All Forum Posts by: Brian Reichardt

@Jonathan R McLaughlin, Thanks for you comments.  You've given me some things to consider.  I have been looking primarily for cash flow as I'd like to retire someday with enough passive income to cover my living expenses.  That said, when I run my numbers I do keep the forced equity in mind in case i need to flip as a plan "B."  

@Tony Castronovo, Thanks for the clarification.  I'm happy to pass along the lender if it will help you out.  PM me.

Brian

@Clint G. I just PM'ed you the lender you asked about.  I hope it helps you out.

Brian

@Tony Castronovo, I've found a portfolio lender that will do 10% down on a 30 year with no PMI which allows me to increase my leverage. I've run my numbers with 20% down, too, and at this price range it doesn't make a whole lot of difference, $30 or so a month.

@Felicia Bridges, all I've looked at is single family.  I'm a struggling newbie trying to get my first deal done.  Most of what I've looked at is in the southwest suburbs: Sugar Land, Missouri City, Mission Bend, Katy areas.

@Mark Sewell, good advice.  I want to make sure I'm not overlooking good properties, but I also don't want to make a mistake on my first deal.

@JR T. Thanks for the tip.  I'll start looking in that area.  I've looked at some condos and townhouses previously, but the maintenance fee seems to eat up the cashflow.  Are they lower in that area?

@Ryan Johnson, yes, I've been trying to find my first deal for a while.  I do plan to manage this myself, but I'm trying to follow the biggerpockets "rule-of-thumb" to include management in your expenses even if you plan to manage it yourself.  I hope at some point in the future to have enough properties to hire a management company.  Or should I just include that in my cashflow and count on rent escalation to cover that when the time comes?

Thanks

Looking at a potential rental in the Houston Area.  My agent is telling me there are multiple offers above list. I can't seem to make the numbers work. Any thoughts as to what I'm doing wrong?  

https://www.biggerpockets.com/calculators/shared/4...

Thanks for any feedback.

@Ryan Betzing I'm seeing the same thing here in the Houston Market, except worse.  If I could find a property that would cash flow $124 a month I would consider it a gold mine.  I try to be conservative with my numbers, and I'm having trouble finding properties that will cash flow.  Property tax rates are so high they eat up any potential cash flow.  I'm trying to do my first deal, and have looked at about 50 properties since the first of the year and haven't found one yet that will cash flow more than about $50/month.