All Forum Posts by: Charles Simon McEntee

Please help me analyze my first rental. Loan $68k @ 5.8% conventional with 20% down. Rehab around $10k closing $5k. I wonder if I need to add inspection and holding cost for the first 2 months the property take to Reno and place a tenant. Rents $800 mortgage insurance and tax $505 Vacancy 7% $56. Maintenance 7% $56. Management 10% $80. Cap ex 10% $80. That means I'm left with $26 a month. That's 1.03% net ROI from the $30,150 out of pocket. I don't understand. Pls help me analyze this deal.

@Jeff V. Hello, If you have time or it's not too much to ask if like to call you to ask for an advise for my first rental. Thank you.

Pls help. This is my first actual rental property. Let me know what you think. Asking price $68 Closing around $5k Rehab around $10k Loan $68 convetional (20% down) @ 5.7% Rents around. 800 - 850 Morgage. Ins & tax around. 450 Vacancy. 56 Management. 80 Maintenance. 56 Cap ex. 80 Should I factor in holding cost of 2 month rent till I finish Reno and put a tenant in? Pls let me know what you think. Seller started at $72k but lowest is $68k

Hello everyone, I'm just hoping I can get some advise on my issue. I've finnaly saved enough where I can purchase a rental property. I've spent countless amount of hours watching webinars and videos to educate myself. I believe I have a pretty good idea of what I need to do and ways I could mitigate some of the risk. I've even reched out to others to try and network or point me to the right direction...but for some reason I'm too scared to take the chance. I'm scared that I might lose what I've worked hard to save. I worry that the realtors will try to sell what would be best for them when it comes to commission instead of cash flow for me. Am I just over thinking it? I need to take action but I just can't seem to actually invest. Any advise would help. Thank you!

Hello everyone, I'm just hoping I can get some advise on my issue. I've finnaly saved enough where I can purchase a rental property. I've spent countless amount of hours watching webinars and videos to educate myself. I believe I have a pretty good idea of what I need to do and ways I could mitigate some of the risk. I've even reched out to others to try and network or point me to the right direction...but for some reason I'm too scared to take the chance. I'm scared that I might lose what I've worked hard to save. I worry that the realtors will try to sell what would be best for them when it comes to commission instead of cash flow for me. Am I just over thinking it? I need to take action but I just can't seem to actually invest. Any advise would help. Thank you!

Thank you. What's the best way to see how much a property would rent for? I thought about calling property managements. Any advise?

Is it better to buy a property with tenants already inplaced by the previous owner or find a property to use the BRRR strategy? I understand that with tenants, I should take into account the cost of rehab once the tenant leaves and for the other the cost of finding new tenants. I'd like to know your thoughts on this subject. Thank you!

@Russell Brazil ... Thank you. The realtor that my bank gave me said that the VA does not allow a 4 plex. Is there a website I can reference to? Thanks again.

I've been told that VA allows up to 4 units. Does that mean I can buy a 4plex and live in one of the units or 4 single family units in total per borrower? I've been getting mixed answers and would like to know for sure. Thank you!

Hello everyone! I'm new to RE and I'm trying to figure out if when buying out of state, do you first find a wholesaler or an agent to work on my behalf? I'm not sure what the proper steps are since I'm going to be moving to a new area. I'm hoping to buy properties near my new location since im just starting out to play it safe. Do I try to find someone who has a property they want to sell, then look for a realtor or should I find a realtor who has connections to find deals. If I should find a realtor first, what type of things should I keep an eye out for? Thank you!