All Forum Posts by: Ben Forbus

Great advice, John Leavelle ! Really appreciate this. I'll start exploring my lending options and definitely seek out 30 year financing. That would be amazing! Do you have a recommendation for a lender?

Thanks John Leavelle ! Here is a better breakdown: SFH I calculated a 15 yr because I didn't realize that I could get a 30 year on a property that won't be my primary residence. Have you done this before? That would be incredible for cash flow! P&I - $295 Prop Insurance - $115 Insurance - $105 Interest rate - 15 years are running around 3-3.5% right now I believe Probably needs foundation repair (pier and beam) - do you know how much this would be? No other urgent needs. Comps - between $75-90

Happy Friday everyone! I'm looking into a couple properties around northeast Dallas, TX and I'm hoping you can tell me if I'm looking at my numbers right for one of them.  This would be my first deal in a rental property so I don't really know if I'm thinking of everything:

Purchase price: $55,000

Property Taxes: $1,350/yr

Insurance: Somewhere around $1,200 (***Too high, too low???)

15 year note with 20% down.

Monthly expenses: ~$515 not including M&R (probably around $575-600 if I just save maintenance costs each month)

Projected Rent Rate: $800

Does this seem like a solid start or should I keep looking?  Appreciate any advice you can provide. 

Welcome Corey! I'm right there with you in terms of having a lot to learn so I'm looking forward to following your experience.  Your analytical mind will be a great benefit for your long term success.  

Good luck!

The North Texas market is treating us well, @Shane Woods! Congratulations on the quick equity growth. We're enjoying that as well :) Enjoy getting rid of that PMI!

Thank you all for the welcome messages and great advice. Means a lot to me! Looking forward to staying in touch. 

@Joe Fairless I checked out your podcast and am now a subscriber.  Great work!

My name is Ben and I recently joined the community after listening to the podcast for the last couple of months.  My wife and I bought our first home earlier this year and we're hoping to rent it out after making some updates and educating ourselves on managing a rental property.  Looking forward to discussing real estate within the BP community and trying to add value where I can.  I'm in the North Texas area so feel free to reach out if you are as well because I'd love to hear your story.  

I'm not anywhere close to owning multiple properties, but in preparation for this goal one day, should I plan to have a certain number of properties before creating a LLC or does it make sense to create one whenever we move out of our first home and make it a rental property?

Appreciate the feedback!