All Forum Posts by: Amr Omar

Bob Bowling , Actually, I did forget closing costs as well: Cap: (500x12) / (15k + 6k + 2.5k) = 25.5% Also... Does the 90/mo insurance include both mortgage insurance (since this is FHA) and homeowners insurance?

15k upfront repairs needed 6k down payment

Cash Flow: Income: 2400/mo Expenses: Insurance: 90/mo Taxes: 150/mo P&I: 700/mo Maintenance 10%: 240/mo CapEX 10%: 240/mo Property Management 10%: 240/mo Vacancy 10%: 240/mo Total Expenses: 1900/mo Cash Flow: 500/mo (125/unit) Cap Rate: (500x12) / (15k + 6k) = 28.6% Noob here, but based on these numbers, it looks like a really great, cash flowing deal!

@Nick Fitzpatrick & @Jim Young, thanks for your responses! Absolutely, I definitely don't think of duplexes when I think of Roswell and an initial search has only shown a handful of them being sold in the last year. I've seen a couple that have been sold in the 30075 zip code and would love it if another popped up soon!

Jim, looking to house hack and move in with my wife, so not sure if a single family would work for us!

Will reach out to you Nick and Jim, I'll let you know if I find something so I can get your feedback!

Congrats! Hope it works out for you and her!

@Vincent Crane, Chamblee may be a good option if you're able to find a deal there. I've seen a few duplexes in the area that are a bit overpriced at the moment, but have been listed for a few months... should be dropping sometime soon :)

Hi guys,

I'm looking to purchase a duplex near Roswell, GA +/- (30075 zip code +/- 10 minutes) in late July / early August of this year. House hacking seems to be the best way to get your feet into REI, so that's what I'm looking to do with this first investment. Owner-occupied FHA and wanting to stay under the $225 price point.

If you see of anything or know of any agents, please feel free to message me anytime!

@Matthew A.,

n00b here, but from what I understand, the 50% rule is just a quick estimator so that you can do an analysis in your head in under 2 minutes of whether to consider a property.

50% of the Gross Income (property specific) - P&I (investor specific) = Rough Cash Flow

Since you already have the data for insurance, property taxes, mortgage insurance, and estimators for CapEX, maintenance & vacancy... (i.e. you're beyond the 2 minute, quick analysis), you can discard it and use your more accurate numbers.

This n00b just got a good 40 minute education on the Atlanta market!

New target properties for rentals:

Pricing: < 140K all-in

Cash-on-Cash Return: 10% (based on 60% of gross yearly rent)

For rehabs & flips: Anything under the 140K price range

Shout out to @Parker Stiles for an awesome discussion just now!

Hey @Parker Stiles!

My ultimate goal is to hold rental property, however use rehabbing as a tool to help support that by bringing in the extra income. My father-in-law is an investor in Gwinnett and has been both rehabbing and renting over the past 10 years. I'll be working for him (not to mention learning from him too) by acquiring properties to flip in Cobb, whether that be through the auctions, FMLS, or via wholesalers. We're looking to acquire and flip 3 - 5 properties each year.

My goal is to acquire 10 SFR rental properties in the area by 2023. Would like for them to be priced in the 100 - 140k price range and rent from 1k - 1.4k/mo range. These are also the same characteristics we look for in a flip (minus the rent of course).

I'm not looking to be an active listing agent, however I'm looking to acquire my sales license for 3 reasons:

(1) Access to the FMLS.

(2) A good learning tool to learn more of the legal, financial and regulatory aspects of real estate.

(3) When we're in a seller's market and with a few more years of experience, the ability to list properties independently.

Would be open to any and all feedback :)