All Forum Posts by: Nate Burgher

Hey @Matt Tager, have you tried using the BP Calculators? They're a great tool that will tell you if this is a good property or not. If you need help trying to figure out what numbers go where in the calculator, let me know and I'm happy to help!

Other than numbers, you also have to know the area. Put the address of this place on Trulia and you can overlay a crime map, which may help. As for getting rent numbers, check out Hotpads.com.

Hey @Taunesha Butler, it sounds like you've answered one of your questions, and that is it sounds like it's a great idea for everyone in your family financially. You also mentioned that everyone likes their independence, which a MFH reduces that level of independence you'd see from everyone living on their own. 

Ultimately, it sounds like you need to do some research on prices and neighborhoods. Maybe a realtor can help you find neighborhoods that fit your needs, and at the very least get you some prices for places. That way you can see if this is truly feasible.

Hey @Jeff Hsieh, 2/2 in 600sf? That's extremely tight, given that most 1/1's are 500sf+.

It sounds like since you don't have any DIY experience, you should start networking and get some general contractor referrals. They'd be able to answer the permitting and zoning questions. I'd start by reaching out to the realtor you purchased your home through and ask for a referral or two. Maybe even reach out to other realtors in that office, because every realtor has their own recommendations. 

As for if this project would be worth it, depends on what the costs are and what you can get per month for rent. Can't really answer that until you have bids and answers on the permitting and zoning.

Best of luck to you!

Hey @Roger Da Silva, I want to share my two cents, but I'm having trouble following what is what, I don't know what numbers are actuals and which are previous numbers? Sorry, it's just a little confusing. 

Have you tried using the BP Calculator to see if this deal works? If not, I highly suggest doing that to see if you can profit off it.

Hey @Jonathan Taylor, it's tough to give positive advice on something that costs so much and doesn't cash flow. It really just depends on what you can afford to pay every month. Have you considered Vacancy, Maintenance & Repairs, Capital Expenditure, and Management costs in these numbers? Because that could really kick your butt on such an expensive property if you haven't considered those. 

What would you do with the $50k if you don't use that as the down payment?

Hey @Devante Boll, do you personally know either of the people you'd be emailing? If not, I'd email both at the same time and just let them know you have contacted others that may be interested as well. No intention to create competition, just having transparency. 

Probably not necessary to include the lease application in the initial email, but at least include the details of rent (price, includes what utilities, term, etc.).

Hopefully this helps!

Congratulations @Braden Burton! Great goals, too!

Hey @Tracey Thornton, I'd check the county assessor site on that property, maybe you can find out who currently owns it? If that doesn't help, you could call your local title company, I'm sure they'd love to help you get the info you need if it means you'll give them money during the transaction.

Hey @Tristan Rynning, I don't know of anyone personally but maybe the realtor your friend will be using does? Or is that you?

Congratulations, @Shelley Lozier! Now the real work begins!