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Roast my property analysis
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Overall it looks like you captured the key data, I would include a row with % for each expense to calculate off of so you can see what your assumptions are easily or change them. I.e. Cap x is 5% and calc off that and prop mgmt is 10%, etc. Not every project will use the exact same ratios, if you're doing a flip and everything is brand new than you probably don't need much for cap x, but if it's an old house needing repairs than that will likely need to be higher. Or if you're considering LTR and STR than prop. mgmt fees will vary greatly.
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Okay, so if you're Househacking, why would you need a Property Manager....? You are the Property Manager.
Your analysis has 2 units that total out to $1800. But if you're Househacking then you need to take away the income for one of those units because you'll be living in that unit.
I don't see water, sewage or garbage either.
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Quote from @Nathan Harden:
Okay, so if you're Househacking, why would you need a Property Manager....? You are the Property Manager.
Your analysis has 2 units that total out to $1800. But if you're Househacking then you need to take away the income for one of those units because you'll be living in that unit.
I don't see water, sewage or garbage either.
I read in the biggerpockets book to include property management in the event that I move out, I will add water and garbage as well
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Quote from @Amanda McKee:
Overall it looks like you captured the key data, I would include a row with % for each expense to calculate off of so you can see what your assumptions are easily or change them. I.e. Cap x is 5% and calc off that and prop mgmt is 10%, etc. Not every project will use the exact same ratios, if you're doing a flip and everything is brand new than you probably don't need much for cap x, but if it's an old house needing repairs than that will likely need to be higher. Or if you're considering LTR and STR than prop. mgmt fees will vary greatly.
Good idea for the percentage row, I am going with LTR, thank you
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$3000 Closing costs seem a little low. Is any rehab required?
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Quote from @Malik Elate:
Quote from @Nathan Harden:
Okay, so if you're Househacking, why would you need a Property Manager....? You are the Property Manager.
Your analysis has 2 units that total out to $1800. But if you're Househacking then you need to take away the income for one of those units because you'll be living in that unit.
I don't see water, sewage or garbage either.
I read in the biggerpockets book to include property management in the event that I move out, I will add water and garbage as well
Even if you move out you can still self manage the property. If you have good tenants in place and have systems developed you can pocket that money monthly until you scale significantly. Then look into property management as needed. Just my advice.
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Quote from @Jake Baker:
$3000 Closing costs seem a little low. Is any rehab required?
I'm using down payment assistance, 3000 is what I estimate will be out of pocket after
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Quote from @Isaiah Lopez-Torres:
Quote from @Malik Elate:
Quote from @Nathan Harden:
Okay, so if you're Househacking, why would you need a Property Manager....? You are the Property Manager.
Your analysis has 2 units that total out to $1800. But if you're Househacking then you need to take away the income for one of those units because you'll be living in that unit.
I don't see water, sewage or garbage either.
I read in the biggerpockets book to include property management in the event that I move out, I will add water and garbage as well
Even if you move out you can still self manage the property. If you have good tenants in place and have systems developed you can pocket that money monthly until you scale significantly. Then look into property management as needed. Just my advice.
Ok yeah that sounds good, also to answer your other question, the first units rent is for a roommate, I can rent out of the rooms in my unit
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@Malik Elate how did this go for you? Did you purchase this one?
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Quote from @Tim Swierczek:
@Malik Elate how did this go for you? Did you purchase this one?
Thanks for asking, closing on a different place Saturday!