All Forum Posts by: Andrew Emery

Congratulations!  @Brandon Turner you are an inspiration. 

I personally would refinish them and not rent to pets. Also I am a carpenter at heart. Plus carpet can become nasty. Honestly though who am I telling? You are at # 43, I'm still three weeks out from #1 & 2. 

Good luck!

@Mayank S. My wife and I were in a similar situation a week and half ago and we ran away. The house was a mess to be polite. The hard thing with ours was that we are working with a realtor that is a friend and the house we were under contract on was pre-mls and she was the broker for the seller too. We didn't want to disappoint her or the seller but we did what was best for us. As it was stated before everything happens for a reason is true. The following Sunday a duplex we were slow on the draw with came back on the market after having falling through with financing on another contract and we offered the same price as the mess house and got it. Much better deal and almost zero work will need to be done. 

This too is our first time out. Be true to yourself and your pocket book. As my lender has told me there is always turnover in real estate and something else will come along.

Good luck and keep us posted.

@Ed B. First off GO DUCKS! I hope you are a Ducks fan. 

Secondly not for nothing but I would just consider that the cost of doing business. In aviation we are taught early on to pay attention to detail because if not it can cost lives. In this case it was just cash. Thankfully not that much. 

I lost 30% of my €1800,00 (€ 540,00 = $750.00) last year when my German landlord refused to refund my full deposit, even after I left the apartment in tip top shape. I have zero recourse, and I had to let it go.

So unless you are super strapped for cash it might be worth the time or energy.

Thanks everyone for the well wishes. Unfortunately yesterday the inspection didn't turn out so well. It cost us about $500 for the sewer scope and home inspection with radon. Money well spent though, because now I know what to look for even before submitting and offer. Also it kept us from buying a pig that would have required plastic surgery not just lipstick. ????

I'll keep posting as we keep trying. 

Thanks everyone for the well wishes. Unfortunately yesterday the inspection didn't turn out so well. It cost us about $500 for the sewer scope and home inspection with radon. Money well spent though, because now I know what to look for even before submitting and offer. Also it kept us from buying a pig that would have required plastic surgery not just lipstick. ????

I'll keep posting as we keep trying. 

Thanks everyone for the well wishes. Unfortunately yesterday the inspection didn't turn out so well. It cost us about $500 for the sewer scope and home inspection with radon. Money well spent though, because now I know what to look for even before submitting and offer. Also it kept us from buying a pig that would have required plastic surgery not just lipstick. ????

I'll keep posting as we keep trying. 

This is awesome. I'm in the backseat of the car on my carpool to work and the guys up front are looking at me like I'm nuts as im back here laughing. 

@Jean Bolger your comment makes it even funnier as I just left a potential investment I had the sewer scoped on. 

Good Morning All,

Last night our Realtor called us at 8:30 and told us our offer was accepted by the the seller. This will be our first buy n hold. 

AWESOME!

SIDE NOTE: Not sure if @Joshua Dorkin  and @Brandon Turner have a deal with higher powers, but it just so happens that last Friday after about 2 and a half months of binge listening to the podcasts 5 days a week at work and on my hour long commute to work I finally have listened to all 115 shows. Now we get our first deal under way, kind of fishy. 

The 3/2 bilevel was not even on the market yet. She had a seller about to list and told us about the SFR. The market here in Colorado Springs is super hot right now, so we jumped on it. I don't believe that we got a screaming deal but if I ran my numbers right this will be a great cash flow place. Note: an identical SFR Down the street just went under contract last week for $174,900.

The value add to this place will be when we add a new kitchen,it is a small one so I will do it myself and per my wife/boss on a strict budget. We will update all of the interior doors and paint inside and out. Refinish the oak floors, tenant proof them. Roof is 2.5 years old, thanks Colorado hail. Other than that we should be hitting the prime rental season when we are done.

Now I believe the fun begins.

The numbers are as follows:

Offered price: $155,000

Financing: Conventional with 20%-25% down: $31,000-$38,750 

Loan: $116,250-$124,000

Taxes approx. $850

Ins $80-$90

Vac., Repairs, @ 2%

Cap Ex @ 5%

We will self manage but we figured in 10% for Prop Mngmt.

Rents in the area for 3/2 SFR are ranging $1200-$1400.

I used the Rental Calculator and I am not sure if I  missed anything, if I did please let me know, but we should cash flow $343-$378 per month.

I will update on this thread as the deal progresses. Time now to call my mortgage broker..

Wish us luck!

Hi family,

We are in the process of potentially entering into our first REI deal. It would be a house hack situation where we would live in the lower half of a duplex and rent out the top half.

Also we currently live in a home that we "own" that we would rent out in order to begin our journey into REI.

My question is: Is there a good way to analyze the deal where we are buying and living in a multi that would not collect the full rent potential? We will not be there forever maybe 2 years at the most then move on to our next hack or maybe our forever home. 

(I may have figured this out as I am typing this, but I will still post this to get more views on the situation.)

BTW the numbers are as follows:

Duplex price:$235,000

Money down: Poss 0%-5% (11,750) with conventional financing at around 3.8%

Taxes: $939

Ins: approx. $1500

Top unit Rental: currently not rented but the potential is $750 for the area

Bottom: Future rental is potentially $1000

Anything else I missed please let me know thanks.

Yes listen to the podcasts, each one has at least one delicious nugget of new information. Also always be upfront with what you are presenting. One of the most important parts of BP is having site cred. People will get to know through what you post and put forth and if at anytime people start to question your credibility it will be hard to establish relationships and network through this site. This site is an almost endless source of info. When you go PRO you get unlimited use of the calculators/analyzers which are really awesome.

Good luck and welcome to the site.