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Updated about 13 years ago,

User Stats

23
Posts
6
Votes
Will Murphey
  • Residential Real Estate Agent
  • Phoenix, AZ
6
Votes |
23
Posts

Please help analyze post deals I have done recently (new investor)

Will Murphey
  • Residential Real Estate Agent
  • Phoenix, AZ
Posted

Please help me take a look at 3 deals if have recently done. I am new to this (Just started 5 months ago.)

Deal 1: 2 bedroom 1 bath. (Questionable area of town. Paid $16,500 cash ,rehabbed a bit with new carpet, new roof, and exterior paint. Total cash costs in this property is $22,400. I just rented it out last month for $661 on HUD. On MLS comps seem to be a about 30K for a like property. I have a property mananger in place paying 10%. My taxes are $387 annual and homeowners insurance is $473 annual.

Deal 2. 4 bedroom 2 bath. (Decent are of town, close to elementary school. Paid $37,500 cash ,rehabbed a bit with new carpet, new interior paint, new titled kitchen and a few cabinets, new gutted tiled bathroom, new vinal floors in other wet areas. Total cash costs in this property is $47,431. I just got it finished last week. On MLS comps seem to be a about 80K for a like property. My taxes are $1116 annual and homeowners insurance is $907 annual. I could either rent this for about $1100 a month rent or just flip it. Not sure what to do.

Deal 3. 4 bedroom 2 bath. (Decent are of town, close to a High School. Paid $52,196 cash ,rehabbing it now and hope to be done in 30 days with a total cash cost for the fixed up property at 55K. On MLS comps seem to be a about 75K for a like property. My taxes are $950 annual and homeowners insurance is $609 annual. I could either rent this for about $1100 a month rent or just flip it. Not sure what to do just like deal 2.

My main concern is this is about 75 percent of my cash that I have used up by paying cash for these properties. I have an 840 credit score but lost my job about 1.5 years ago, so my income is just limited to the rent on deal one and a small VA pension that pays my living expenses.

Please any input would be appreciated.

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