All Forum Posts by: Lauren Finn

@Dave Spooner absolutely agree, I am definitely trying to be smart but when it came along I couldn’t help but be intrigued. Sounds like the best option is to find something else. I worry I will stay in the analysis paralysis stage forever so I want to take as much action as possible haha

@Tim Herman totally understand this and agree! It just seems like I hear about this a lot which is why I was curious.

Thanks everyone! Yeah, we are leaning towards a no, unless he gave a really good deal or something but it sounds like he will end up listing it to see what he can get. @Matt Leber I did factor in the 10% for PM even though I would manage it myself but I was told to "pay yourself" to manage it and obviously also plan for the future in case I decide to stop. I will double check the calculator I used also, it was the bigger pockets rental calculator and the numbers I used I thought were pretty accurate but I am not sure if they factor in capex I'll have to look into it again. I had not figured in the HELOC cost because I wasn't sure if this is the route we were going to take it was just tossed around a bit.

@Tim Herman Thank you so much for all the detail you provided! Sounds like I have more to adjust and evaluate, this probably isn't the property for us but it was good education trying to evaluate. The tenants now seem pretty solid, and have been for about 7 years, two of which he thinks will stay for the long hall, another has been there with her child for 6 years or so and doesn't want to move him around too much so obviously you can never know when they will leave but they did seem pretty solid as far as tenants go. He also had rent lower than average to keep them around. 

One other question that came up recently was with seller financing. I have heard of some people getting a conventional loan for the 75% and having the seller finance the rest as a second mortgage. My realtor seems to think that no one would do this being second in line for the house, I was wondering if anyone has experience with this because its something I would like to look into for future deals too. 

Hi BP!

Just wanted a quick opinion, I am very new to REI and decided to start out wholesaling to build some cash for our first rental property, that being said, while driving for dollars I came across a 3 family nearby my home that we would actually love to purchase for ourselves. He is interested in selling, however he spent the last 20 years renovating it himself and wants to sell on mls for retail price. He's willing to knock some off the price for the realtor fees if we came to an agreement on our own but what I would be paying is still pretty close to ARV or right on. He was going to list for 369k and the only comps my realtor could come up with are for 2 families in the area being around 300-323k. He would accept a "reasonable" offer. It also has 3 long time tenants that bring in $2900 a month in rent and seems like there is room to grow that right away if I wanted to raise them a bit (I would wait though). Every way I ran the numbers still seem like I would cash flow positive even in a worst case scenario (at minimum 500 a month) it's just that we wouldn't build any equity for a while (but we would probably hold onto the property for a long time anyway). I also have to consider we would possibly use a HELOC for the down payment so I'd need to consider the price of paying that off into the income we'd receive. (Also is this a good idea for down payment?)

I guess my question is, for my first property I was originally going for something that needed a bit of work to get a "good deal" on, possibly a BRRRR. Would it be silly to buy something at the top of the market even if it still cash flowed every month, or is it smarter to hold off for something that we can put some sweat equity into?

Hi Brett! 

Congrats on year one! I am also new to BP and real estate investing in general but I am beginning by wholesaling in the RI area  to help invest in rental property of my own as well. I’d love to hear about how you got your first deal under your belt and goal for future investments. 

I attended the virtual meeting for RIREIG last month and plan to this month as well, you can find the information on their webpage. As Anthony said, it’s not as easy networking in that way but I did get a lot of valuable information from the meeting and was able to easily contact the speakers afterwards to connect and ask questions. It seems like a really great group! 

Good luck! 

@Nathan G. Great, I messaged you, thanks!

@Anthony Thompson

Thanks! Yes I am looking forward to meeting you Saturday!

Hi BP!

I am new to this site and a newby real estate investor in Rhode Island. I am looking to network others like me in the area and build a cash buyers list to start my journey with wholesaling to build some capital for my first rental property. I will be attending the next RIREIG meeting in march if any of you plan on going I would love to meet you and hear your experiences, feel free to message me if interested in networking!

@Jennifer Pauyo

I am a newbie to the site but a hopeful real estate investor in the near future!