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All Forum Posts by: Aaron Kelly

Aaron Kelly has started 5 posts and replied 16 times.

Post: [Calc Review] Help me analyze this deal

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6
Quote from @Clayton Plummer:

Aaron - 

Help me clarify the type of loan your looking at:

FHA (3.5% down payment - but you have to live in it), or

Conventional investment loan (25% down payment - rent out all four rooms)


Hi, the loan will for FHA loan for 3.5%. Right now I am still searching for Home Possible Loan by Freddie Mac with 5% and flexible PMI (so, it won't be lock for the entire mortgage), so far none came up.

Post: [Calc Review] Help me analyze this deal

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6

Hello, I had been search for a fourplex around within Austin and found one. However, when I ran a calculation based on BP's rental property calculation, the results show so massively negative cashflow due to high mortgage amount, the interest at 6.5%, for FHA loan. According to Zillow's estimated data, it is about a $4,000 total expensive using a base 25% downpayment. With rental calculation, it tells me that the total cashflow is about negative $2,000 per monthly. Since the rental income is not detail in Zillow, I used a rent estimator from google and they tells me the rental is about $2,600 from all 4 units. I am bit confused.
So, I would like to expands my limited experience and with calculation by ask here what is correct calculation process and after result is show, what will be ideal moves about this fourplex? The property is attached below.

Address:

6420 S 1st St, Austin, TX 78745

https://www.zillow.com/homedet...

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Post: Found some properties looks comfortable for rehab, look for connection

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6

Both are located within Allegheny County, around a few miles east from Pittsburgh Downtown. I also received some dm from other said the the rehabilitation is not worth for first time homebuyers, or someone who is planning househack. They explaied that both properties are fully gutted off so the only option you could purchase and rent from them is to do a full renovation. Based on my financial budget at a max of $40k, I assume it is true that is not worth my time if I am planning to do a full renovation with both of these properties.

Post: Found some properties looks comfortable for rehab, look for connection

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6

Hey BP, I am a new investor and had been search properties while be exciting about my first time buying home for this summer.

However, from search on the way to Pittsburgh which is my location right now, I found some properties looks so completely gutted out of from the inside and include basements. But the best thing is that their costs (purchase, mortgage, some interests combined) looks so affordable that I can even do more than 20% downpayment + rehab together to fix them up and hold. 

Since this will be my first time to start before actually do a rehab project, I would like to ask for opinions about go ahead do a rehab for a first time project or just focus on only turnkey properties from other locations.

if rehab is a good to go: I would like to look for a connection for some educations with an "apprenticeship" idea, for contract, design, and knowledge about the estimate cost for total rehab. Or, we could discuss more deep here for others to learn from this.

Here is the detail:

First properties: a multi-family type with 5 bedrooms (number of bathrooms is not in description)

Purchase price: 35k

downpayment (20%): $7k

Second Properties: Quadruplex property, description is too barely by "Not too late to own a piece of the Hill"

Purchase price: 50k

Downpayment (20%): 10k

Post: First Time Home Buyers - Home Possible/Home Ready vs FHA

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6

Excellent Guide! I love it when I just finally reach the information what I actually needed for, as being a first time home buyer who recently interested in FHA for a while.

Post: House Hacker's Happy Hour: Tax Benefits of RE Investing

Aaron KellyPosted
  • New to Real Estate
  • Cleveland, OH
  • Posts 16
  • Votes 6

Hi Mr. Craig,

Hope the meeting is available for join in virtual?