All Forum Posts by: Jayme Currie

@Luke Gilbert If you're still looking for a PM I've heard good things about Marathon Property Solutions and Acorn + Oak. 

@Casey Felts House hacking might be your best option given your financial situation. You could purchase a small multifamily (1-4 units) with a 3.5% down FHA loan and use the other units as short term or long term rentals?

@Raj Kandragula When I first started identifying which areas within the Triad I wanted to focus on it helped to set up custom pins on Google Maps to get a feel for different neighborhoods. For example, you can pin locations that would be desirable for tenants to live close to (good schools,grocery stores, shopping, movie theatre, etc.) and then set up searches within those areas.

Let me know if you have any questions!
 

Hi Jamaal,

I just got my license using Superior School of Real Estate. The course is self paced and mostly text based, so I supplemented it with listening to Travis Everette's lectures of Youtube (highly recommend) and was able to pass both sections on my first try! Feel free to reach out if you have any other questions!

 @Joe VilleneuveThanks for the feedback! Purchase price is based on listing price so yes we will be negotiating just wanted to run numbers based on paying full list to be conservative. Are you skeptical of the $200/month CF based on our calculations or something else?

Hi everyone!

Preparing to start making offers on our first property but want to make sure we aren't missing anything in our analysis before moving forward. Please poke holes in our math.

Property Info: 

Single Family (2/1) located in High Point,NC. 

Funding:

Purchase Price =  $84K

 15% down ($12.6K) and financing the rest at 4%

Monthly PI = $340.87

Annual PI = $4,090.49

Estimating 1.5% in closing costs = $1,260 

Total invested = $13,860

Income: 

Property is currently tenant occupied at $850/month through the end of next year. Assuming 5% vacancy going forward total gross income = $9,690/year

Expenses:

We decided not to include repairs/capex in this estimate because we plan to maintain $10K in reserves for this property to cover expenses. Once we take funds out we will replenish before taking income from the property again. 

Property Taxes (based on historic) = $700/year

Insurance = $900/year

Lawn = $480/year

Management = $1,020/year

Total = $3,100

Return: 

Cash Flow = $9,690.00 - $4,090.49 - $3,100 = $2,499.51 or $208/month

CoC Return = $2,499.51/($1,260 + $12,600) = 18.03%

What do you think? Are we missing anything? Would you make an offer? 

Thank you!

View report

*This link comes directly from our calculators, based on information input by the member who posted.