All Forum Posts by: Steven Dreyer

A few are mentioned on the site such as Morris invest and smart land investing. I have been looking as well. In the search bar type in turnkey and a bunch of articles and forums pop up. You'll be able to weed out bad ones then. 

Are you looking at national turnkey providers or a specific area?

Hey Dave! I'm stationed down in Okinawa. May I ask how you bought your first property from here?

@Derek Gibbs and @Jennifer Ostwald thank you for your responses! I saw a good looking deal in Cheboygen and a couple in the soo as well. Mind if I message you to get some details about the area? I appreciate it!

@Chris T. Thank you for the article! Exactly what I needed. 

@Hugo Alves Thanks! Yeah I just needed a bit of clarification. 

@Michael Noto yeah it's just a super basic example for numbers. I'm just wondering about the concept itself as far as it is up to me to separate the repair money from the cash flow.

Okay so I have analysis down pretty good but just some aspects are unclear to me about the actual process of how you separate the incoming cash between repairs and cash flow. I'll give a scenario because it's hard to explain. 

So let's say I have a property that gets me $1000 in rent a month. My expenses are only a mortgage as the tenants pay everything else. Mortgage is $300 a month. So I would get $700 into my bank account. From there I need to set aside the proper amount each month for repairs and capex (from a good analysis). What is left over is my actual cash flow correct?

I'm sure this is how it is but I just need it explained to me to sort of solidify it in my brain. 

Thanks again BP community!

I'm wondering if anyone here is investing in the northern Michigan area, specifically Cheboygen or Sault Ste Marie. Just have some questions if you don't mind discussing. Thanks in advance!

@Ben Wilkins thank you for the input! I am awaiting the estimations and historic costs from the realtor now. The electricity is split between the units so owner is only responsible for sewer and water.

@John Leavelle thank you as well for the input! Yeah I'm working as fast as I can with the realtor to get actual data. Hopefully soon I'll close on it!

Also I leave myself a lot of wiggle room on the assumptions. I always assume the worst (12% PM cost, using 5% on a loan when I can get 3.8-4%, etc) so if it works out right I'll have a solid deal! Thanks again guys!

I'm still a newbie and want to see if my analysis is correct before I move forward so any help is greatly appreciated! It is a nice triplex in a decent area and hopefully will be my first deal!

Asking Price: $65,000

Down Payment (20%): $13,000

Closing Costs (2%): $1,950

Finance/Interest/Term: $52,000/5%/30 yrs

Mortgage: $276

Rent: $1650

Vacancy (10%): $165

Operating Expenses (50% Rule): $825

Cash Flow: $381

Cap Rate: 12.2%

ROI: 8.8%

Rent to Value: 2.5%

So as of right now I think it's a pretty good deal. I intend on having a PM manage the property which I assume 12% in the operating expenses. The rents for a place like this are also low. Comparable properties in the area may get $650 a door for a similar size and roomed property. Any input will be greatly appreciated!