All Forum Posts by: Drew Barrett

This is very late to the game on this thread, but for posterity's sake: regarding this question it might be helpful to look up Fannie Mae 1038a - it appears to be the worksheet used in conforming mortgage applications to ascertain actual rental income, for Debt-to-income calculations. Obviously though, I'm not an accountant, so talk with yours before making tax related decisions =) Good luck!

@Nick C. and @Joshua Janus - thank you both, very much!  

Hello Everyone,

Regarding creating my entire deal funnel, could anyone give me any feedback/advice, please? My goal is to emulate the model set forth in podcast episode 332, with Adam Johnson and Brent Moreno. However, they are wholesaling stars, and I’m merely hoping to start with a handful of fix/flips a year, and thus would like a parsed down version of their machine. Here’s what I have so far, but I need to trim even more off to help reach my budget goals, and that’s where I need the advice – what can be trimmed now and added back in later, and what really needs to stay upfront to get and keep the deals coming in?

1) Generating lists – REI pro or ProStream

2) SMS – IRIO

3) Cold Call Follow up – Mojo Dialer or RedX Storm Dialer

4) Mailers (REIPro or Propstream)

The above 4 will be managed/received by:

-CRM (RealEstateinvestor.com, or Ixact Contact)

-Website – Lead Propeller or Investor Carrot)

With the basic features of the above services, I’ll be spending around $700/month, and I’m really hoping to get it down to $300/month. Or do you feel like that $700/month is absolutely worth it, and I’d just be wasting my time trying to cut things out?

Thank you all very much, for any advice you have!

Hi Josh!

I'm also in Kelso :). I want to "second" what Brandon said about jumping into the community here.  All of the information, as well as encouragement from Bigger Pockets has made a HUGE difference on my real estate investing.  So: best of luck man! Feel free to contact me if I can ever help with anything :)

Thanks so much for your input, everyone! I couldn't do this without y'all =)

Hi y'all,

I bought a small SFH in Washington state last month, well, the weather here at time of writing has been very windy, and one of the trees in said rental's back yard had a branch break off and fly probably about 50 feet, and damage the neighbor's car - put a big 'ol dent in the the hood. I learned of this when that neighbor approached me last week, and brought it to my attention.

Now, my tree isn't anywhere close to his car (although it is a ridiculously tall tree) but the damage clearly isn't my fault, because the tree's not even near his car (I'm pretty sure it's an act of God).  However, I feel bad for the guy, and am thinking about going in and paying for half the repair, or something like that....however, I'm a newer landlord so I wanted to run this idea through the public consensus, just to see if you guys think it's a bad idea?  Like, if I give him something for an issue that's not my fault, then could I somehow be inadvertently claiming responsibility and thus subjecting myself to future liability?  I don't think this could happen...but you don't know what you don't know, so I thought I'd ask.

Thanks so much for any help! 

-Drew

*Bottom story, lol

Hi Y'all,

Quick question - I'm thinking about buying an investment duplex in the Bonney Lake, Washington area.  What's up is that this duplex is huge! Each side is 3 stories, and 1800 squr feet - 4 beds, 3.5 baths, and a one car garage.  I'm thinking about renting the bottom floors out separately (they have one full bedroom, full bathroom, and the garage (which would likely be converted to a livable space ).  I'm probably not going to be actually walling the bottom floor off, I'll just lock the door or something, so the bottom floor would still be the same address and stuff - do I need a specific type of rental agreement for this?  Is this subletting/renting a room?   Also, it might be some time before I actually get kitchens installed - so I'd probably just put in a fridge, microwave, hotplate,  - anyone see any issues with this?

Once again, thank you in advance for any help!

-Drew

@Chad D. @Account Closed ,

Thank you all very much for your input on this! It means a lot to me that you'd take that time to help me out :)

-Drew

Hi everyone:)

I wanted to get your input on a property - it's a Duplex in north Kelso. It's a foreclosure property, being sold by Fannie Mae, for $156,000...its on a private lane, that's off a dead end-road. My agent said both units would rent for $900, but I'm calculating $800/month to be safe. It's a townhouse style duplex, with each unit being 1030 sqr ft, 2 beds, 1.5 baths, vaulted ceilings, small fenced yards, big 1-car garages, and fireplaces. It looks like the bank put in new floors, paint, fixtures, and appliances (those all look new, anyways). The mortgage (w/PITI and PMI) will be just under $1100, so that's $500 a month income (if both units brought in $800), then I'm setting aside $200 a month for repairs/capital expenses, and $160 for vacancies. So the cash flow would be $140(which isn't great). However, there's a good chance I could get $850 a unit, plus in a few years, I will refinance it, and drop the PMI, which would reduce my mortgage payments by $170. It's not in a flood zone, and I have inspection and financing contingencies in place. This would be our first property, and I want to get everyone else's input: do the numbers sound like a decent deal? Also, am I missing anything?

Any input, advice, or thoughts are VERY appreciated!

Thanks so much!

-Drew