All Forum Posts by: Charles McCabe

@Jeff Zenko @Steven Andrews @Igor Messano I'm all about getting together at Feine. I'd love to pick someone's brain about the feasibility of MFR in Conshy because so far the numbers don't seem to work (between the prices and the taxes). I'm available tomorrow pretty much any time . . .

Thanks,

Chaz

@Jeff Zenko Of course your wife is "allowed" (she's not a leper, right?).  Sending colleague requests to you and @Troy S. (guessing I can't tag him because he's not in this thread and I don't have any connection to him).

Thanks,

Chaz

@Rod Joseph Good to hear. If you have any particular leads, I'm all ears.

Thanks,

Chaz

@Nick Zarrillo The one little tidbit I can add is that I did some MLS searching for MFRs in the Lawrenceville GA (about 1/2 hour outside Atlanta) area and there was virtually nothing. Don't have an explanation for that yet.

Thanks,

Chaz

@Jeff Zenko I'm in much the same situation. Live in Conshy, work in Plymouth Meeting, still looking for my first purchase, suffering from a little paralysis ; ) What's your availability to get together and compare notes in the Conshy area? Early morning for coffee? Lunch? Beer after work?

Thanks,

Chaz

@Samantha Klein Fair warning, I haven't bought my first property yet, but I've played with a lot of numbers.

Using 60K purchase price and 15K make-ready repairs (all cash), I get about 17.3% CoC at about $967/mo cash flow (close enough to a match).

Using some reasonable (not particularly conservative) values for maintenance, snow removal, lawn care, termite and radon inspection, vacancy, etc., I still get 13.6% CoC and $764/mo cash flow, so it sounds like a good deal to me.

Financing it (20% down @ 4% for 30y), though, takes it to 33% CoC and $535/mo cash flow and leaves more to finance another deal. So, if using leverage allowed you to acquire another deal with the same cash flow, you'd be pocketing $300/mo more by leveraging than by going in with cash.

Thanks,

Chaz

@Caesar Corinthos I hate to only give a question instead of an answer, but with all that equity can't you just get a separate loan against it? Is there a particular advantage to increasing the mortgage (which I hadn't heard of before)?

Thanks,

Chaz

@Tim Richardson Congratulations! Unfortunately, I don't have any advice but I'll be watching this thread with great interest.

Thanks,

Chaz

@James Petry Call me a pessimist, but I'd only go that route if a) it was a contractor with whom I had a longstanding trust relationship, or b) I couldn't find anyone else to help.  I think I'd try to find an experienced flipper (it sounds like you're flipping or at least rehabbing and renting) to help.  Try your local real estate investment club.

Thanks,

Chaz

@Jamie Carter Welcome.  Newbie here myself.  Good luck!

Thanks,

Chaz