All Forum Posts by: Chris Seveney

I would recommend adding 20% onto the estimate as contingency for construction, carrying costs for delays etc

Also check how long Homes are on the market and be sure to account for the costs associated with selling a property 

in order to prove a mechanics lien they need to be a contract in most states .  also more than half mechanics lien filed were improperly filed and do not include the proper name address and information for what is required .  While  anyone can file a mechanics lien you can request that it be dismissed. Also if they do not act on the lien within a certain period of time it becomes void

if this were me I would not do this deal. I'm curious if there are any HOA fees and you also did not include any capital expenditures . Unless this is an area that could experience very high appreciation many better deals out there

are you going to manage the property by yourself? if you account for PITI, a property manager and capex your Numbers will change greatly. One thing many people forget about capex Conness is it is not only a roof my boiler, it could be windows, appliances, flooring and many other things.

if it's an A neighborhood and has some potential appreciation might be worth it. One thing I focus on as well is what repairs are needed. Many people miss the boat on this and are spending $5k on an Hvac system or $7k on a roof after a few years. That can wipe out your profits. I have had that included to be replaced (and in one instance would increase price for it) as then your financing it and not cash out of pocket

Note i am a cash flow - buy and hold investor.

with negative equity walk away. What if he market softens and prices go down. Your stuck with the house. In essence your buying a house for more than it is worth 

atleast the question wasn't can someone find me a house and money so I can buy investment property. 

yes.

has anyone else had issues with the app on iPhone recently. I can open the app and see forum posts but every time I try and open one it crashes.

I have looked at some properties in the area but have not done anything as they were somewhat in between the fact that they did not appear to have potential for high appreciation but also the ratios for rentals did not work - curious as to others thoughts in the area