All Forum Posts by: Rhonda C.

@Josh Dorkin The confusion is here: Both say Pro. I assume the first bullet should be Plus?
•BiggerPockets PRO members have full access to the tool, can save up to five reports, and can save and print "BiggerPockets branded" reports as PDFs.
•BiggerPockets Pro members have full access to the tool, can save up to fifteen reports, and the ability to white-label reports and include their own company logo for a more professional look to give to potential lenders, partners, investors or buyers

@justin case

33723 SE Gove Street, Snoqualmie

Thank you!

CUT my teeth on. jeez.

@Mark Langdon and @Zach Schwarzmiller I agree-this would be an easier type of property to but my teeth on! I have spent the evening looking at FreddieMae listings, an hour away, with a complete rehab needed.....and could probably buy for a song, but that may be way too much to start. This 200K unit was rented out by the prior owner, but I would verify the CC&Rs just in case. Thank you so much for your input. I did run misc. expenses as $100/mo., but everything is very new, so I think in comparison to a well worn duplex, my expenses would be less? I overestimated property taxes and made a guess on insurance to be honest. I will be able to get "exact" numbers soon.

@Matt Devincenzo Holy smokes-I never would have thought of that! Thank you! I am well versed in the "special assessment" for condos as that was the reason I fled my first home-you're right, they can be outrageous.

I imagine this will generate a lot of discussion. I am looking at my first investment. The Eastside of Seattle is very expensive, but I have found a home built in 2007 for 200K (totally unheard of). I would like this to be a rental. Reasons why I am interested in this property:
1. it is a turn-key property 15 minutes from my house
2. it is in a very desirable area and inventory is low
3. the HOA covers ALL outside maintenance and the roof, siding (as this house is considered a detached condo).
4. comps rent out for $1500-1700/mo. tenant pays all utilities.
5. It has 2 bedrooms/1 bath

I ran the numbers through the calculator and the numbers work out to be 16% Total ROI, total cash flow $5343/yr, considering 8% vacancy and the (choke) $225/mo HOA. I would like the input from investors who have experience with this type of situation.

@Alicia Cox ha! That is fabulous and a unique strategy I hadn't thought of. Thank you!

@Elizabeth Colegrove Thank you- there is so much to learn and I appreciate your input as to how to start analyzing properties.

btw: it is a short sale

Home in need of total rehab (not sure how much that costs for a 4/2.75). Bones are good.

Selling for 150K under Zestimates of ALL homes in the vicinity (awesome location)

Seller requires cash or rehab loan money only.

Is this a deal considering I am a newbie and will make some mistakes?

for example:

Home in need of total rehab (not sure how much that costs for a 4/2.75). Bones are good.

Selling for 150K under Zestimates of ALL homes in the vicinity (awesome location)

Seller requires cash or rehab loan money only.

Is this a deal?

I think a lot of us are tire kickers until we feel we have enough education to be able to spot a deal as well as be able determine what type of REI fits our tolerance/goals. This is not easy and takes some time...