All Forum Posts by: Brandon Levi Eagan

@Chris Levarek

For Probly the last 45 days I haven’t shut up about real estate.

I’ve talked to family, friends, quite a few real estate agents, and have even talked to the majority of people at work, and no one has been interested.

In my area we have one local meet up once in a while and I missed the last event because of work.

I did find one great RE agent who owns 36 properties in my area but he seems to busy to help out someone starting out.

I will continue to spread the word and maybe work on a cover letter with my intentions Incase anyone shows interest.

I’ve also put out multiple posts on BP and 2/3 of them were asking for lenders/partnerships, I’ve had 1 person contact me and later said they weren’t interested at the moment.

I suppose I could seek to find out some local RE investors and try to get ahold of them?

I’m very motivated.

I know what I’m looking for and where and have found some deals just unable to deliver on the downpayment side.

Thanks again for the reply.

@Arlan Potter Sounds Great! Thanks for the reply. I’ll start asking around, I have a pretty small family but I got some people in mind. Thanks.

What legal forms do you use to create the agreement/arrangement between you and your family member ? How do you do your calculations and show them they're going to get a good ROI working with you?

I’ve found a few Duplexes for sale and they have tenants already, ran the numbers & cash flow is great.

I’m having a hard time with funding as I am a new investor.

I do not have quite yet 20% down, maybe another 6 months and I could, but by then these properties will most likely be gone.

I’ve been unsuccessful in finding a partner or a private money lender.

Does anyone have any advice, opinion, or things that I could possibly try that I may have not tried or thought of to do?

I’ve also reached out to quite a few owners of duplexes/multi family properties if any were interested in seller financing and no one is.

I’m located in Eastern Iowa.

I might have to find a duplex with an open side to house hack to get started.

Any help is appreciated ! Thanks.

@Tim Herman Tenants pat own utilities, Separate meters.

@Tim Herman Both units are currently being rented so not too worried about vacancy right now but sure, I could plug in the 8%, thanks.

The PM charges 9% and handles the lawncare. Thanks for the response !

View report

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

Duplex for sale, Units currently both rented.

@Don Thornton I would take a look at both.

Ask local property managers and check craigslist. If there are any other investors who have rental property in the area ask them.

In my experience rentometer has been pretty close at least in my general area.

Thanks for your great reply!

My agent did a Comp analysis and it came out to average of 139,000. This is in a great little town and a great neighborhood that is growing. ARV and Rent is for the most part pretty accurate. According to rentometer average rent in this area is 900-1100. Of course with the house having good potential and have been renovated I don't see why not charge 1100. In my line of work I have a lot of seasonal workers come and go that make good money and would pay the 1100 but it would only be 8/9 months out of the year.

My cash flow each month is what’s pushing me from this deal right now. It’s around 150 with all expenses paid. If it sits vacant for let’s say 4 months I’m loosing all my cash flow and then some. 
This would be a good deal for someone with more experience and money .

Also running the numbers it appears it would be a good flip. But I’m looking for more cash flow per month and I don’t know if this property is for me.

We don’t have too many real estate investors in this area, so it’s not surprising to me it’s been sitting but I do agree, if it’s a good deal and has sat this long why hasn’t someone picked it up.

Thanks for your reply I think I’m going to pass on this as there are a few duplexes that caught my attention and potentially would cash flow much greater.

Yes after revising it will take roughly 3 months and $18,000. Property is an estate and they want it gone. With some new numbers cashflow is around $147 after ALL expenses. After reviewing comp its looking very promising ill make money on the refi. Insurance roughly $75 a month. Thanks for your reply

I'm looking at a local SFH for sale. This would be my first rental property and first BRRRR.

Asking price is currently $100,000. It’s been listed for sale for almost 4 months.

3 bedroom 2 bathroom 1780 square feet

Fenced in backyard

Attached 2 car garage

New metal roof 2018

Taxes 2200

Built 1968

Assessed in 2018 at $119,000

Lot size 71 x 110

In a good neighborhood

Very outdated interior and part of old siding is falling off

I was going to use a hard money lender and offer roughly 85k and spend 10k renovating. I was going to lend 90-100.

This rehab shouldn’t take longer then 1 month.

I was going to then refinance and aim to get an ARV of 140,000+. There are many homes in area that are selling for 150 + range that have been updated.

There’s a wall that separates living room and kitchen and was thinking on knocking it down to open it up.

Electrical and plumbing look good but have yet to call for an inspection.

Find tenants and refinance, I have been pre approved at local credit union , and pay off hard money lender.

Any help with this? I’ve ran some numbers through the BP Calculator but my cash flow is very low.

Rent in this area for this house would range from 1000-1100.

Any help would be much appreciated !!