All Forum Posts by: Ben Dean

Brad Boni in Aiken is excellent 

Interested in Aiken and Lexington

Here’s my 2 cents

The mortgage looks good. Anytime you can keep the monthly cost to less than 50% of your rent, it’s good. Particularly for a 15 yr note.

The expense ratio seems too low (~23%). With no new management costs and just county taxes (I’m assuming it’s not in the city), that will help keep the expenses down.

Although, double check your taxes and insurance. They seem a little low.

Are you renting the mobile homes (or is it just lot rents)? How old are the homes? The maintenance and cap ex also seem a little low. But you can use your current portfolio as a good gauge to this amount.

Although, even if you use the 50% expense rule in the report, you’re still clearing ~$400 per month. Basically a minimum of a 20% cash on cash. That’s a pretty good deal, at worst a 20% coc with a lot of upside.

Nice find. 👍

@Reggie Rearden

Here’s a summary of closing costs for a deal I recently closed, although it was a financed deal. I separated out all the costs associated with the loan and ended up with ~$950 in closing costs. This included attorney fees, title insurance, binder, and search. This did not include underwriting fee, points, or appraisal fee.

@Reggie Rearden

Welcome Reggie. Sounds like you are off to a good start. I’m in Aiken also looking for SFHs. I’m new to this too. I’ve got a couple rentals and looking for more.

I liked your other post about trying to find ways to gets your kids educated about real estate. I gave my oldest (high school senior) the book Richest Man in Babylon. It generated good discussions and teaching points.

If I can help in any, let me know. Good luck.

@Reggie Rearden if the ARV is $60k-$90k and the rent is $500/mo, I'd say the ‘greatest value' would be in selling. If the rent was a little higher, ~$750/mo, it might more of a toss up.

I’ve got a rental in Aiken that is in the category of a toss up. Since I’m trying to build a rental property portfolio, I’ve decided to keep it, instead of selling. This fits my long term vision and goal.

If/when I find a property that makes more sense to flip/sell, I’ll just add the cash to my account and use it for future deals.

@Parker Collins hello from Aiken. Have my first rental purchased, rehabbed, and rented. Now looking for my next deal. Looking for SFH and small multis. If I can help in any way, just let me know.

Welcome Miranda! I’m in Aiken too. I’m fairly new to this but would be happy to help anyway I can. Good luck. 

@Andrew R. Lucas

Great. Thanks for the heads up. I’ll have to get up there soon

@Tyler Stuart

I’m interested in a meetup on the South Carolina side of the river. I’m a new investor and looking to build a network. Just let me know where, when, and how I can help