All Forum Posts by: Amiris Brown

Sounds about right @Account Closed, thanks! Let me be clear, I'd only bullet proof it if I lived in it in case there were stray bullets that hit from a shooting behind the businesses that keep getting held-up and shot at on Rhoad Island Ave. For the most part, the houses on that same street are safer so to speak as they are not in bullet flying trajectory of the Rhoad Island Ave. businesses lol. In a car driving by during daylight my fiancé and I felt fine, even cruising in a Prius passing by houses with very old used junker vehicles lol. I would never step out near dawn or dusk though, not without body armor. If we were to live there, the Prius would paint a big red target on us as it would not fit-in among anyone else's ride, that's for sure. I'd rather this be a rental if it ever was sold at a better price that it is listed at now.

Got back home from the REI workshop, that's happening this entire weekend about an hour away from me.

Anyways, so I crunched the numbers on this house again less conservatively this time and without the bullet proofing cost.

These results still show that $174,900 currently being asked for is not a deal.

Observe here: https://www.biggerpockets.com/buy_and_hold_results/199093

 Again, can't tag while on my phone.

Exactly how I feel.

I'm now on my phone and the BP app and mobile browser can't tag people for some odd reason, so I am hoping quoting does the tags instead. As I am now attending a 3 day REI workshop at a hotel conferance room and didn't bring my iPad or laptop, just my smart phone.

Anyways, getting back on topic ...

OK, when I get back home tonight I will re-run the numbers less conservatively (this workshop does not end until like 7pm on these 3 days lol). I was told by fellow REIs previously as a newbie if I think something costs x, then I should double it so I have room for newbie errors. That is essentially what I did. In that case I would propose to only buy this house for no more than $120,000 still not at $174,000. Mainly also due to our max budget even with a loan is $200,000 for a property like this with such risk that will force us to have it as a rental instead of living there. I factored in our budget cut off too btw.

Like I said, especially since I'm a rookie, anyone is more than welcome to buy this property themselves and prove me wrong, and contact me about their cashflow of $100/m or more. I'd like to see it happen, I could learn something. Also, I'm factoring in rookie mistakes in my numbers too, especially with all the shady contractors here in my area who do **** jobs at full price costs, as I've never rehabbed a house before after all.

The cost of living in this area, the DMV, is inflated which makes labor and material costs sky rocket too compared to most parts of the country @David DuCille. For example, even food lol in central NC I use to pay $180 to $250 for the same amount of monthly organic groceries whereas here near DC it is about $1,200 a month. The same logic is true when pricing local contractors here. So who's numbers are wrong, hmmm?

Read the thread and run the numbers folks, at $174K heck even at $150K or $100K it will not cash flow after pouring money into it to get it rent-ready. It's not even worth the land it sits on lol (such a sad fate for a house), if we're still talking buy-and-hold by making it a rental.

Anyone is welcome to try to prove me wrong. Show me the numbers for your assertion though.

@David DuCille, true but they'd have to come down all the way to $50K or lower for me to ever even consider it. It needs work, even if the bullet proofing was left out lol. Currently it is listed at $174K not enough of a discount after everything is factored in regarding repair and renovation costs plus the vacancy rate it will still have.

@John Quiles, as I mentioned before it wouldn't cashflow as a rental until it was brought down to $50K and bought in cash at that price point lol. Not a deal either way it's sliced.

Ha, yes but you can't shower or fall asleep with it on @Matthew Stellas. I don't think I could even drive with it on as I'd insist on having a helmet too, if it was just a rental.