All Forum Posts by: Calvin H Duggin

@Salvatore Lentini

First thanks for doing this.

What is holding me back? .. Humm

I'm in the greater Nashville area and I have no idea how to find a property that will cash flow after all expenses are paid. There was one that I was able to eval before it sold but after I ran all the numbers after all expenses were paid it didn't make money. That same property sold to an investor within a day with multiple offers.

I took a hard look at my math and I still don't see a way they were going to make money on the property. Right now my plan is to keep saving and be ready to jump when I find something that cash flows.

We have sent out about 30 very specific direct mailers to property's that look distressed from driving for dollars and also some that showed through list source reasons they may be a motivated seller. We are looking for a primary residence for my wife and I. Currently we are house hacking a duplex.

Any direction from you or others would be appreciated. I'm a full time aircraft tech and part time realtor. (Got my license to help in the acquisition side.)

I'm getting very discouraged on finding something in my area.

@Calvin H Duggin *concentrated

@John Morgan one word odorxit. Remodeled a house before that had several animals as pets in the house (dogs and cats both) the animals were not let outside to use the bathroom (from what it looked like ever) we sanded down the hardwood filled a pump up sprayer with the odorxit (super contracted stuff mix as stated in bottle) sprayed all of the floors till they were soaked with it then opened the windows to let it all air dry. After it dried we proceeded as normal. No problems and looks great!

@Todd Rasmussen CA exit to move local?

@CJ M. The market around here is insane. The 70k offer is an offer they are asking 140k before the rehab.

What about a flip in your opinion?

@Todd Rasmussen here I thought I was the only one finding stuff in Nashville area. The market here is crazy right now. How long have y'all been investing? Out of state working out alright?

@Todd Rasmussen thanks for the input. I think that a flip is the only answer. I'm not looking for a flip but it may help get me rolling.

I take it you invest in the Nashville area?

Hello all ill try to make this short and too the point.

single family home 2br 1ba no room for change in floor plan and small house in good area 

All numbers below are conservative. 

Offer price 70k

Rehab cost 30k

ARV 150k

Monthly Rental income 800.

Cap ex 2000/yr 

Insurance 850/yr 

Maintenance 400/yr

Property tax 400/yr 

closing cost 2000

vacancy rate 5 percent 

management fee 10 percent

My wife and i are currently house hacking. Converted SFH into a duplex. We have been looking to expand our portfolio and put a 5 percent down on the property listed above with conventional loan and live there. After repairs (1yr) leave and rent the house then refi. I put these numbers in the bigger pockets BRRRR calc and am a little confrazled. Yes that is a word.

If im reading this calculator right it may be best to walk away offer lower price or use this for a fix and flip. 

Any thoughts would be appreciated,  

Thanks for the replies. Ill read the blog you mentioned Alexander. I went to several banks in the same town im looking to invest. So far there is one that stood out (BB&T) they manage and service all their loans compared to several others that will sell them after.  One thing I noticed all of them we visited require 25% down for 2-4 unit properties and 20% for single family homes. They would be able to do cash out REFI for 80 % on single family and 70 % on multi family homes. 

Is it common practice to require 25 % for multi family property?  

We plan on going to local banks to us soon. (Will be larger more well known) 

@Tom S - I accidentally made two post. Thanks for the input. 

Hello all,

I'm currently house hacking and that is going great so far. My parents also have several rental properties and habe learned a lot from them. I'm now looking for my first investment property but before I go to far I plan on getting my financing in order. (Making sure not to get the cart before the horse)

I seem to recall from possibly one of the many podcasts that I have been listening to that it's best to get financing from a small local/community bank that is close to the property. Have y'all found this to be true? Also where do y'all get your financing?

I have 20 percent down and have some extra for updates etc.

Thanks in advance for any advice/information.