All Forum Posts by: Amber Stout

Hey BP Fam! 

I hope you're all having a wonderful Saturday! I am in the Tampa area and I am actively looking for a duplex or triplex. I'm planning on living in one side, renting out the other for the first year through an FHA loan. After 1+ year, plan on potentially refinancing, and duplicating. When I'm running through the numbers (I'm running them as though both units are rented out), the cash flow is typically negative or if it is positive, it's less than $100 a door. One of the main reasons being is that I'm planning on financing through FHA / 3.5% down. Is there alternative criteria I should be going by since I"m planning on living in it for a year and using FHA. What would the metrics be when analyzing an owner occupied deal? Any advice or links in the right direction would be greatly appreciated.

@rickstout read over the comments as that should help

Hey Bigger Pockets! 

I am eager to find my first REI property. I'm specifically looking for a duplex/triplex in the Tampa market. My strategy is to utilize the BRRRR method. I am also considering learning wholesaling considering that will help me acquire capital faster than just having my M-F sales job while also learning more about real estate. I am grateful to learn from all of you and teach as I learn. If there's anyone reading this from Tampa, I'd love to meet up and connect!

Amber 

 Hey Aly. I have recently come across Trenton as a market to invest in for cash flow due to low housing prices vs rents. In researching, I came across the Trenton thread in which you posted. I do still need to do my own research and due diligence, however, figured I would reach out to you. What has been your landlording experience in this area? I know it's definitely a bit rough... I wanted to see if you thought it is worth it?

Thanks so much, Aly. I appreciate your time. :)

Amber

@Mark Gallagher

 At this time, conventional is not possible. You are definitely correct that the numbers would work out much differently. 

@John Thedford

Thank you for your insight. I did not check the property records but I've also decided not to further assess the property. I appreciate your help as it has taught me a few things I did not know before I had posted. :)

@Jay Kiehn

 Thank you for your advice. Monthly obviously does make more sense. and maintenance/vacancy.

@Robert BreenRobert, Thank you for breaking that all down for me. It was one of the first times running the numbers so it's so helpful having someone more experienced rerun the numbers. I appreciate you taking the time and your advice as well.

@Patrick L.

 You're absolutely right. Thank you for your advice. 

@Bob Mireau Thank you for your advice, Bob. I appreciate any advice I can get. :)

Hello BP,

I am in the process of analyzing a deal and need some guidance. The property is in St. Petersburg, FL and is a duplex tenant occupied month to month. Everything in the home has been renovated a year ago and all is updated. 

This property would be owner financed with 15% of the sale price $130,000 at 8% amortized over 30 years making it a monthly payment of $810.

Total rents is $19,200

Water/Sewer/Garb. $1,300 last year
Insurance $1,627
Tax $640

Tenants pay electric, cable, etc. on their own. 

Although I have not analyzed many deals... based on the 50% rule alone with the $810 mortgage payments, the numbers don't appear to work out great.

Great post and congratulations on your first flip. The updates/renovations do look amazing! :) You'll make some profit on your next flip... thanks for the motivation and honesty!

@Toyin DawoduThat's some serious advice. I went and looked at a property today after reading your post so thank you for the motivation. :) I will continue to take your advice and reach out to sellers and that is a great idea for conditioning asking for 50%. Thank you so much, Toyin.

@Toyin Dawodu Great advice. I appreciate the advice and needed it, actually. Thank you for your post as I will do just as you advise and contact a seller today. Thank you so much for making my day.