All Forum Posts by: Rollan Dizon

Good afternoon BP Fam-

After immersing myself with rich content the past 2 months at Bigger Pockets, and the endless streams of podcasts; I have my first turnkey rental real estate success story to share.  I contracted this fixer upper back on May 17, and we closed today 7/1. Here are the numbers:

1. Purchase Price $114,000, with closing costs, all in around $119K

2. 1 yr Lease secured (tenants moved in) $1325/month, 10% more than my target rent.  Location and quality of the rehab played a big role in getting a tenant so quickly; tenant signed the 1 year lease even before the property was finished.

3. My independent home inspection was very clean.  I should not have any major capex issues the next few years, but will be banking all of the cashflow just in case.

Here she is:

@Luis Rolando

 Luis- Welcome to the site! Hopefully we can meet in a future real estate investors meet up.

-Rollan

@Aaron Chai

 Welcome to Bigger Pockets! This website is so rich with information.  The following books have deeply influenced my thinking of real estate investing:

Rich Dad Poor Dad

Millionaire Real Estate Investor

Richest Man in Babylon

I am also from San Jose. Hopefully we can meet in a future meetup.

-Rollan

Congratulations! What a great message, excitement all around!!!

thanks Ben! I did decide to move forward and excuted to have my first duplex!

@Powell Chee

From a lot of articles that I have read, I keep hearing 5% of the property value in cash should be designated for CAPEX or unforeseen needs. Of course, the condition of the property, rehab/reno dates, inspection should be considered. That is what I am going to keep on hand for my properties. Best of luck!

Thank you for the feedback!

@Ryan Mullin Thanks Ryan, ultra helpful feedback!!!

@Ryan Mullin Thank you for the insight! I see duplex prices all over the board in Indianapolis, hard to compare what a good value and what is a dud...

So I live in Silicon Valley and I am accustomed to seeing Car "candy"; yes those beautiful Audis, BMWs, Porsches, Benz (my dream business car is an Audi A8...maybe someday...). Prior to Bigger Pockets and hitting the real estate bug, driving next to these "temptations" I would get overwhelmed with the feeling of jealousy, borderline envy.  I have a "decent" car, a 4 year old Hyundai Genesis sedan, which I actually love.  But the "H" badge certainly can't be compared to these European beauties...

Now, however, after endless late nights of bigger pocket reading, research and rationalization ("deal analysis", I wanted a little alliteration (sp?)); whenever I am next to these cars I can't help but wonder what rental property I could have purchased and cash flowed with that car.  Or, if they are making car payments, what triplex or quadplex could I have cash flowed with that 700/month car payment...wow...talking about pissing money away.  The philosophy of multiple streams of passive income has certainly changed my way of thinking about opportunity costs...

What about you?