All Forum Posts by: Phuoc Nguyen

Good morning, 

This is my first rental and want to get some feedback on our first deal. We recently bought in Florida 3 bedroom / 2.5 BA property under market value. They wanted $175k we bought it for $165k with the need to rehab. We had to put another 20k into floors, roof, paint and kitchen. Rent is going to be $1925 with a pm taking 12% off the top but we will still be cash flowing $400 a month. My goal is to pull our downpayment out and roll into another investment property if possible. How can I can I appraisal to get refi? Its seem like zillow, redfin etc sites showing our property on value at $170-180k but similar houses with same criteria valuing at $190-210k. Thank you for your inputs!

I have an ownership of land that was passed down in the family worth 136k according to zillow, trulia etc. I know I should get a professional to asset the land value. The land has water / electricity hook up but no structure on it. I just want to know my option or best course of action to do with the land. I have been paying taxes on it but haven't really done much with it. I would like to get into rental properties and really get a cashflow going. Any recommendation? Thank you in advance 

@Chris Mackinlay @Blake Alvey

I would like to think rent is staying the same. I getting my data of zillow / trulia because of the current event its show a downward trend. I will increase those value and come up with a newer calculation. I'm not jumping into the deal just yet just to see what going to happen during the next couple weeks. 

Sorry, I should include that seller is wanting for the currently purchase price. I just factor that as because they're asking for it. I will always negotiate the price but want to just analysis the deal as it is. 

@Jaysen Medhurst

My ARV is lower than purchasing price is because the local value of the house is trending down. I figured if i factor in the worst case of having to put money in, still the value of the house is going to go down. Its a turn key property. I will factor the repairs / capex higher for a better result. I haven't contacted the insurance company but compare it to the local area similar house for insurance and definitely up the management %. Would it even be worth it to do management company? I have free flights benefits and could honestly self manage except for fixing it myself. I thought about the idea of hiring a local handyman reducing my cost overall.

@Guifre Mora

@Guifre Mora that number is lower because the value of the house is trending downward. I didn't want to increase the value to due to local trend value. The house is already fixed up but Im sure I'm over estimating for budgeting reason. 

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