All Forum Posts by: Adam Weitzel-Leishman

Hey Brian,

Still in the research phase myself, but I had a few questions;

1) Would you go FHA with this and live in one of the units? If not, your downpayment would have to be around the 20% mark if i'm not mistaken, and your a few thousand off with your numbers.
2) How did you come up with $3500 closing costs for a $500k home? This seems a little on the lower side to me (I could be mistaken)
3) a 6.9 cap and $300+ cash flow for a half million dollar property seems very low to me. If that's your market, I would suggest looking elsewhere in the country. 

That's just my very inexperienced take, not meaning to offend!

Thanks

Craig, just wanted to thank you for giving me the kick in the rear that we needed. I didn’t think about the fact that someone would be paying 12 months of our mortgage for us, I was just focusing on the short term. I guess it’s easy for one to be emotionally fearful when the risk is a home you love vs. one you buy for investment.

I have a good paying job, and my wife is working part time towards a masters degree. The goal would be to save enough for one or two rentals to kickstart my investment career, which would be a probability, provided nothing horrific happens to our home.

Hey all! Looking for some advice, because the wife and I are at a loss right now! We currently own our home and have done for just a couple of years. It’s a 3 bed, two bath ranch with full basement in a good school district in Lancaster PA. The neighborhood is great, never had any issues whatsoever. House has about .3 acres of land. We have an opportunity to move into an apartment rent/utility free. That would mean we could rent out our house - but we didn’t purchase it with an investment in mind and our payment is pretty significant. We currently pay 1145 in PITI, then about 6-700 in other bills most months. The rent for the house would be around 1200, 1300 if we’re lucky. I have a taxing job so not looking to manage it myself, so we would lost 10% of that off the bat. Essentially, we would lose money on the house, then risk all the greatness that comes with renting on what we would like to be our home for a considerable amount of time. Goal would be to move back in within a year or two after saving and carry on as normal. We’re just not sure losing money on it is a great idea. Thoughts? Thanks!

Hey Evard, I’m not by any means an expert, but I believe the common practice is to develop a relationship with an individual and offer to serve them in some way, so that it’s a mutually beneficial transaction. Putting a generic statement out asking if you can shadow won’t necessarily get you the results you’re looking for. Just my 2 cents!

I just started reading Brandon’s book on financing and I’m finding it a great read. ‘the book on investing in real estate with no money down’. I just finished the book on investing in rental properties and I have the management one too. Very informative.

Yep. Not sure why anyone would forego a buyers agent if they don’t have a license themselves. The seller pays the broker fees and you essentially have nothing to lose. Develop a good relationship with an agent and they will help you find deals.

Thanks Jack, i appreciate the insight! 

Thanks for the reply, Jack! What kills the deal, just fact that it's 100 years old, and needs a lot of work? And thanks for the comp, i actually looked on craigslist and saw a bunch of 3bd, 1 bath rentals for 900-1000, so that's where i got my 950 from.

Hey All,

I recently watched the webinar on analyzing a property, so i thought i would give it a go in realtor.com. The property is close to where i live, but looks like needs a good ol' renovation before being ready, so i thought i would give the BRRRR calculator a go.

The property is here; https://www.realtor.com/realestateandhomes-detail/...

Here is the calculator; https://www.biggerpockets.com/brrrr-calc/550487

My questions are - how far off was i? And also - the taxes look like they would be more than the P+I payment after the refinance, is this normal in some areas/properties? It looks to me like it would be a terrible deal even with the low cost of the home, unless i'm incorrect in some of my estimations.

Thanks! (And feel free to call me a complete moron after seeing the info i put in the calc! Ha)