All Forum Posts by: Frankie Woods

Thank you for the post!  I look forward to your updates!  I'm in a similar situation so this is great!

Welcome to BP @Tia Anderson !  I got my start in real estate via primary residences as a military member.  After each moved, I purchased a new one.  Within the last year, I've moved on to true "investment properties".  I've purchased two 4-plexes in St. Louis.  The verdict is still out on these as one is being re-habbed and the other is set to close at the end of the month, but I feel really good about them!

Welcome to BP @Wayne Chappel !

They are going pretty well.  I've purchased 2 4-plexes over the past year.  After repairs, it's looking like about a 15% CoCR meeting the 2% rule at about a 12% Cap.  These are pure investment properties.  I own a primary in IL, but the numbers are not good...  I should have purchased a 4-plex to live in...

It's always a tough question, especially for us newbies!  I'm in the same situation for a property I'm in the process of purchasing, haha!  Getting a bid from the property mgt company is very smart.  Even more so when you aren't experienced.  However, I'd recommend getting at least 3 bids to get an "accurate" assessment of the "fair" price.  Food for thought, but not always feasible given time constraints, etc.  It looks like you found a pretty good deal for CHI.  Meeting the 1% rule is always a good start!

Welcome to BP @Jack Martin ! You've found a great resource and even greater people!

Welcome to BP @Triston Murray ! Congrats on your first purchase! What is the After Repair Value (ARV) and estimated repair costs?

Welcome to BP @Jerry Robinson  ! You've found a great resource and even greater people!

Welcome to BP @Eric Hubbard !  You've found a great resource and even greater people!

Cash on Cash Return and Internal Rate of Return are both good ways to evaluate the opportunity cost of increasing your down payment.