All Forum Posts by: Stephen Hundley

I personally want to see $300/m above my mortgage, taxes and insurance for a 15 year note and $400/m above a 30 year note 

we use quickbooks and it works well. 

yes that includes all his labor costs. We are running it through the same LLC I use for realtor commisssions. Not sure if I need to 1099 him. Structuring is very important and that's why I'm meeting w my CPA tmrw to discuss structuring haha. I'll let you know what he says afternoon our meeting.

Just closed on my first flip with the intent to sell! All of our other renovations have been the BRRR strategy. This lead came to us from a friend that saw my "We buy houses" ad on fb and referred us to the seller. This home recently flooded and had about 7 inches of water inside. The numbers break down like this.

Home is a 3 bed 2 bath, 1,750 sqft 

Purchase price: $65,000

Estimated reno costs: $40,000

ARV: $170,000. After commission and buyer's closing costs we are hoping for a net of $160,000.

I partnered up with a contractor on this deal 70/30. I found the deal, funded the deal and the contractor will handle the entire renovation. Let me know your thoughts! Thanks!

this is a 2 bed home, 3 plex, 4 plex and efficiency house all sold as one property. 

University of Louisiana at Lafayette has an enrollment of 17,500 students and is growing every year. This property is one of the few multi-family buildings within 2 blocks of the University. All the work has been done for a buy and hold investor. All units have new roofs, paint, flooring, and fixtures to name a few. The properties are setup to be low maintenance for many years to come. Students are always looking for affordable housing close to campus. Most vacancies get filled within a week. The numbers break down like this: Gross Income of $62,700 - $15,000 expenses= $47,700 in net income. $47,700/$550,000= 8.7% Cap Rate. Solid investment overall between location, desirability, maintenance and ease of ownership. Don't let another great investment get away!

http://www.flexmls.com/share/YLTy/507StevensonLafayetteLA70501

If your friend is a top agent, then list w him. Sometimes listing flat fee does more harm than good to your house and top agents still won't show bc it's Fsbo. Use the time you save to find more deals 

This is what I use. Works really well. 

Questions for Prospective Tenants

1. Why are you moving?

2. How many people will be living here?

3. What kind of pets do you have? Smoke?

4. Has anyone ever filed eviction against you?

5. Will you be able to provide all of the required money at move-in?

6. When do you need to move?

7. Who will be living with you?

8. How much are you currently paying in rent?

9. How long are you hoping to stay?

10. Do you have good references from previous landlords and employers?

11. Why do you choose not to buy a house?

@Jered Sturm wow! That's an incredible story! Thank you for sharing!

@Mike Ross just messaged you. I have  a list of about 150 and curious what program you used to send the letters