All Forum Posts by: Jackson Lee

I am newbie, but it is under my impression, for your first deal, talk with your team (real estate agent). Secondly, unless you are very seasoned, go with an inspection in my state it runs anywhere from $250-$350 depending on single vs multi. Some red flags may come up during the inspection that you may not be aware of, especially since they countered with the two deals. Again, I am a newbie, but on my first duplex, we had an inspection done, and they made appropriate repairs.

I'm a newbie, but from what I understand, you probably want to offer 70 percent of ARV, that includes your repairs you will need to perform. So taking the conservative approach, .7 * 115k = 80k, roughly. Subtract the repair cost of 15k and you should only offer 60-65k on that property. Hope that helps.

Hello BP community I want to give you guys a huge shout-out for all the resource you and this platform has given me. 

Here are the numbers I am running, would you do this deal or not?

Purchase Price:

$129,000.00

 duplex

Purchase Closing Costs:$2,500.00Estimated Repairs:$1,500.00Total Project Cost:$133,000.00After Repair Value:$129,000.00Down Payment:$32,250.00Loan Amount:$96,750.00Loan Points:$0.00

Amortized Over:15 years Loan Interest Rate:5.500%Monthly

P&I:$790.53Total Cash Needed
By Borrower:

$36,250.00

Monthly Expenses:
$1,519.86 Monthly Cashflow:
$325.14 Pro Forma Cap Rate:
10.38% NOI:
$13,388.00 Total Cash Needed:
$36,250.00 Cash on Cash ROI:
10.76%

Purchase Cap Rate:
10.38%

Thanks for the advice Jordan, I am a Chiropractor. I've made a few calls to a few local banks and left messages. Hopefully someone calls back just for the conversation to get the ball rolling.

Hi everyone,

I discovered bigger pockets a few months back, however I finally decided to make an account and start posting, asking questions, and what not. So far, this site has been huge for me, as a resource and inspiration. My fiance and I just purchased (going to close on our first duplex) a rental, thanks to many of your stories. We want to be financially secure in 10 years (I'm 30 shes 29). Long story short, I just finished school, started my practice a little over a year ago, however I'm having a hard time securing any type of loan for buying a house under my own name (we bought under my fiance's name). Most banks want 2 years of tax history, however I just started my practice which has been relatively successful in the last year, but I also want to start investing in BRRR type properties. Any guidance for funding, banks that may help is appreciated! Thanks and I hope one day I can become an inspiration to others too! Happy investing, god bless.