2,500 (insurance) - 2,000 (garbage/sewer) - 3,500 (property taxes) - 4,200 (15% for PM vacancy,maintenance) = 15,400. 15,400÷10% = 154,000

OK, thank you. I guess I am not as far off as I felt.

0 Votes

Originally posted by @Thomas Manning:

@Erik S. no, that is with the current 575/month. with rents at 675/month, max would be 237k all in for 10% return no repairs. I would be careful raising rents that high that quick, $100 may not seem like a lot however at the current rent it is almost 20% more. the property might need 4 new tenants if they cant afford a 20% instant price increase.

OK, just trying to figure out how you are coming up with 50k plus more than me. I realize I am giving limited info...and can give more if needed. I dont want to miss a deal due to inexperience.

0 Votes

Originally posted by @Thomas Manning:

for a 10% return goal i would pay 189k max for this deal, thats closing costs and all expenses if no repairs needed, if repairs needed obviously would be less.

Is that taking the undermarket rent into account?

0 Votes

I will add that the rents are under market by $150 or more but I understand it is not wise to buy on what they could be....

0 Votes

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All Forum Posts by: Account Closed

Account Closed has started 29 posts and replied 150 times.

Post: Is a Real Estate crash imminent?

Post: Is a Real Estate crash imminent?

Post: Should I Start Out with Multi-Family First??

Post: Should I Start Out with Multi-Family First??

Post: Multifamily Questionnaire to Seller

Post: What would you pay for this?

Post: What would you pay for this?

Post: What would you pay for this?

Post: What would you pay for this?

Post: What would you pay for this?