All Forum Posts by: Tatum F.

@Carlos C. I have the quicken mortgage calculator app on my phone.  It's very convenient and it's totally free not free-mium. Check it out.

@Mirissia Eggerton Welcome Mirissia.

@Sean Matthews It's probably best to sit down with an expert and talk about your plans/goals for real estate investing. Your "team" is very important and while this forum is great a lot of answers on here will come with a disclaimer to contact a professional or more specifically your professional.  When I started my first business I got a lot of free help from the SBA so you might want to start there as well as get recommendations from BP members for professionals in your area.

Yes you can set it up yourselves.  You can also shop around for a better price and make sure you compare what is being provided with the filing service.

@Andrew Bosworth What are you estimating for CapEx, vacancy, and maintenance? What is the Cap Rate for the area? Until your property inspector has done a run through the condition of the property may still be unknown. You might want to read this An Introduction to Real Estate Investment Deal Analysis

@Erik Munoz There are many ways to invest in real estate so I encourage you to read The Ultimate Beginner's Guide and figure out what type of investing you want to do.  If you follow the guide you'll come out with a strategy and a business plan as a framework to achieve your goals.  

@Casey Stuebs In determining the value of the building you would use the NOI of the building and the cap rate. In your example you would need the other expenses minus the debt service to compute the NOI then get the average cap rate for the area and then divide the NOI by the cap rate and you will have an approximate value for the building.

So let's say the average cap rate is 10% and the NOI $30,000 yr/$2,500 monthly. Now divide the NOI yearly by the cap rate ($30,000/.10) and you'll get $300,000 which is the value of the building.

If this were a single family you would look at what the last few houses in the area sold for and you would be done.

Does the section 8 designation reamain as long as the tenant is in the building even if the building is sold?

@Stephen Dominick You have $15k saved and you can't spend a $1k on your wife? My suggestion is to take a "stay-cation" buy her a new outfit go out to dinner and talk real estate because clearly it wasn't discussed while both of you were sacrificing to save money.  That $1k is also an investment and will have a much better return than anything you put into real estate unless you think your properties are going to start kissing you goodnight.