All Forum Posts by: Jace Thornton

Thanks.

William,

This is some great information and it is helping me iron out what my strategy will be for now. This will also give me a way forward. I really wanted to do this to see what I was getting into. Thank you so much for your feed back. I look forward to rereading what you said to take some action items out of it.

Jeremy that is a crazy story. I am glad you shared your story. Thanks for letting me know about this on my post. 

Jeremy, thanks for your feedbaxk. I will look at your post your referenced to see what you went through. 

It has begun. I just analyzed my first property in South Ogden and I would like to get some input on things that I did right and definitely the things that I did wrong. Any and all advice is appreciated. Just to provide a little background to give you the biggest picture possible. I am an Air Force Vet that has access to VA loans. I would like to use the VA loan to purchase a house and live in it while I am fixing it up. Therefore the only thing that would need to come out of pocket would need to be the repair fees. I would like to use the Brrr method to get equity out of the home.

Property Location: South Ogden, UT 84403

Address: 3623 S Porter

MLS: 1346577

Purchase Price: $90,000 (Short Sale w/no offer pending)

Closing Cost: $3,000

Estimated Repairs: 20K to 30K (Needs new floors, paint and the basement (1070 Sq Ft) needs to be finished.)

Monthly expenses: $915 (10% for vacancy, property management, repairs, capex, property tax, and P&I)

Projected Monthly Income: 1K(When Rented)(Being that I am in the military I get $1,305 per month for housing)

Total Cash Needed: 33K

Cash on Cash ROI: 3.06%

Monthly Cashflow: $84.18

Pro Forma Cap Rate: 4.88% (Not sure what this is.)

Purchase Cap Rate: 6.67% (Not sure what this is either.)

This would be a 30 yr fixed rate VA loan.

One thing that I was not sure about was how to determine the property tax and the projected rental income after about a year of living there. Please let me know how far off the mark I am. Thanks in advance and I look forward to reading what you have to say. 

Congrats on the deal!

Mike connect with me so we can see whatbwe can do for each other. Thanks

I am looking to find a small multi-family home that I can house hack. Anyone know a good realtor in the Layton, UT area?

I was watching the webinar from last week and acting on one of the action items. I am looking to find a good real estate agent to aid in helping me house hack a multi-family home. I am at Hill AFB just outside of Layton, Ut. Any suggestions?

Thanks