All Forum Posts by: BW Miller

Could do, but my months are broken out over different tabs. So that's likely too many to post as images

I received so much support and information from the BiggerPockets community since I started investing I wanted to post something in return.

When I was starting out I searched everywhere for sample expense reports to educate myself in managing the books on two rental properties I ended up purchasing in September 2019.

I created a sample rental property investment expense report as a spreadsheet in Microsoft Excel.  Message me for a copy!

(doesn't look like the BP forum posts support file attachments)

@Tyler Matthews if you're interested in managing your affairs on an Android or iOS mobile app, TenantCloud is the way to go. The app is intuitive and their customer support is excellent. These guys are the future for landlords and property management companies.

I rented my place in Aston for $1250/mo

Investment Info:

Single-family residence buy & hold investment in Chadds Ford.

Purchase price: $143,000
Cash invested: $35,750

HOA BENEFITS PRICED IN. Hot water, gas, heat, trash, and snow removal included. Come take a look at this newly renovated 1011 square foot 2-bedroom 2-bathroom condominium in Chadds Ford! It has a beautiful master suite as well as in unit laundry. BRAND NEW appliances and carpeting. Located in the award-winning Chadds Ford school district. Enjoy the quiet, peaceful Painters Crossing community surrounded by nature. Convenient drive to Whole Foods Market, movie theaters, and area restaurants.

What made you interested in investing in this type of deal?

Recently renovated, turn-key property means hands-off no rehab necessary. Move-in ready units are a numbers game only. Great, quiet community in an award-winning school district.

How did you find this deal and how did you negotiate it?

Was targeting condo unit properties in this area. Extensive 100+ property search imported into a tracking spreadsheet - the properties with the greatest potential can be imported, analyzed and targeted with smart research and using the BP rental calculator. Find your purchase limits, start low, and negotiate your offers.

How did you finance this deal?

New investor so I put down 25% from cash reserves (savings). Timed interest rates like a boss.

How did you add value to the deal?

Knowing what I was looking for based on 6+ months of property price analysis and negotiating effectively on properties when I had multiple offers in the air at once. If sellers were fixed on prices I walked away every time.

What was the outcome?

Got a decent sales price in an outstanding community. Cash flow in an area like this should be dependable for quite some time. Time will tell, but if you make your money duriong the purchase I'm more than confident in this property.

Lessons learned? Challenges?

Figure out the costs associated with purchasing a condo within an HOA ahead of time. Be flexible but firm as closing costs materialize. get your hands on them and read all HOA documents before you buy in.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Biruk Clancy at Entourage Realty in Conshohocken, PA.

Investment Info:

Single-family residence buy & hold investment in Chadds Ford.

Purchase price: $143,000
Cash invested: $35,750

HOA BENEFITS PRICED IN. Hot water, gas, heat, trash, and snow removal included. Come take a look at this newly renovated 1011 square foot 2-bedroom 2-bathroom condominium in Chadds Ford! It has a beautiful master suite as well as in unit laundry. BRAND NEW appliances and carpeting. Located in the award-winning Chadds Ford school district. Enjoy the quiet, peaceful Painters Crossing community surrounded by nature. Convenient drive to Whole Foods Market, movie theaters, and area restaurants.

What made you interested in investing in this type of deal?

Recently renovated, turn-key property means hands-off no rehab necessary. Move-in ready units are a numbers game only. Great, quiet community in an award-winning school district.

How did you find this deal and how did you negotiate it?

Was targeting condo unit properties in this area. Extensive 100+ property search imported into a tracking spreadsheet - the properties with the greatest potential can be imported, analyzed and targeted with smart research and using the BP rental calculator. Find your purchase limits, start low, and negotiate your offers.

How did you finance this deal?

New investor so I put down 25% from cash reserves (savings). Timed interest rates like a boss.

How did you add value to the deal?

Knowing what I was looking for based on 6+ months of property price analysis and negotiating effectively on properties when I had multiple offers in the air at once. If sellers were fixed on prices I walked away every time.

What was the outcome?

Got a decent sales price in an outstanding community. Cash flow in an area like this should be dependable for quite some time. Time will tell, but if you make your money duriong the purchase I'm more than confident in this property.

Lessons learned? Challenges?

Figure out the costs associated with purchasing a condo within an HOA ahead of time. Be flexible but firm as closing costs materialize. get your hands on them and read all HOA documents before you buy in.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Biruk Clancy at Entourage Realty in Conshohocken, PA.

Investment Info:

Single-family residence buy & hold investment in Aston.

Purchase price: $95,000
Cash invested: $23,750

HOA BENEFITS PRICED IN. Enjoy the good life in this affordable 2-bedroom condo in popular Aston Arms. Located across from shopping center, 5 minutes from I95, 20 minutes to PHL airport. Top floor unit with views of Elementary School fields next door. Solid Brick construction. Well maintained, modern Kitchen with dishwasher/refrigerator/stove. Community pool! Private storage for each unit with washer/dryer in downstairs common area. Heat/water/landscaping and snow removal included.

What made you interested in investing in this type of deal?

Really great location, walkability scores online fall short. They installed a crosswalk for this and surrounding communities to safely cross Pennell Road/Rt 452 to the adjacent shopping center. Cash flow property in an up and coming neighborhood.

How did you find this deal and how did you negotiate it?

Analyzed over a hundred prospect properties for 6+ months, played a patient, great deals only game and came in under listing.

How did you finance this deal?

First time investor so I used cash reserves (savings).

How did you add value to the deal?

Minor in-unit refurbishment of kitchen, bathroom, and living room.

What was the outcome?

So far so good. Unit was listed, and an application now accepted. I've received a congratulations from my realtor that the rent we negotiated is the highest in a 60+ unit condominium community.

Lessons learned? Challenges?

HOAs can be expensive so look for and factor in all fees prior to closing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Biruk Clancy at Entourage Realty in Conshohocken, PA

@John Wijtenburg Thanks John. At the time I was analyzing properties I had over 100 units tracking in a spreadsheet across five or six different neighborhoods within a 15 mile radius of my home (Glen Mills, PA). The trick to doing this affectively turned out to be my figuring out how to export my Redfin favorites into spreadsheet format (hint: use their desktop version of their website to export). This allowed me to sort my perspective properties by different criteria like price per sq foot and number of days listed. I started viewing units and then late this summer started putting out offers on multiple properties. It really helped that my realtor was well aware of my rental investment strategy so we stayed in lockstep the whole time. I used numerous BiggerPockets strategies for negotiating price and manage to come in under listing on both. My overall decisioning was largely a numbers game so I ended up with two units about 20-30 minutes apart. But they’re both 15 min from my home.

I’m pleased to report I successfully closed on my first two units this past September. It’s a lot of work but I did years of research and had run dozens of properties through the BiggerPockets rental calculator. Thank you BiggerPockets!!

I’m literally up over the hump and now trying to lease these units prior to the holidays. Closing on two units simultaneously was a deliberate part of my strategy, but there are pro’s and con’s to this approach:

Pro’s

- Each step in the process I’ve completed x2 at a time, saves a ton of time

- As a new investor, my growth and learning curve seems to be accelerated as I do everything twice

- Comparative analysis, I can measure experience on one property against the other

- Working with one lender, settlement on both properties on one date

- I double up the items on my task lists, which means if I make a mistake on one, I correct it on the other

- Twice the investment means twice the income

Con’s

- Twice the amount of physical work, driving, cleanup and maintenance

- Twice the risk exposure on the investment, I have two applications pending on one while the other I’ve decided to lower the rent

- While my interest rates were very competitive, as a new investor I had to put 25% down on both properties

So far in the process, although I put more money down up front, it seems like closing on two units simultaneously has been advantageous to my cash flow strategy. My learning curve is steep, but extensive research, re-running numbers constantly and tracking all expenses closely is leaving me still feeling highly confident. Please note, both properties are HOA-managed condo units, so I have minimal exterior upkeep. I work full time so this is a relatively hands-off strategy. I'm doing minor interior rehab/repairs on one unit and the other was a flip which is move-in ready.

Don’t underestimate the listing and leasing phase! My agent and I both thought these units would lease quickly and here we are still showing the units 6 weeks later. But there’s been good interest on both so should be rented out soon. Let me know your thoughts on this strategy! Right now I’m thinking I would definitely do the two at once again.