All Forum Posts by: Anthony Heatley

Hey @Tracey Hill! What are MFH going for in the DMV? My cousin just moved from DC to Houston and has been loving the the change in lifestyle and cost of living. Coming from Orange County, the averages prices in the south look a lot better but DFW is really hot right too! I'll keep in touch as I learn more about the market. Keep me updated on your house hacking situation!

Thanks for your input @Ronald Rohde I guess I was just moving a little fast. 

That's a great point @Chinmay J. I think I was just trying to skip steps and avoid the obvious or something. Thanks for your input.

@Ryan Blake

Thanks a lot for the advice, Ryan! As a newbie, I'm not totally sure which things are or aren't kosher in the REI business and I didn't want to be one of those guys that seemingly didn't get the memo. So I appreciate the insight and actionable suggestions.

1) I understand the instruction here and I'll reach out to Andrew for more info.

2) I recently saw an article about Series LLC so I'll have to take a closer look and contact Ronald for more advice.

3) I completely understand and thanks for another referral!

4) Thanks again for the referral and I'll definitely send you a message for the contact info. 

Wasting people's time is the last thing I want to do; which is why I decided to reach out in the forums instead of approaching individuals asking for their time and expertise without me actually being in a position to do business with them. So again, I really appreciate the step by step advice and referrals, Ryan.

@Dan Barli I've done a member search before, but I was told that it's better to get some referrals from other people here on the site. I definitely plan on seeking out a REIA once I get to DFW next week. Thanks for the advice!

Good evening everyone,

Can anyone recommend a quality REI attorney, broker, and or contractor in the DFW area? I'm trying to put together a solid team and I'd really appreciate the help. I'm interested in buying and holding SFH & MFH, possibly with an FHA loan for the right MFH. So professionals with experience in these areas would be ideal.

Thanks in advance for the help!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Good evening everybody,

I watched the Newbie webinar today and Brandon mentioned that the single most important skill that needs to be mastered is deal analysis. I took advantage of the discount code and upgraded to pro so I could practice using the calculators as much as I need to. 

I found a foreclosed home that interested me and decided to run the numbers on it. I had to edit the report 6 or 7 times; playing around with the numbers and learning how properly enter all the data.

A realtor that I met on BP (don't know if I should name drop here) advised me that the ARV would be about 130K and that it would rent for about $1,100. 70% of 130,000 is 91,000. My repair estimate number ($28,000) was completely arbitrary, assuming that the house didn't need any extreme repairs. I have no idea what an average rehab costs but I've heard Brandon Turner mention a range of 20K-50K throughout various YT videos and podcasts.

(80000 hard money loan)

-------------------------------------

91000 refi loan amount

-28000 repair costs

-------------------------------------

63000 max purchase price

58000 starting offer

Once I found this number, I plugged in what I thought to be all the necessary numbers and generated the report. I don’t remember what all the initial numbers were anymore, but I’m pretty sure it cashflowed about $24 after refinancing, and after accounting for the 50% rule. But as I was going through each section of the report, I couldn’t make sense of certain numbers. As I worked backwards, I realized that I didn’t understand how to enter the info properly to describe the terms of the hard money loan. Then I realized that I had to get actual example numbers for a hard money loan. So I found one on BP and used their calculator to see what a loan would cost, then I figured out how to properly enter the data in the calculator. Needless to say, the numbers changed. Once I saw that all the necessary numbers were in place and they made sense. I decided to see what purchase price would make this a better deal. I worked my way down to $52,000.

Following the 50% rule, the property would cash flow $62/month and we’d have $0.00 in the deal after refinancing. I realized that during the initial rental period (12 months before refinancing) that property would be cashflowing negatively ($152/month). So my question here is, is this normal? Or is this an indicator of a not so good deal? Another thing I don’t completely understand is the holding cost. How and why is it $3,127.60?

I’d appreciate any comments or corrections on my analysis. I’m just trying to get a grasp on each concept of the process and calculator.

@Neil Aggarwal Thanks, Neil! I got the feeling that Dallas is expanding rapidly and the supply is dropping while demand continues to rise. I won't get discouraged though! It just means I have to work a little harder to find the deals.

Good evening everybody,

I recently got interested in REI and shortly after found out that I was moving to the DFW area. I figured I try to be proactive and start trying to learn as much about the area as possible. I would love to talk with realtors, brokers, landlords, and real estate attorneys in the area. The real estate niche that interests me the most is buying and holding multi family rental properties. I'm currently in the process of figuring out what my financing options are and how much I can afford. I also want to start putting together a solid team with whom I can support and rely on consistently. If any of you could make some recommendations, I'd really appreciate it!

I've been reading a lot of REI books, listening to BP podcasts and reading blog posts. This is my first time really exploring the forums but every time I read something here, I learn more. Can anyone think of something that I should be doing but haven't mentioned here? Things that I should do before moving forward?

I don't know a whole lot about REI but I'm glad to help any of you in any way that I can! I really appreciate the BP mission and community and I'm excited to get started!