All Forum Posts by: Robert Leonard

For my applicants, they pay the $39.99 fee directly through Cozy and I reimburse them if they are selected and move into the property.

Robert Leonard

Yes, it is normal. It sounds like you need to delegate/outsource a lot of this work.

Robert Leonard

@Paul Reynolds Welcome to BP and congrats on starting your real estate journey!

I always start by looking at the city/town, then dive deeper into the properties themselves.

According to my tool, Rochester, NY looks interesting - crime is decreasing and the levels are good, property values are going up and income is growing strong. My only concern on the city/town itself is the population. I don't like to see an outflow of people.

Now, about the properties themselves. Others have already mentioned this, but neither seem that enticing from an ROI perspective, and your estimates seem a bit low in terms of CAPEX/repairs/maintenance. One of the biggest things to remember when estimating these figures is that some of those costs are "fixed", such as roofs. Of course, the price of a roof isn't fixed in that its always the same price, but the cost of a roof for a 1,500 SQFT house that costs $50k isn't much different than a 1,500 SQFT house that costs $150k, but the former is a much larger percentage of monthly rents, and must be adjusted accordingly.

Hope this helps.

Robert Leonard 

Numbers look okay to me, and in short, yes, your cash flow figures would get better once you pay off your HELOC or the HELOC payment goes down. However, you're (122) right now and your HELOC payment is only 275, that means you'll only be in the black by 153, assuming you get it at the asking price. That's <4% CoCROI (assuming $0 closing costs) - not attractive.

Even at $235k purchase price, CoCROI is <8% (again, assuming $0 closing costs) - that isn't attractive either.

On top of that all, I don't see taxes or insurance included in your analysis. If they're included in "mortgage" then that's fine and what I said previously still applies, but if those figures aren't included, the outlook becomes even worse.

Robert Leonard

Thanks, @Adam Allen

@Jake S. Thanks for the input - glad to hear it's not just me. I try to check back a few days later and try again, but it still happens. Even different browsers, clearing cookies, etc.

Robert Leonard

Hi all,

Does anyone else have issues adding and editing properties on their BiggerPockets profile page? Every time I try to edit or add a property, I get this message: "An error occurred while creating this investment"

Robert Leonard

@Lance Lvovsky @Michael Plaks Absolutely, but I was hoping to hear from some others who have used said CPA's and get their recommendations/referrals. 

Robert Leonard

Hi everyone,

I am looking to connect with a GREAT CPA that has experience working with individuals with rental properties, small businesses (freelancing would be a double plus), and W2 income. If you have any recommendations, they'd be greatly appreciated! Thanks!

Robert Leonard

@Traci Cameron Gary Vee recommends working for free to learn all the time - I think it's a great idea.

Robert Leonard