All Forum Posts by: Ben Crego

Hi folks, my wife and I just put our first single family investment property under contract. We live about two hours away from the property, but we have seen it and have a strong support network where the property is located. We are strongly leaning toward self manage, while paying family to be onsite when necessary.

Here’s what I have on my checklist so far. Am I missing anything?

1. Home inspection: Thursday
2. 
   Mortgage application: underway
3. Insurance: agent contacted for insurance and umbrella policy (home is going in personal name for more competitive interest rates).
4. 
   Cleaning pre-tenant: TBD
5. Repairs: none that I’m aware of yet
6. 
   Tenant screening, management, and rent collection: either Zillow or cozy.co and will do credit, eviction search, references (personal + past landlords), income verification, plus zoom interview. A family member will show the house. Will require first, last, and one month for security deposit to move in.
7. Maintenance for miscellaneous tenant calls: TBD

Hi All, I am trying to get a handle on analyzing deals.  I live in a pretty expensive market so this property caught my eye.  Obviously there is no address on the photo so I basically took the one picture and description at face value and then assumed the lister exaggerated comps and rental value and under estimated repair costs...  I'm also assuming the property is in a decent area (not great, not bad) and that they'd sell lower than they listed.  The property was already locked down when I reached out to the lister for an address...

I pulled the attached worksheet from Biggerpockets but then added tabs 2-4 to try and get a handle on expenses.  I think I overestimated costs and built in a buffer but who knows.  I assumed new roof, windows, doors.

So, would you consider this property?  Here is my cost breakdown.  Think I am missing something?  https://www.dropbox.com/s/y8fi...

**Note, I am just analyzing this.  The project looks daunting and well above my comfort level (and my wife's).