All Forum Posts by: Brian Morgan

I would use this formula if you have all the data.

Gross Rent
-Vacancy factor (I use 5-10% depending on area)
-----Net Rent-----
-10% Maintenance
-10% Management
- Taxes/Insurance
- Utilities
----------------
NOI @ 10% cap

Hi Robert,

Welcome to BP! I'm sure you will find a ton of info on a variety of topics!

If you are looking for local(MA+NH) Hard Money. You might want to reach out to Ann Bellamy, who is a BP member and may be able to help you with your financing goals. I know her Company, BuyNowHardMoney is currently offering a 100% financing option. While I'm sure it's costly, it may be an option if you are just starting out.

Best of Luck!

Hello and Welcome to BP Paul!

Best of luck on taking the plunge!

I used a 203K loan to purchase my first property. As long as you and the GC are on the same page with the draws and punch list, I see no reason why you would need a consultant.

The process was quite simple for me.

But whatever?!? You are already throwing away $1200 in income? Why are these tenants so special that they get a discount when you have 20 apps?

If no lease is signed, tell them to take a hike.

J Scott hit it on the head, you are allowing them to take advantage of you.

They are probably just thinking up more stuff to ask for since you keep crumbling and continue to make concessions on every item.

Give them an inch and they will take a mile!

I own residential apts and in 2010 made just shy of $100 a door, per month. This is after vacancy factor, maintenance reserves, PITI, etc. I leverage as much as possible. I do currently manage my own properties

Hello Peter, Welcome to the BP Community! Nice to see someone new from the Merrimack Valley!

Everyone's investment criteria is different, but without having a lot of info, and based solely on your original numbers, I feel 350K is way too high. Again, I would point to the $278,100
but, even then it looks like the expenses are fairly high on this property (55%). So, make sure to take a good look at all the data.

That being said, I don't know the area at all, don't know the unit configurations and don't know what the comps are showing. $350K could be spot on with a different set of eyes.

http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

Sorry forgot to link it!

Came across this article. Looks like BoA finally got a taste of its own medicine. Sorry if this was posted previously, I see the date is a few months old.

http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America