All Forum Posts by: Kimberly Anderson
Kimberly Anderson has started 4 posts and replied 14 times.
Post: How to Analyze Owner Occupied SFH

- Tampa, FL
- Posts 14
- Votes 1
Hi,
I may be over thinking this but I'd like to get some feedback. My husband and I are first time home buyers, using an FHA insured loan to purchase a 3/2 SFH in excellent condition in Tampa's Seminole Heights neighborhood. The plan is to live in the home for 1-2 years, then relocate for job/personal reasons and rent the home out. We've offered $198k on the home, paying the 3.5% down payment. My MLS research shows me that homes in the area are getting rents in the $1500-$1800 range. Based on my research of what has been leased in the neighborhood, I know we can get $1600/mo in rent. But when I'm plugging in the numbers on the BP Rent Calculator (assuming purchase price of $198k, 8% vacancy, 5% repairs, 5% property management), I'm getting a negative cash flow and a low purchase cap rate of 4.89%. But, am I looking at this too conservatively, considering that by the time we rent the home, we will already have equity of at least $13k from paying the mortgage from the year we lived in it? In others words, we will begin collecting rent at the start of year 2, when our mortgage amount will be lower. How (or should) I account for this?
Thanks!
Post: 5th rental property purchase but 1st rehab!

- Tampa, FL
- Posts 14
- Votes 1
Post: Looking for Duplexes/Tri-plexes Investors in NC

- Tampa, FL
- Posts 14
- Votes 1
Post: Getting house under seller contract BEFORE negotiation?

- Tampa, FL
- Posts 14
- Votes 1
Post: Getting house under seller contract BEFORE negotiation?

- Tampa, FL
- Posts 14
- Votes 1
Post: Getting house under seller contract BEFORE negotiation?

- Tampa, FL
- Posts 14
- Votes 1
It looks like I accidentally posted this question twice, but here's a response I had gotten from @Manny Cirino on the other post:
This is doable but realisticly only works if price is low enough for you to be at wholesale price minus a few grand to compensate for what you can see. The reason real estate is such a good investment is because it is actually tangabile and you want to keep that aspect alive so I say if can go see it them dont bother Unless the price is low, you have trusted boots on the ground or unless you know the area well.
Post: Getting house under seller contract BEFORE negotiation?

- Tampa, FL
- Posts 14
- Votes 1
Post: Getting a House Under Seller Contract BEFORE Negotiations?

- Tampa, FL
- Posts 14
- Votes 1
Post: Florida Wholesale Deal Without Escrow

- Tampa, FL
- Posts 14
- Votes 1
@Doug Merriott I thought I did my research but now that I think of it I was primarily searching for the property address from the tax collector site, solely focused on what was going on with the house,got her full name from there, went to the clerk site, and didn't really think there was a major red flag because nothing immediately tied to that property. Now I know I have to really dig into the owner's history to get the full picture. And that sun biz site is another good resource I'll be bookmarking. Thank you for your help!
@Michael Olesky I will definitely be backing away from this one. I don't mind putting in the work, but considering she's out of the country and has already tried to pull a fast one on me, I need to heed the warnings with this. Plus, I highly doubt any end buyer will go through a deal with me, a first timer, without escrow. You're absolutely right too, my career at this will easily go up in flames and I'm only 3 months in. I just can't take the risk.
And thanks for calling it @Wayne Brooks
Post: Florida Wholesale Deal Without Escrow

- Tampa, FL
- Posts 14
- Votes 1
@Account Closed