All Forum Posts by: Chris Pohlson

This is what I love about real estate.  30 years from now I'll still be learning something new.  Thank you @Jay Hinrichs for shedding some light!

Accountability.  If you blame others for setbacks, you also have to give them credit for your success.  F that.

@Anthony Gayden I'd say your first step is to get it under contract.

@William Kelly  Why do you think you could turn a profit on that house?

@Tyler Lushbaugh  Here are some thoughts:

You say $20,000 max for rehab but budget $15k?  Is that just to make the numbers work?  I assume you're solid on that number?  

Just looking a the big buy and hold numbers: all in for $120k and rent is $1100 a month?  I can't make those numbers work.  

If you put away 5% of gross rents for maintenance, 5% for capex, 1 month rent for vacancy, then we need to know what taxes are.  Let's say they're $2,000.

If you were to refi all $120k on a 30 year note at 5%, your monthly cash flow would be about $10/mo after expenditures.  That's if everything went exactly the way you want.  I'm yet to find a deal that goes exactly as planned-sometimes for the better, sometimes for the worse :)

Now if you're ok with leaving some money in the deal, it might work. For a true BRRRR, I'd pass.

@David White  Your first step is to get your mind right.  Intense mindset training is what you and everyone else in your situation needs.  It's going to take A LOT of effort.  Good luck.

@Jennifer Rysdam What are you trying to do?  

You could try Black Hills Federal Credit Union-they're newer to Sioux Falls.  They told me they're looking to "get aggressive" in the market just last week.  

@John Baughman How much is an after hours furnace call in rural, rural IL?  What about a plumber when a pipe bursts?  Can't be that much different than here in SD.  I'd be worried $2400 yearly revenue is not going to cover my expenses and capex.  Vacancy scares me in rural, rural as well.

@Jared Stroebele Yes...and don't let it scare you.  I bought a slab on grade w asbestos insulation last year, rehabbed it, rented it, and it cashflows very nicely.

Vermiculite insulation in the ceiling and walls...it contains asbestos.