All Forum Posts by: Rob Bowness

@William Wright @Jaysen Medhurst, thank you both for the advice. I think flip is a better option. If I can have more cash to use on future properties that does not have debt attached to it will be beneficial for me. I would love to rent the property for a year to avoid some tax implications but Idk that it is possible.

@Jake Thornton, will do. Thanks again

@Jake Thornton, thanks a lot for putting that much thought into my property. From my understanding it’s very rare ton refinance the property before 6 months of ownership. Also, did you include vacancy rate, cap ex, and maintenance repairs as a monthly cost? I have read those costs should generally be 5% each of the monthly rent. It’s difficult to for me to estimate the renovations as well with 0 experience but i have to take the first steps to get into the game.

@Jake Thornton 2,500

@Jake Thornton, according to my agent 330k

@Jake Thornton @Jaysen Medhurst, I purchased the home for 220k. If I flip the house I budgeted 50k for renovations. If I rent the house I estimate 25-30k in renovations. My interest rate on my HELOC is around 5%. The property taxes are 10k. What are your opinions? Septic inspection tomorrow. Thank you for responding.

I am currently getting the inspections completed on my first investment property (single family home). I was able to make a cash offer due to using my HELOC. I would like to BRRR but I will not be able to pull out all of my invested money. Any suggestions on how I can make the numbers work?

@Charles Parrish, thank you for the advice Definitely a lot to take in. I am not exactly sure how to go about writing up my own offers but I will look into it. I appreciate the assistance.

I have been looking in North Jersey for close to 6 months and having a lot of difficulty buying first Property. I like the idea of buy and hold on multi family but not opposed to single family homes to flip. I have made close to a dozen cash offers to date and have yet to close on a deal. I thought when I completed my HELOC I would have an easier time. I have been working w multiple real estate agents. Any suggestions or advice on closing my first deal would be greatly appreciated. Thank you

@Tim Herman, thank you. I will download the calculator. I have a 30 year term on my HELOC.