All Forum Posts by: Nathan Patterson
Nathan Patterson has started 15 posts and replied 169 times.
Post: Alabama- How to analyze a market/small town

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
I think you should do some more digging. are there any big employers nearby or are there any thing in the works that the city is trying to develop. You can look up the city development plans online...usually.
Post: Is it true that down payment for a second house purchase is 10%?

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
Speak with a lender about your situation, they will be able to tell you specifics. I know for Conventional it is 20-25% plus any points.
Post: Wanting some ballpark numbers from contractors

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
Call some local contractors to come out & give you an estimate. Best way to get a good estimate. also have an idea of what you want to do with it. If not....it is gonna be luxury eveything.
Post: Help me analyze this deal in Schuylerville NY

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
What are your holding & repair costs Do you have a contractor ready to do the work. Looks to be quite a bit of work needed. I'd dive deeper into it before proceeding.
Post: [Calc Review] Help me analyze this deal

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
I would up your vacancy to 8% at least & you cap ex. it looks like you will have 4 units, so that is potentially 4 hot water heaters($1,000/ea), a/c's, & furnace's($6,000+) that could need replacing all at once.
Personally, I don't like the cash flow even with the appreciation. I would want at least few hundred a month. Only $16/month it is too close to being able to lose money.
Is there any other ways to make money with the property that may help with the numbers or to add value?
Post: Advice needed for out of state investing

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
As far as location, do you have any family in other states that you could narrow it down to? You could also visit the forums here that are for specific states & see what people are saying to help narrow it down. Or think about climate, where do you NOT want to go if you had to look at the property. Or even, figure out what do you want & then find a place that works. Such as, ROI or COC or cash flow or what ever you want.
Post: Renting by the room - good deal?

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
Who is paying for water, electric, gas, internet etc.? It depends on your market, but I have seen most rent by the rooms to cover those items. Also, think about how you will handle disputes between tenants & you should think about how to get into the property every few months to check on things.
Post: Need advice for finding tenants near train tracks

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
What ever happened to this property? Did you end up selling or keeping it. How is it going if you kept it.
Post: Investment rental home insurance

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
Quote from @Senthilraja R.:
Quote from @Kevin Hoag:
@Senthilraja R. Since your home is newly constructed it should be much easier to find insurance. With coastal areas the carrier may want to do a 4 point inspection before binding the policy. I would take a look at Travelers, Liberty Mutual, Safeco and Berkshire Hathaway they all will offer you a quote. If you work with an independent agent they can most likely get a quote through all of them for you and many other carriers to quickly see who will be your best option.
Have you tried reaching out to an insurance brokerage? They should be able to find a carrier for you.
Post: Mississippi Single Family buy & hold

- New to Real Estate
- Castle Rock, CO
- Posts 172
- Votes 66
Quote from @Susan Maneck:
Quote from @Nathan Patterson:
Quote from @Susan Maneck:
You can't count on 3% appreciation in Mississippi. The last time there was appreciation in Mississippi before the pandemic was in the wake of Hurricane Katrina. Also, keep in mind that Mississippi still hasn't raised its minimum wage from $7.25 so there are limits as to how much rent can be raised.
That is great information. Do you know what appreciation you typically see?
Wow, that did take some time to recoup. I think I'll change my appreciation number to 1% then. It seems like the majority of Mississippi does not appreciate, unless your on the coast.