All Forum Posts by: Steven Wetherill
Steven Wetherill has started 3 posts and replied 6 times.
Post: Possible Duplex LTR Purchase - Would love any insight!
- Posts 6
- Votes 0
Quote from @Aaron Oquendo:
@Steven Wetherill
Hey Steven, I just looked at some current duplexes on the market in Boiling Springs. From my research on Zillow, I'm seeing a duplex that has for about $311 per month in that area so not sure if $42 is the most accurate number for monthly taxes.
For the most accurate yearly tax figures, you can check directly on the Spartanburg County tax assessor's website. I've found it below
https://qpublic.schneidercorp.com/Application.aspx?App=Spart...
If you need a tool to run your deal I have created this free tool that you can use btw
https://real-estate-tools.com/real-estate-deal-calculator/?a...
Thank you, Aaron!
Post: Possible Duplex LTR Purchase - Would love any insight!
- Posts 6
- Votes 0
Quote from @Alecia Loveless:
@Steven Wetherill I can’t imagine your taxes are only $500 for the year. Please double check this and make sure that wasn’t the amount for the raw land prior to the build.
I’d recommend saving that $295 cash flow for some amount of time until you have considerable cash reserves saved up.
I’ve got much higher cash flow on most of my properties and it’s taken me about 3 years to save up around $10,000 in reserves per property. That’s a level I’m fairly comfortable with but your level of comfort may be more or less.
Thank you, Alecia! Looking into the taxes is a great suggestion. What would be the best way to find that accurate data?
Post: Possible Duplex LTR Purchase - Would love any insight!
- Posts 6
- Votes 0
Thank you for the questions and response.
Property management would be zero, as I would manage it myself. Since this is a new construction, I projected a low capex. What do you recommend?
I'm familiar with the Greenville area, having lived in North Carolina for a few years. It remains a popular destination and has seen steady growth.
For experience, this would be my second out-of-state property. Third total!
One question that I'm pondering is, even with the positive growth, how do I determine rental demand in the area? Any tools I can use? Or do I rely on my agent and his PM connections?
Post: Possible Duplex LTR Purchase - Would love any insight!
- Posts 6
- Votes 0
Newly built (2024) duplex in Boiling Springs, SC.
List price: 445,000.
DP: 89,000
Closing: 8900
Total Invest: 97,900
Projected mortgage: 2500
Rent: 1700 per unit, 3400 total
Taxes: 42
Insur: 263
CapEx: 100
Repairs: 100
Vacancy: 100
Total expense: 3105
Cash flow: 295, 3.1% - 6.0% CoC return.
This deal doesn't meet the 2% or 50% rule of thumb, but it has positive cash flow and is in a growing market, according to the latest 2024 Top 100 data from BP.
What questions should I be asking? What have I missed?
On average, how much does a pool increase the HOI premium?
Hey everyone,
My wife and I are in the early stages of purchasing our first rental property. We're kicking ourselves for not buying last summer before the home prices rose. The budget that would've gotten us a nice, turn-key property is now getting us some really run-down homes that require a lot of renovations.
I'm wondering if we should hold fast until the market calms down (if that actually happens) or if we should increase our budget to get the rental we want.
Will this housing market come back down or should we start adjusting to this new reality??