All Forum Posts by: Boone Tyson

Crunched numbers on a few rental today. 2 SFH and 2 fourplexes.

1 sfh is being remodeled as a BRRRR. Arv is 140k. All in should be about 95k. Should rent for about $1300. Should cash flow about $300 because it will have very low cap ex and maintenance expenses. We redid everything including roof, electrical, AC, and plumbing.

Other SFH is worth about 175-180k. We owe 60k. Trying to finish cash out refi taking loan balance to 130k. As it is now, payment is $750 and we rent it for $1,600. Fully remodeled. Payment will bump up to about $1050 or so after refi.

One fourplex we just did a refi on. We owe 185k and it’s worth about 265k. It cash flows about $850 per month.

The other fourplex we purchased a few months ago off market. We owe $125,000. Should sell for about $215,000. It cash flows about $850 as well.

Flipping a couple others and have 2 more flips under contract for purchase. Market is hot right now and we have debated selling it all and just hoarding cash and waiting to see if market drops to jump back in. I realize this is kind of a classic question and trying to time the market is impossible. Might as well just dollar cost average and buy some every year.

But I wanted to see what other people are thinking about their properties.

Thoughts?

@Josh Stevens thank you. I appreciate your input. This is actually all in writing and on file already with the attorney and insurance company because we had to retell the story a number of times. I will definitely consult our attorney and if he advises that we remove, we will do so.

Thanks again

@Joe Splitrock Thank you sir. It sucked, but it will be something we can point back to and know that a lot of key elements of our business shifted during this experience. Onward

@Zeriet Woldeab Thank you sir! By the way, did you get your property management issue settled here or am I thinking of someone else?

@Steve K. Yes it was an interesting experience. I was always well taken care of until I actually had a claim and then we started having a handful of issues with that rep. Had another more basic rental policy get dropped citing property damage with photos, but the photos didn't actually display any damage and nobody seemed to be able to clarify what was needed. 

It was time for a new rep I'd say

@Jeremy Goodrich It would be a pleasure

@Steve K. Soldering a water spigot that had broken off on the front porch actually.  

@Kristyn Grimes Pets have also been the most common one for us. It’s hilarious that people give us a hard time about paying $700 per month rent but then go buy another pet! The other one is not so much a violation but just generally having way too much crap lol

@Ruth Geller DM me and let’s set up a call about insurance. Would love to send you some business!

And I think only 1-2 other deals of those would’ve happened if we hadn’t liquidated.