All Forum Posts by: Ryan Curran
Ryan Curran has started 6 posts and replied 6 times.
Post: Analyzing properties in Gary Indiana

- Crown Point, In
- Posts 6
- Votes 1
Hi, BP members
I'm starting to analyze properties in the Gary Indiana area. I'd like to purchase a sfh as my first investment.
Can someone review my analyses, I'd like to make sure I'm on the right track.
The home I'm practicing with is a 3bd, 1ba. Bi-level home. Built in the late 60's. With a fenced in backyard. Judging from Graigs list and Realtor.com rent would be around $800.00.
From the pictures, a new refrigerator will need to be purchased and wood floors will need to be redone. I would also paint the inside walls and install new trim. The outside of the house looks pretty good.
The asking price for the home is $40,000.00
Monthly Rental Income: $800.00
Expenses:
Taxes: $43.00 per realtor.com, I'll round up to $50.00 a month
Insurance: $100.00 a month, just a guess
Utilities: $0 - tenants responsibility
HOA: $0
Lawn/snow: $0 - tenants responsibility
Vacancy: $800x.05= $40 I'll round to $50.00 a month
Repairs: $800x.05= $40 I'll round to $50.00 a month
Cap Ex: $800x.05= $40, I'll round to $50.00 a month
Property Manager: $800x.11= $88.00, I'll round to $100.00 a month
Monthly Mortgage: $150.00 per Realtor.com
________________________________________________________________________
Total expenses: $550.00
Cash Flow:
$800.00 - $550.00= $250.00 a month
Annual cash flow: $3000.00
Cash on Cash ROI:
Down payment: How about 25%? - $10,000.00
Closing Costs: $3,000.00? Not sure if that's too high.
Rehab budget: I think around $5,000.00?
Total investment: $18,000.00
$3,000ACF/$18,000 = .166666 = 17% Cash on Cash Return
So does this look like an accurate assessment? Is there anything I'm missing?
Comments would be greatly appreciated.
Post: Newbie interviewing real estate lawyer

- Crown Point, In
- Posts 6
- Votes 1
Hello,
I would like to interview a lawyer for my real estate business.
What are some questions I should ask?
I know that I should select a layer that has dealt with real estate. But what are some other questions I should pose?
When meeting with a lender, what are some important questions that should be asked. Other than how much can I borrow?
Post: Planning my future in multifamily investing

- Crown Point, In
- Posts 6
- Votes 1
Hello, BP Community
I'd like to know if anyone has taken a similar path in real estate investing as the one I'm purposing for my wife and myself.
My plan is to purchase a duplex in the Munster Indiana area using a owner occupied loan. I would like to put 5% down, the loan would be in my name. We'd like to live there for a year or two and then look for a fourplex to move into using another owner occupied loan at 5% down. This loan would be in my wife's name. Again live there for a year or two while we save funds for the next property.The next property would be a bit larger, it would be bigger than a four-plex I believe a commercial loan would be required?
That's my plan so far.
So, has anyone taken a similar path such as this? If so what were your obstacles? Where you successful?
Any insight would be greatly appreciated.
Post: When should I speak with a lender

- Crown Point, In
- Posts 6
- Votes 1
Hello,
How far in advance should one start speaking with lenders?
I would like to start looking for rental property in the spring of 2019, for buy and hold purposes.
Post: New Member introduction

- Crown Point, In
- Posts 6
- Votes 1
Hi, BP
My name is Ryan, my wife and I plan on investing in real estate (buy and hold multi family) in the spring of 2019 by house hacking. We hope to gain knowledge from like minded people on the BP forums and if possible share knowledge.