All Forum Posts by: Philip Murphy

Quote from @Bob Stevens:

Quote from @Philip Murphy:

Do you have a contractor you trust? At this point I would walk the property with my contractor and get an idea of how much you are looking at in repairs. Sometimes it is hard to tell how much work/ money is needed to fix a foundation, so if you do renegotiate you want some wiggle room in your repair estimates. 

Whether you walk or renegotiate depends on your willingness to undertake a big project, and if your numbers still work when construction goes over budget and takes longer than you estimated.

 Its a terrible deal , he will be in north of 360k, roof, 8k, at least, windows, assuming 20, 6k, siding 15k, all cosmetic 5k, gross rent about 28k, net about 20k, if that, I would pay 200k MAX, and that still is not great, 

All the best 

I’m not trying to talk anyone into a bad deal, and maybe I misunderstood the numbers. Bob, I’ll certainly defer to your experience here!

I read this as rents of $1200-1300/ unit after fixed up, renting out 3 units and living in one. That’s 43k gross income. And it’s a house hack.

I think the price would need to be negotiated down significantly…completely agree. This would be a bigger and more costly project than I would personally undertake. I also don’t know where Wu is located. Since he wants to house hack I’m guessing he is looking for the best purchase in the market that he lives and works in. 

 

Do you have a contractor you trust? At this point I would walk the property with my contractor and get an idea of how much you are looking at in repairs. Sometimes it is hard to tell how much work/ money is needed to fix a foundation, so if you do renegotiate you want some wiggle room in your repair estimates. 

Whether you walk or renegotiate depends on your willingness to undertake a big project, and if your numbers still work when construction goes over budget and takes longer than you estimated.

Andres, Chase is an option to switch to if you like the convenience of zelle. I collect rent via zelle and Chase doesn't charge me for it.

We just closed on a property in New Braunfels, TX that needed no rehab. We got slightly below market value by waiving the appraisal and financing contingencies, but still had to put 30% down to achieve pure cash flow after accounting for potential repairs, vacancies, etc.

My biggest struggle right now is finding deals in the area that can be refinanced within a year or two to get our capital out and do it again, but still cash flow positive. My gameplan is to network with people on the forum here to "build a team" in the area of experienced investors, realtors, contractors and PMs who can help offset my lack of experience.

Hi everyone,

I'm new to investing in the New Braunfels / San Antonio-Austin area. Closed on a house earlier this year that was basically turn key, but we are interested in expanding that effort.

I can't often make it to investor meet ups in the area because I am in the military out of state, so I'm looking to connect with the local investors/ related professionals on BP. So my question is this: If you are willing to share, who do I need know?

Thanks!