All Forum Posts by: Blake Washington

This is an amazing itemized breakdown.....

Hello Again BP Community,

I am seeking a R/E attorney to assist with reviewing my purchase and sale agreement's for my first investment opportunity. 

Any recommendations?

Any advice or referrals would be much appreciated.

@Aziz Bangurah

Congrats on acquiring your first rental property. I bet you were ecstatic during your closing. I myself is a fairly new investor in the GA. market. What type of property did you buy and how were you able to buy it? Hard Money Loan/FHA/Cash?

@Bruce Lynn 

Thank you for analyzing my deals. These are all very good questions. Rule of thumb, to always check the employment and growth prospects for any targeted area. (Thanks for the tips) I will definitely need to do my research on this market.

I also agree, per Zillow the taxes are extremely high. The only other markets that I've seen with taxes this high are in Anchorage. 

I will continue my research and check back in with you this weekend. Thanks again for you time and valuable insight. Much appreciated. 
 

@Nick Brown Thank you for your response. Congrats on your investment wins as well. As a novice in the investment side of things I do have a few questions about funding (hard money loans) as well as identifying a good deal. If you have some time early next week I would like to grab some tea/coffee and chat about my venture in Georgia market.

Hello everyone,

Blake here in Frisco seeking advice on my first investment deal. My fiancé's mother lives in Lovell Wyoming and has decided to retire and relocate to Florida with her new boyfriend. (Go Mom lol) In result she has decided to sell us both of her current properties in Lovell. She is willing to sell them both to us below list price. Both houses are also next to the local elementary, middle & the local high school in their area. Perfect location! 

So now I am stuck! How do I determine this is a good deal? I ran the numbers and it yielded me a negative cash flow of $985 per month?

How is this possible if she sells it to us below market value? It also yielded a negative 29.57 ROI> Am I missing something here?

I would greatly appreciate it if there are any experts out there willing to help me out with these deals or walk me through the analysis portion calculating the expenses to see what I am missing.  I assumed, if we buy below market value we should yield a profit?

House 1: 2bd 1 ba spacious corner lot listed on Zillow for $170,000 ($150k is still owed on the mortgage) Garage Detached -  Zipcode 82431

963 sq ft  Lot Size 7,000  Built in 1929.

Purchase Price (Mothers Grace) $140,000 - $150,000

Taxes Annually $9600

Insurance: $2,200

Renovate: $15,000

ARV $185k-$195K per comps

Current Rent (Nephew) $500

Rent (Per Zillow) $1,180

House 2: Zipcode 82431

3bd 2ba    Lot 0.26 acres   Attached Garage

1652 sq ft  Built in 2015

Zillow $293k

Sale Price 200k

Cal Results:

-391 Month

Income $1,800

Expenses $2,191