All Forum Posts by: Jonathan Atkins

Good evening all!

I am curious in the flipping process with no money down, is seeking out investors the first step? I would assume that finding a deal would be the first step however how is it possible to find a deal, get a property under contract, have comps ready and have an accurate assessment on the repair value and the ARV without having any capital invested into the property first? Any advice will help, and excuse me if some of this does not make sense. If it does not please ask and I will try rephrasing the question. Thank you all!

-Jon Atkins

Hello all, again! Thank you for those who helped me out with the great information for my first post I will 100% be using that information to further my research. I have another question though:

When determining a rental property, I am predicting 10% of the rent for vacancy and 5% for repairs depending on the condition of the house. I feel like these numbers are really messing with my cash flow prediction because it is costing me up to $200+ between the two. I am afraid that these numbers may be too high. Are these accurate percentages to use when determining a rental property? Or should these be lower (or even higher)? Thank you all!

@Kyle Doney. Thank you for the response.  I will defintely begin using my insurance to receive quotes. 

@Ali Boone. Thanks for responding. I have seen property taxes on the MLS listings and what I mean by future assumptions are the critera that has to be filled out in the Bigger Pockets rental property calculator (Annual Income Growth percentage, Annual PV Growth percentage, Annual Expenses Growth percentage and sales expenses). These are number that I was talking about that I dont know how to determine them, and how accurate they have to be in order to determine positive cashflow on a property. Also, I would greatly appreciate some equations to use because I do not think my excel equations are getting the job done! Thanks again.

@Norberto Villanueva.  Mr. Villanueva, you and I have met breifly at one of the Meetups.  I was not ready to meet for lunch with you because I did'nt even know what my goals were and I needed to do more research to get a better grasp on that.  Nonetheless, thank you for your input and the reference to the website.  Can you go into more detail about the 2% and 1% please?  I need to continue searching in the Colorado Springs area because I haven't found anything with a cap rate thats above 4%, or much of a positive cashflow.  However I think my numbers are a little flawed.

@Colin Smith.  Thank you for your response.  And thank you I will make sure to utilize my realtor to provide me comps on the houses that I am looking at.  Do comps provide comparisons of other rental properites in that area?  What if that area is not high in volume for houses being rented out?  

Hello!

My name is Jonathan Atkins. I am looking to buy my first home and hold out in the Colorado Springs area. I have used the BiggerPockets rental property calculator however there are some questions I have about Future Assumptions. How do I predict these numbers? Also, how do I predict homeowners insurance? I have a lot more questions but I figure I would start with those first two.

Any advice/direction will help. Thank you and have good rest of your week!