All Forum Posts by: Jason Clark

I’m under contract to buy a short term rental at the beach, but just found out the seller cancelled all of the reservations before closing. I was expecting these reservations to be transferred over to me upon closing. Now I’m tempted to pull out of the deal. Is this normal? 

@John Teachout I hope so but until then I’ve got all the time in the world to help and learn.

Currently I’m furloughed due to the pandemic. Prior to the pandemic I was getting ready to buy my first house hack. I work in the Hotel Industry with 16 years experience and much of my career was involved in rebranding, renovating, or opening new hotels. I believe my experience is a perfect fit to manage/invest in real estate. I’m looking to use this time to gain some real life experience. With that said, if anyone needs help in Atlanta, I’m available to assist you to gain the right experience. I’m not opposed to getting my hands dirty and doing whatever it takes. I understand the art of hospitality, connecting with people, and working hard. Thank you for any connections you can make.

I have recently been furloughed due to the covid-19. I have enough in my 401k to put a 20% deposit down for a duplex in my city, but only getting unemployment right now. My rent is more than the mortgage would be. I found a duplex that’s a perfect fit for what I’m looking for. Should I wait until I’m working again or does it make sense to put the 20% down and start my real estate journey?

@Enrique Huerta

This is in NC

@Enrique Huerta

Thank you Enrique, this is monthly and I was expecting between 20 & 25% down.

I’m looking at an 8unit apartment building, 2bd/2ba each. Asking price is 359,000. Conservatively I’m assuming $550 per month rent. 1 unit is vacant. I expect about $80,000 in renovation costs.

$439,000

Rent $4,400

Mortgage ($1619)

Taxes ($260)

Ins ($154)

Lawn ($100)

Vacancy ($220)

Repairs ($150)

Capex ($150)

Mgt ($440)

Income $1307

COC 18%

All these are assumptions and I believe I’m being conservative on the rent after renovations. Just want to get some insight if I’m looking at everything or what I’m missing to make sure I’m analyzing the deal correctly.

Thanks for your help.