All Forum Posts by: Vincent Townsend
Vincent Townsend has started 7 posts and replied 38 times.
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Christi Hawkins:
Congratulations!!!! I want to hear more about this kit to paint counter tops!!!
Hey Christi, We used a white paint kit from home depot that is meant to cover bath tubs and make them look new. As for counter tops take a look at these pictures. We didn't do this on my home, but my landlord recently did this on hers.
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Kelly Durrant:
same i was going to ask how he painted the toilet lol
We replaced the toilet but painted the bathtub. Can you paint a toilet lol?
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Victor S.:
Don't want to be that guy, but I work with numbers every day. With the numbers you've provided, you're out roughly $33k (dp+reno+closing). Even with your max ARV of $145k, depending on LTV (most likely 75%, right?), you're either $12k+new closing fees (@75%) in or $5k+new closing in the house (@80%). Of course, these numbers increase if your ARV comes down.
With the cash flow. At $145k, you're at roughly $600 for PI. I don't know what the insurance and taxes run there, but when you add your reserves (20% of rent for capex+vac+repairs), you'll probably cashflow around $150/mo, maybe a bit more, if TI is less than $200. Which still should translate to double digit coc, again, depending on the ARV. I wouldn't classify this as a true BRRRR deal, but a decent cash flowing one for sure, so congrats!
Hey Victor,
Yes 33k sounds about right. I spoke to a lender today. New numbers would be $4600 close $790 mortgage with tax and insurance and we should be able to pull out at least the 33k. I look at it as getting a free house when all is done and being able to still reinvest. We should be cash flowing after cap x a little over $200. We also may raise rents.
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Jessica G.:
Congrats!! Send me your deal vibes.
Vibes have been sent! :)
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Ida Powers:
@Vincent Townsend Excited to hear how your refi goes!!! Were looking to find our first deal now too but its very intimidating!
Hey Ida!
It doesn't have to be intimidating. If you do you're numbers and use the BP calculators you'll be fine. There is even a section here on BP where you can post a deal you have and ask for help. Also I look at deals almost like public speaking. Yes its scary, but if you have practiced your speech again and again you don't have much to fear "that you can control". Remember, If you fail to plan, you plan to fail. Just keep running deals until you're not nervous.
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Hey Tim, Have you done any deals? How come you're attending a bootcamp? And yes Ill message you about coffee!
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Tim Eng:
Congrats @Vincent Townsend! Your story is inspiring! My wife and I are searching out of state for a good first deal ourselves. I’m attending Rod Khlief’s Bootcamp next weekend in LA to learn more. Looks like we are neighbors, let’s grab coffee sometime!
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Myles Ellison:
Congrats @Vincent Townsend ! My brother and I are partners for a property, too, except it's in Southern Vermont. Great work! #allinthefamily
Hey Miles,
Thats awesome, how do you and your brother handle the roles in the business?
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Tyler Jahnke:
Congrats @Vincent Townsend this is Amazing! You are well on your way!
We should definitely connect as I'm right by you in Oakland and also invest OUT-OF-STATE. My first rental property cash-flowed for 11 months (yay!), but now I'm running into a vacancy issue, there was a squatter in my garage, and it needs repair. If you have time, check out the roller-coaster I've been on the past year on my blog and here: https://www.biggerpockets.com/forums/92/topics/392...
Biggest lesson I learned: properly vet your property manager and make sure you've got a quality company in place. I know that's cliche, but if you're investing out of state, this is crucial to your future.
Talk soon Vincent! Best of luck!
-Tyler
Hey Tyler,
For sure I'll check that out, I'm sorry to hear thats happening to you. And yes property mangers are key. Ive been lucky so far. Ill connect with you soon!
Post: First Deal Success Story!
- Kuna, ID
- Posts 40
- Votes 29
Originally posted by @Christian Laines:
Congrats! Looks like you put in some work & best of all you saved money doing it yourself. Good work! How long did you hold the property before you flipped? Or are your tenants still renting?
Hey Christian,
This is a buy and hold. We have had tenants sense August 2017.