All Forum Posts by: Chad Duncan

I am going to be the sole property manager. I am using this for "house-hacking" as well. 

Tax = $200 a month

Insurance = roughly $65 per month

Sale price: $225,000 

NOI: $14,400-$18,000

Possible Rents: $1900-$2200/month (total for both)

Rehab Costs: $15,000 (this would get the $2200/month rents I believe)

Estimated Expenses: $700/month (includes cap ex, vacancy, taxes, insurance, utilities...)

Estimated Mortgage: $1100/month

I am wondering if this could be a good deal, and if it could, what price I could buy it at. I came to the conclusion that @ $219,000 with closing costs assumed by seller, that this could be a good deal. Let me know your thoughts! If you need anymore info, please let me know.

Thanks

I am wondering if building would be better than buying. I live in Portland Oregon and the cap rates for multifamily are around 5-6% max. My idea is to buy some land, and build a 4-plex on it. House hacking on one of them. Anyone have advice, ideas, or subject matter experience on this? Thanks.

How would one become a full time investor virtually from the beginning?

I am getting my CCB License and becoming a Contractor. I was thinking that I can find homes that need some work and use the 203k loan to finance the rehab as well as some of my own money. With that said, I would be the contractor with which I use the 203k loan. So I would be able to pay myself when needed while working on the site.

Would this work, has anyone tried this?

I was thinking of going to school and getting my CCB for design and remodeling so that I can be the contractor for flipping homes. I also plan on taking the Real Estate Broker exam and getting my license in that as well.

Do you think that these would be a good idea for someone trying to flip homes for a living?

Thanks in advance!

When using a "yellow letter", would I just write a note and place it in their door?

Or would I mail the letter hoping the owner will receive it?

Thanks

@Tim Soto Thanks for your advice. I have no clue on how to approach a seller for seller financing. What about the down payment? What if you do not have that type of money?

@Taylor Shields Thanks for the goals. I do plan on making faster gains but I have to be realistic in my expectations on finding good deals. I have a full time job and a wife that takes a lot of my time. So finding a great deal requires me to lose sleep and or time with my wife. I am using my time line as a kick in the butt to make sure I at least do something. I am going to do as many as I can though as well.

@Taylor Shields Thanks for the advice. I understand that it takes initiative and time. My plan is to knock on doors and if they are not home, I plan on leaving a note in their door that is hand written that tells them about me and my wanting to buy their home.

@Randy Johnston Hey Randy! Do you know certain ways someone can close fast? I keep hearing people say "Cash Offer", "Close Quickly". I know that with my loan I can technically say cash offer, but how would I close quickly?

@Leigh Ann Smith Thanks for the links! They are really good!

@Rick H. Thanks for the advice. I will get on that. As for speculation, it's in favor of growing. My plan is to buy, fix, rent and then possibly sell 10-20 years down the road

Ok. So find the market comparables. The. Figure out the cost of repairs, then find the true ARV.

What else do I need to do?