All Forum Posts by: Guy Roberts

Thanks for all your help guy's, it seems I was too slow on the offer, I offered $50k yesterday but he sold it for his asking price of $62 to somebody else today. 

anyways, back to the drawing board...  seems like you have to be pretty quick on the draw when it comes to buying property in my area, this is the second time that has happened to me in a week.

Hey @Jason D. those figures will be pre-refinance Cash Flow. I am hoping that the seller will come down in price, if it stays at $62 then I will pass, if I can get him down to $55 then I will be comfortable with the numbers.

@Jason D. thanks for the help. I did plan on using a traditional bank, I have a local bank that I have been talking to they will lend for investment properties and also rehabs, 25% down for both purchase and rehab as long as a licensed contractor does estimate on rehab. I have the money for down payment and rehab costs.  

I thought I did account for vacancy and repairs - Monthly Rent is ~ $895 and my expenses (vacancy, repair, cap ex. prop management etc...) ~$718 giving me a monthly cash flow of ~$177 is there something else I should be accounting for, I did it via the Bigger pockets calculator? 

I think my ARV might also be a little low the individual I am buying it from is a wholesaler and he estimated the ARV at $95k I don't think it would be worth that after rehab, but I was being somewhat conservative at $75k after some more calculations it could be worth $85k after rehab. thanks for the help.

@Mark Wood I have made a correction to my ARV I believe it could be as much as $85k after rehab, this would put me in a better place for a refi. What do you mean "run your rental numbers on the $9100 for cash on cash returns"? The price is the asking price, I am hoping there is room for negotiating the price lower.

@Jovan Hardwick thanks for your help and running the numbers for me. I think I might have used the rental calculator to run my deal originally. I will use my own money and traditional bank money to finance the deal. I have accounted for the property management but will probably do it myself for while, as a learning experience, then hand it off to a property management company. I have reevaluated the ARV to $85k If I buy and hold on these numbers does this still make sense?

Thanks for all your great advice.

Hi all,

I am hoping somebody can help me. I have looked at a number of properties over the past couple months on and off the MLS and have not found one that fits my buying criteria until now. Could somebody help me in analyzing this deal, is this a good deal?

As a preface, this will potentially be my first Real estate deal :-)

I am looking to do the BRRRR strategy.

Property is as follows.

3 beds 2 baths 1,120 sqft

sale price: $62,000

4 comps range from $60-$87 within a 1/2 mile radius.

Rent Estimates within a 2.76-mile radius, courtesy of Rentometer: Average $893 Median $895.

Total Cash Needed

By Borrower:$22,465.00

Hi all,

my name is Guy Roberts and I just quickly wanted to introduce myself on the forum. I am originally from the UK and now living in Salisbury NC. I am a software engineer by day and lucky to have a wife, Sacha, and family who are also very excited to dive into the world of Real Estate. I have tried on a couple of occasions to get started in the business but life, unfortunately, got in the way. I took my realtor license about 15 years ago and also worked as the Sr Web developer for a local Real estate investor in North Carolina, a few years ago. 

As far as my knowledge in real estate, I am just a beginner and have a lot to learn, apart from buying my own home, reading books and blogs, taking my realtors license and working for an investor I am just getting started, but coming from a career in web development and internet marketing I am well versed in the technology side of things and am looking forward to getting stuck in to help and learn.

Thanks

Guy