All Forum Posts by: Austin Cooke

I'm currently renting the top unit of a 1900 duplex. My landlord lives in the unit below. Saying he's strapped for cash is an understatement. He wants to sell me the house and I really want to buy it. The house hasn't been maintained properly for years and is going to need A lot of work.

Ive gotten approved for $200,000 standard 203k loan and $250,000 fha laon.

I believe

ARV: ≈$200,000

Repair costs: ≈$70,000 ( contractors coming out next week for bids)

Potential rent: ≈ $2,000 a month

Given:

Wants out of the house asap

Landlord has no to little income.

Health problems gives him a small amount of disability

Owes about $90,000 on his mortgage.

Needs a place with less steps and easier to maintain.

This would be my first investment property, buy and hold rental.. I'm new to creative finance but understand how most of it works. Just not how to sculp a deal using it for a given situation. Should I use some other forms of financing other than the 203k? I do not have $70,000 for repair costs which is what took me to 203k.

I have heard all the good about the BRRRR strategy. I'd love to hear some of the bad. Especially in today's markets with renters not being able to afford rent and air bnb booking contracting from nearly 600,000 booking a week in the US, to roughly 100,000 as the current pandemic weighs on travel and employment. Numbers sited from- ( https://www.zerohedge.com/personal-finance/holy-god-were-about-lose-everything-pandemic-crushes-overleveraged-airbnb ).

I am hoping to use the information or "horror stories " in this forum paired with the good stuff that I've learned to give to my girlfriend so she understands what I'm getting us into.

To my fellow bigger pockets folks that are feeling the repercussions of the current state of our economy. My prayers are with you. We will come out stronger than before. Let's use this as a learning lesson for generations to come.

@Aaron K. Thank you.

Do you have a trusted place to look and track real estate trends? Home sales fell by 15% in march 2020 and I want to be able to watch it weekly instead of monthly. If I had to guess I just have to keep looking at housing prices in my desired locations.

It would be nice to be able to see which states are getting hit the hardest because I'm not against long distance investments.

@Austin Cooke I have to apologize for my grammer. I am writing this with one eye open.

My mind is always thinking real estate before bed!

Would it be worth a pay cut to work to work for a property management company before I invest in my first rental property. Thus gaining the experience and knowledge of the field. This wouldn't be so I could manage ALL of my properties but to know the ins and outs so I can manage my property managers as well as manage a handful of my properties.

One side of me says to do it. The other says just make sure I work with a good property management company.

THANKS!

Not to far. I'll look you guys up. Thanks for the tip!

Hello, I am from Belleville MI. About 15 minutes from the Detroit metro airport. Are there any local meet up groups I can join in on?

I have found an app on the google play store(android) I dont know if its available for apple but its called "dealcheck" and its FREE. I have used it to run some numbers on cash flow and have found it easier to navigate and enter numbers vs the BP calculator. I know easier isnt always the best option especially if its becuase its not taking certain cost into consideration ect. I was wondering if anyone else has used this app and if not if they would try it out and see if it does the same thing or if anyone else has a free calculator to use.

Thanks

@Dan Gamache investment