All Forum Posts by: Cam Jimmy

@Dan H. Yes I assumed that when he said mortgage, that it included an escrow account that paid taxes, insurance, etc. I honestly believe we both meant the same thing, we just assumed different things hah!

@Dan H. Like I said if he is paying for property Management then sell. The %50 rule is based on owning the property outright. Meaning %50 should include taxes, insurance, and Property management, which are expensive. His mortgage payment includes the the taxes and insurance. So we are basically saying the same thing. 

I originally said %20 for repairs, vacancy, maintenance. Add %10 for property management another estimated (I really don't know whats his taxes are) %10-%20 for taxes and insurance and were at %40-%50. So were literally saying the same thing. 

@Dan H. @Thomas Lundy Ah, one thing nobody asked you... do you pay for property management?? If so, that will most likely take all of your cash-flow, and then I'd say sell it, or 1031 exchange that thing into a bigger better cash-flowing property.

@Haven Garber Thanks! Yeah you are correct about Most people and Mt. View lol. That's including me too. I know there is money to be made in that neighborhood, it's just the hassle of potential horrible tenants that worries me. My preference is East Anchorage, and UMED area for rentals. I will look into that realtor. Thanks Haven!

@Dan H. %20 of 1800/mo = $360. Multiply that by 12 gives you $4320/yr. In 5 years time that should easily cover all repairs and maintenance, and have some left over for unexpected vacancy. While still collecting his $200+/mo cashflow on top of that. I think %50 is way too conservative for a SFR. Keep in mind that I'm assuming his mortgage payment of $1,220 includes taxes, insurance, mortgage, interest, etc. If his goal is to acquire SFR, I say keep it. If his goal is to buy MF apartments, I say sell it and use the equity to do so.

@Thomas Lundy If you can re-rent it out at $1800/mo. keep it! Your mortgage on the property is in the pay-off years (after 8-9 years), meaning your loan paydown is going to start moving fast! Your vacancy rate sounds pretty low %5 or less. Assuming your setting aside %20 of your rent for vacancy, repairs, maint, cap ex... and your mortgage is $1220. you are cash flowing just over $200. Your loan paydown is also moving faster like a snowball. So if you are happy with those numbers, Keep it. If not Sell it. Good luck to you!

@Haven Garber Good job! I'm impressed with your ability to find a deal here in AK. I live here and that's the hardest thing for me to do is find a deal where the numbers work for me. Ive found a couple in the last 3 years... and I'm still looking. My problem might be that I am picky with location. Anyway congrats!

@James Gates Congrats on your BRRRR! I was wondering how you did those stair treads? Did you use laminate planks for the vertical spots, and then what kind of tread did you use for the top?

@Ann Hutcheson Thanks!

@Payton Pearson Awesome! Congrats! The biggest thing I notice about people here on BP is that MOST of them say "I want to get into RE... Blah Blah Blah" but most of them dont! I like your Shia Labeouf quote "JUST DDOOOO ETT!" lol. Congrats again.