All Forum Posts by: Nicholas Newbould

Randomly got back on Biggerpockets recently and thought it would be interesting to update this. This was our first deal and decided not to BRRR this property. We put 20k into the property and only put 14k down. Our total profit after all expenses was about $32,000. I went back and read all the comments and I was cringing at how little I knew back then. Thanks to everyone who helped me through this!

Hey Miguel,

You are going to have a tough time finding one. I have been listening to Biggerpockets for 4 years and lived in bowling green ky the whole time, never found a group that met regularly. While I am still new to the game with only 4 doors and 2 finished successful flips, I would be open to joining a meetup group with my wife who is the best partner a man could ask for. 

@Akiva May, My wife and I are flippers and investors in Bowling Green. We hold multi family and single family. The first thing to know about Bowling Green, is there are definite locations that I would stay away from, based on your strategy. If you can pm a address to me I’d be happy to let you know about location. Cap rates are all over the place. 7% is what I strive for usually, but again that depends on strategy. 

In terms of employment we have tons of open jobs but most are lower paying jobs. Our market leans too much in the automotive in my opinion, which is a finicky market. That being said, house values only dropped about 5% during 2009 and bowling green is tied for the fastest growing city in Kentucky. The one thing I would research more on is over building. We have had over 35 new large multi family buildings go up over the past two years, so competing with new construction may be an issue. I know a great agent here who works directly with one of the largest brokers. If you want his contact to talk about the overbuilding, let me know. 

Also PM me the address if your comfortable with that, and I’ll speak on location.  

@THU NGUYEN I have received 2,000 as well, no further communication was given.

@Jaysen Medhurst, great advice, really appreciate your input. 

@Jaysen Medhurst disregard last question about Cap Ex, I have done some research regarding it and now understand what you mean. Thanks for all the hard work you put into helping me!

Oh I understand, sorry I didn't notice the tilda! I understand where you are coming from now. Can you explain what type of expenses are in Cap Ex? We are also managing the property ourselves as our first. 

Hey @Jaysen Medhurst, how'd you come up with -$200 cashflow. I put all my numbers into the BRRR calculator and it states a $200 positive cashflow?

Hey @Jaysen Medhurst, The rent will be $1,400.

Hey @Jaysen Medhurst and @Tim Herman, I really appreciate your responses here. Some of these expenses I never looked into, so that is great learning for the next time. I ended up making an offer on the house and it was accepted! I had a contractor walk through with me so purchase price was 115,000 and we are putting 25,000 into it and using the BRRR strategy instead of flipping it so I can pull some of my money back out. Thanks again for all your comments! I really appreciate your time.