All Forum Posts by: Bevin Bankston

Good afternoon BiggerPockets,

I just had an offer accepted on a home in Rhode Island. In the past I haven't done much in the way of negotiations after the inspection. I feel as though the more the market is changing the more a seller will not want to go back the the drawing board with offers. Is now a good time to start asking for more in concessions? 

For context: This is a 4 family with 4 newish heating systems and an architectural roof. The seller selected "Unknown" for everything in the sellers disclosure and the inspection will be tomorrow. I know there are some issue with the foundation. 

 Good morning Dias,

I would advise you to reach out to a CPA as they will give you the best advice. To file something like this anyways you will need the help of a CPA. If she has lived in the house for 2 out of 5 then what you have described should work. 

Another way to avoid capital gains would be to use the 1031 Exchange. That is only helpful if you are interested in purchasing another home. This allows you to roll over any profit you made from the sell of one house into another. There are many rules on this so again I would advise you to speak to a CPA. 

Lastly, I am an Investor in Rhode Island. I am always looking for off market deals. If this is something that you might want to seller finance (You become the bank and make 3-4 percent to loan value). Or sell quickly as the market is changing then don't hesitate to reach out. Best of luck!

Cheers

I appreciate your time deeply. I have revised the break down to include the costs in a more detailed manner. I will take any guidance and criticism as I am learning. Thank you, Please see link below. 

 https://www.biggerpockets.com/...

I will be laying the floors myself. And painting myself/team to reduce costs. I have about a month of free time that I can make that happen.

As for the expenses, I typically run with the 50% rule. So I would be putting aside 50 percent of rental income for everything to include long and short term expenses.

However, I do see the importance to break that down in the P&L.

As for utilities all separate and the property will be self managed.

The inspection will be happening if we go under contract. And there is no knob and tube. New heating, with a new roof.

Good Afternoon,

The property listed below is going highest and best on Wednesday. It is currently listed for 459,000 but I expect to enter a bidding war. Even at 475,000 I can see this being a great property. The numbers look very good for me and I would love to hear what you have to say.

This will be my second property. This time I will be using a VA loan to acquire the house. And personal funds to bring the house to market standard rents with new floors/paint. It is a 4 family which in the area should net in the ball park of 1800 per unit.

I plan to go in do the repairs and raise the rents to standard and hold through the coming years. Any advice will be appreciated deeply.

Thank you in advance, The break down is below

https://www.biggerpockets.com/...

Very Respectfully,

Bevin Bankston

Good Afternoon,

The property listed below is going highest and best on Wednesday. It is currently listed for 459,000 but I expect to enter a bidding war. Even at 475,000 I can see this being a great property. The numbers look very good for me and I would love to hear what you have to say. 

This will be my second property. This time I will be using a VA loan to acquire the house. And personal funds to bring the house to market standard rents with new floors/paint. It is a 4 family which in the area should net in the ball park of 1800 per unit.

I plan to go in do the repairs and raise the rents to standard ands hold through the coming years. Any advice will be appreciated deeply. 

Thank you in advance!

Very Respectfully,

~Bevin Bankston

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