All Forum Posts by: Brook Boatman

@Lien Vuong I will have my agent there but as this is my first property visit with him I’m not sure what role he will play. Thank you for your advise, I will definitely note those items!

Hello Everyone!

I am viewing my very first property this Sunday.  It is a fully rented four unit.  I know the owner will be present and the tenants may be present.  I am timid about asking an offensive question and starting the process on a bad foot.  I also plan on occupying one of the units which may cause tension with tenants if they fear having to move out.  Overall, what are good questions to ask owner/tenant, and what questions should I avoid?

Thank you,

Brook

Hello Zachary! I am currently active duty Navy and have been reading up on the VA loan. The VA has strict requirements regarding the home's condition, so buying a home to flip may not be possible. Additionally, the house must be used as a primary residence (for at least a year). That being said, buying a turnkey property (needs little to no work) and/or a multi unit (4 or less doors per the VA) and house hacking is one great option.

Hello Everyone,

I am looking at the Property Tax drop down menu on the relator website and am confused about what is meant by "additions."  

It lists the year 2019 taxes at 1,438...land at 900...and additions at 10,050 for a "total assessment" of 10,950.  If anyone has a moment to explain this to me I would greatly appreciate it!   

-Brook

Hello everyone,

It is my first time using the rental calculator and I'm getting a result around 10% ROI. I wanted to make sure I'm using the calculator correctly before I start analyzing additional properties.

Below is the information from the listing:

Type: Duplex

Price: 215,000

Built: 2000

Cap Rate: 8.5%

Description: 

Occupied duplex located near a large shopping center, and city park. This investment property is only 19 years old!  Features large 2 bedrooms with plenty of closet space, 1 and 1/2 bathroom in each side, new roof installed in 2014, large deck, 2 car garage, concrete basement ready to be finished. They are city inspected and the rental license is in place. 

Taxes: 3,829 annual

I contacted the realtor and both tenants pay utilities, one rents for $950/m and has been rented for the last seven years.  The other unit rents for 1,000/m and has been rented for the last nine years.

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- For purchase and after repair value I selected 215,000

- Closing cost of 3,000

- 5% down with 4% interest over 30 years

- Other charges from lender I listed as $500 as I do not currently have a renter's license

- Monthly insurance 100

- Vacancy 3%, Repairs 5%, CE 5%, Management 9% (Although I will probably self-manage as it is only 2 units)

- Future assumptions all at 3%

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Any input is appreciated! 

I am pleased to meet you all and look forward to starting on this journey.  

I am a married 23 year old on active duty military with my contract expiring in two years.  I live in Southern Pennsylvania near the Maryland border and only a short drive from DC.  I want to start making moves but am hesitant due to uncertainty of where I will be living post-military.  Should I start now, should I wait to buy?

I have no debt, savings around 20,000 and growing.  My main interest is buying a multifamily and occupying it. 

All and all, any advice about getting started specific to my situation would be appreciated!