All Forum Posts by: Ray Ramelli

Thanks for the replies

Renter already in place and wants to stay - no issue with HOA

HOA fees cover outside and hot water

There is also a land lease fee in place (just found this out) 40.00/month

So right now looking at

HOA - 378

Land Lease - 40

Taxes - 170

Repairs (5% but may have to adjust once I see the unit) - 60

Insurance - 75?

Vacancy (10%) 120

Prop Mgr - that's me 

Expenses - roughly 820

Income - 1200

Net income - 380

The other thing I will mention is that this place is not high end by any stretch.  If this renter were to move out I think 1200/mo rent is a bit of stretch for this complex not to mention that securing a solid renter for this complex could be an issue.

Thanks for the replies!

Hi All,

I have a chance to purchase a condo for 50K or so for a buy and hold.  Rent is 1200 - condo fees 358 - taxes 170 - insurance ?

I will pay cash to purchase and my prelim cash on cash is around 10%

Sounds like a no brainer but I wanted second opinions. Also - does it make sense to try and BRRR this prop and pull some cash out for the next investment? It seems it would def help the CoC number but obvi lower the net income.

Would a mortgage co. even bother with something this small?

Thanks in advance!

Thanks everyone!  

Hello everyone,

My name is Ray.  I am full time contractor with 1 flip under my belt and own 2 condos that have been rented out for the last 5 years.  I had/have partners on these deals so it goes without saying that I am always interested in partnering up.  

Aside from investing I have been hired by other investors do to the repairs on their fix and flips.

Just getting started with BP and the info is absolutely incredible!