All Forum Posts by: Lorin Hinton

@Stephanie Dupuis thanks for responding. I plan on having the tenant pay for the water well as trash. I will also send you a request I would like to see your spread sheet.

Here is a better break down not sure what happened to my formatting.

Financials

Purchase price 49,900

Closing cost $6129

Holding cost $1200

Repairs $4000

Down payment 20% %9980

Total out of pocket expense to close $21,200

Total out of pocket expense $61,229

Mortgage rate @5.125 monthly P&I $217.35

Monthly taxes and insurance $191

Total monthly payment $408.35

Rental Income

Gross Rental income $850 month $10,200 a year

10% vacancies $1020 a year

10% maintenance $1020 a year

$100 for property management even though I will manage the first on my self

So total monthly expenses with mortgage 678.95

Cash flow per month $171.05 annual cash flow 2052.57

Net annual income including P&I $4668.00

ROI 22%

Cap Rate %9.35

Not many comps in the area to compare to but appraisal came back at $62,000.

Repairs required

8 window screens

Gas heating unit needs service

Clean carpets

Optional

Add a/c

I hope to be able to get all work done for $4000.

Please let me know what you guys think.

Paragraph formatting

Property

Hi everybody, I am not sure if I am getting cold feet or jumping the gun for my first deal. But I have a deal that I am working on as my first rental property. Here is a little bit about the property itself. First off it is located in Aberdeen Md it is in a decent neighborhood not the best but not the worst. The House is 675sq/ft half duplex, it is in great shape only thing it needs carpets cleaned a fridge and the heating system worked on, I would like to add central AC to the existing forced air system.

Financials Purchase price 49,900 Closing cost $6129 Holding cost $1200 Repairs $4000 Down payment 20% %9980 Total out of pocket expense to close $21,200 Total out of pocket expense $61,229 Mortgage rate @5.125 monthly P&I $217.35 Monthly taxes and insurance $191 Total monthly payment $408.35 Rental Income Gross Rental income $850 month $10,200 a year 10% vacancies $1020 a year 10% maintenance $1020 a year $100 for property management even though I will manage the first on my self So total monthly expenses with mortgage 678.95 Cash flow per month $171.05 annual cash flow 2052.57 Net annual income including P&I $4668.00 ROI 22% Cap Rate %9.35 Not many comps in the area to compare to but appraisal came back at $62,000. Repairs required 8 window screens Gas heating unit needs service Clean carpets Optional Add a/c I hope to be able to get all work done for $4000. Please let me know what you guys think.

Financials Purchase price 49,900 Closing cost $6129 Holding cost $1200 Repairs $4000 Down payment 20% %9980 Total out of pocket expense to close $21,200 Total out of pocket expense $61,229 Mortgage rate @5.125 monthly P&I $217.35 Monthly taxes and insurance $191 Total monthly payment $408.35 Rental Income Gross Rental income $850 month $10,200 a year 10% vacancies $1020 a year 10% maintenance $1020 a year $100 for property management even though I will manage the first on my self So total monthly expenses with mortgage 678.95 Cash flow per month $171.05 annual cash flow 2052.57 Net annual income including P&I $4668.00 ROI 22% Cap Rate %9.35 Not many comps in the area to compare to but appraisal came back at $62,000. Repairs required 8 window screens Gas heating unit needs service Clean carpets Optional Add a/c I hope to be able to get all work done for $4000. Please let me know what you guys think.

@Brandon Turner thanks for the greetings and creating such a helpful resource. I will def post the outcome of the deal. I have the home inspection setup for tomorrow. Do you you have any pointers or thing to look out for when having a home inspections done?

Hello everyone I’m a new member from Maryland, my name is Lorin Hinton. I have been listening to the podcast since episode two. I have really enjoyed the wealth of knowledge from the Bigger Pockets site. My goal is to buy multiple rental properties. I currently have a contract on a property in Aberdeen MD, thanks to this website it has given me the confidence to analyze the deal and look at the whole picture. I look forward to continuing to learn and network with other investors.