All Forum Posts by: Chandler Calvert

@David Jackson we are closing on one next week and put a contract on one today. I would buy since interest rates are low.

@Justin Franklin Is there a reason they won’t finance it?

So you can check out my last forum post about buying my first rental property. It’s going great today and is cash flowing pretty well. We just refinanced during Covid-19 and took our rate from 7.25% to 5.5%. Enough about the first property though! Let’s dig into what my thread is really about.

Property 2:

So I called my real estate agent and asked if she had anything on the books I might want and she said no. I was a little discouraged but that’s ok. Little did I know she was gonna call a couple days later wanting to sell one of her own rental properties...My lucky day! In a matter of two days we put in an offer and it was accepted. We close on it next week and it comes with the current tenant.

Details:

Single family

3 Bed/2 Bath

Aprrox. 1,600 Sq Ft

Rent $675

Mortgage $350-$400 will know more next week.

Property 3:

I found a property last night on a busy highway. Called my agent around 9:00 PM and told her I wanted to see it early the next day. We looked at it and placed a offer on it and it was accepted that day. We will start paperwork on this one next week.

Details:

Single family house zoned commercial.

3 Office / 1 Bath

Approx. 800 sq ft

Rent unknown but hoping $900-$1000

Mortgage should be about $400-$450

Property 4:

This one is connected to property 3 and I happen to know the owner and told him I wanted to purchase it and he quoted me a price on the spot. It’s a single family home. This one isn’t a done deal yet but will be posting an update soon.

Property 5:

This one is also a single family home and again will post details as soon as we have a contract in place.

I’m posting this thread to keep it updated. All of this has transpired in a 2 week period. We are trying to move pretty aggressively but according to all the numbers these places should cash flow very well. Feel free to message me with any questions.

@John Teachout absolutely loved this reply is was exactly what I was looking for l. So far I’m pretty sure we have made sure everything is working.

@Cory Cox thanks for the info man I’ll be contacting you!

@Rachel Fazio I wish there was an extra space for a 3rd bedroom but there isn’t. This is my first so I’m just gonna see how it goes and go from there. Thanks for the info.

@Brian Adzadi I’m not sure on the interest rate. I went with a local bank so it may be high but I’m gonna just try to pay as much principal as possible. It’s locked in for 5 years so I might refinance after 5 years of it isn’t paid down a ton. Thanks for the info on discrimination laws as well.

@Phillip Dillard not 100% sure on the final cash flow yet but will let you know.

What’s up I’m chandler and new to bigger pockets. I’m 24 and live in Arkansas and just purchased my first rental property. I acquired a 2 bed 1 bath 1,264sq ft home built in 1961. It honestly doesn’t require any work to be tenant ready but may improve a few things. I ended up getting it for $49,900. I worked with a local bank to secure a conventional loan for around $42,500 after the required 15% down and ended up with a 7.25% interest rate. Basically just looking for suggestions on where to go next with the rental property business and looking for pointers to keep me from making large mistakes. This property in our area should go for around $650-$675/m and once I feel it’s ready I’ll be starting to accept tenant applications.