All Forum Posts by: Andrew Galeano

Bill Walton how can I contact you?

So in theory I can buy 3 investment properties @ 20% down payment and say , a year later, purhase my primary residence with an FHA (3.5%) down

Interested in any responses to this post also. I live in NYC and would love to use a FHA 203K loan for my primary residence

Can you purchase Investment properties and then purchase your first primary residence using an FHA loan? Or do you have to use your FHA loan before you buy and investment properties?

Hey I was wondering what would be the best way to network with some private Lenders. I have been Pre Approved for a mortgage amount of $450,000. I have come across a few rehab deals but with the purchase and rehab would cost more than what the Mortgage loan offers. Any help please? Thanks

Deal analysis List price: 29,999 House details: 3 bedroom 1 bathroom Avg rent: 850-950 EXPENSES: Monthly taxes: $47 Insurance: $75 P&I : $111.83 Repair : $45 (5%) Vacancy: $45 (5%) Cap ex: $45 (5%) Mgmt: 90$ (10%) Garbage: 40$ Purchase closing costs I put at 3,000 ** And repairs I put at 8,000 (completely guessed as I was going off of the images of the outside and inside of the house) I ran the numbers and seen a 28% cash on cash return With a $398.00 cashflow. I have never done a deal before and I am very nervous to jump into this which I assume is normal. I understand the true value of the repair cost is most likely what is contingent on this deal being a good deal or bad deal. Just wanted to know what everyone on BP thinks and what should be my next action step. Thanks everyone appreciate all your help!!!

Thanks I will increase the cap ex to 10% very valid point and re run the numbers

Thanks! I will look into the deferred maintenance!

Deal analysis

List price: 29,999

House details: 3 bedroom 1 bathroom

Avg rent: 850-950

EXPENSES:

Monthly taxes: $47

Insurance: $75

P&I : $111.83

Repair : $45 (5%)

Vacancy: $45 (5%)

Cap ex: $45 (5%)

Mgmt: 90$ (10%)

Garbage: 40$

Purchase closing costs I put at 3,000

** And repairs I put at 8,000 (completely guessed as I was going off of the images of the outside and inside of the house)

I ran the numbers and seen a 28% cash on cash return With a $398.00 cashflow.

I have never done a deal before and I am very nervous to jump into this which I assume is normal. I understand the true value of the repair cost is most likely what is contingent on this deal being a good deal or bad deal. Just wanted to know what everyone on BP thinks and what should be my next action step. Thanks everyone appreciate all your help!!!

I ran the numbers for a property I possibly want to get into. Just so nervous as Ive never done a deal before. The numbers show that its a good property. As far as I can tell. Its listed on Trulia. I used the Rental analysis property & got a return of 28% Cash on cash return with 17,000 dollars needed. I was considering a buy and hold with 20% down. Im really nervous and dont know what other steps to take from here & I also dont know if I ran the numbers correctly. Please any help on this would be well appreciated. I know the cash ROI seems high. I think its because i just put a rough estimate on repairs. I put 8,000 in repairs but i havent seen the property in person yet. Listing price: 29,000 Rent estimate: 850-950 for 3 bedroom/ 1 bath Thanks alot guys!