All Forum Posts by: Katherine T.

@Johann Kleisch

Thank you for feed back.  And yes will be paying $72K low from $75 K if I choose to proceed.  Tenant pays the water bill as well as other utilities. Yeah, I will need to go up on the vacancy rate and see what the numbers look like.  I factored in property management at 10% even though I will be managing the property so this somewhat evens out the low vacancy rate.   Generally this area rents quite well but I am learning that I should  take the conservative end when factoring the math as you and others have pointed out.  Thanks again for input!

Hi BP, 

I am a newbie.  This is my first property.  I have found a  townhome , 3 bedrooms 1.5 baths  that I just put an offer  and awaiting seller's response.  This is the breakdown..

Asking price  72000         Down payment 14400      Closing costs 3000

Repairs 5000 ARV 88000

Taxes 1000               Insurance 800    

Interest rate 5 %         Amortization - 30 years    

  Expenses

 P & I - 309            Vacancies 30            Repairs 48              Cap . Ex 76     Taxes    83

  Management     95

 Going rent  950- 1000  - low ball 950 is what I am working with

I  will be managing this property myself but did the math including a property manager..

HOA - none

What is a reasonable COC rate to expect? I am getting 12.8%

What is reasonable cashflow to expect?  I am getting 250  from my calculation 

Monthly expenses  700  

Please help not sure if numbers are right and what is reasonable. 

Any help / input is greatly appreciated.  

Just one set back and there will for sure be many more, so stick with this one till you get overcome it. Remember where there is a will there is a way :) Consider connecting with seasoned investors I am sure there;s something /services/skills  you can bring to the table in exchange - atleast to get you started.  Hang in there!

Thanks!  I will check him out.

Hey BP, 

 I am a new investor from Alabaster, Alabama.   Looking to hopefully close on my first property soon... It will need some work.  I am looking for some credible, honest,  skilled general contractors / handyman.  Any leeds/ referals will be greatly aprreciated. 

Thanks,

Katherine.

I am in! 

@ Paul Timmins

Thanks for tip.  Will try that out.

Hey BP family, 

I am looking for recommendation on  conventional lenders you use or have used for investment properties with good success.  I am a newbie and had one recommended lender but can bearly get him on the phone or email to get process done.  I understand this is a busy industry but still don't believe it should be such a struggle to get my financing process going ... I lost a deal to this.  Any suggestions help are welcome.  Thanks!

Katherine.

Great topic,  a self analysis is essential....

1. Great source of income. 

2.  Excellent credit.

3.  Diligent

Disadvantage - new to the industry  BUT learning so thanks to BP.

Welcome to BP!

Utilize the Free how to guides on BP , the podcasts and participate in the forums.   Best wishes!