All Forum Posts by: Christopher Golden

@Eric Rosiello : Many thanks for running those numbers. I'm really appreciative here, as I don't know the area. As an added bonus, you were able to confirm that the numbers I came up with all made sense. I assumed the same rent range and only slightly more than $40k, mainly because of an allowance for windows. Overall to me, it looks almost a text book BRRRR property. The only thing I am missing is a solid ARV on the property. My limited experience suggests that it should be around $230-$240k, but I'd sure like a second or third opinion on the matter.

 @Eric Rosiello:

1) What is the square footage of the units?

I believe the units are 1200SF a piece

2) What condition are the units in? Updated kitchens & bathrooms? Any selling features (master bath, walk-in closets, yard with deck, etc)?

Both units need updating on the inside.  The vacant side needs a complete overhaul, new plumbing and some electrical.  I would have to add the 'selling'  features. I've based my rehab costs as if it was a complete remodel on one side, and minor updating on the other. 

3.  The house has recent vinyl siding and trim.  Although I think the windows may be due.  The overall appearance of the neighbor hood is good.  I mean, at least in street view.  The owner is a contractor that dies work for my company and he seems to be pretty forthcoming with any info I needed.  I'm sure I can get whatever info I need if this ends up being something I pursue.

So sorry for the multiple posts, I was responding from mobile app and it said "something went wrong."  I would say so.  my mistake,  Mods feel free to delete duplicates.

@Steve Bracero I believe church street is across from the property. Im not sure though. I just know theres a huge church across the street from it. From what I understand they are 3 Bed 2 bath units.

  I recently met a guy on a job site that during a brief conversation about real estate, had explained that he was interested in selling the duplex he lived in.  I asked what he'd like to sell for, and he came back with $160k, which is what he told me he had remaining on his mortgage.  Without getting into the merits of if he's actually interested in selling, the price seems to be a good deal on the surface, but I was curious if anyone had any information about the market in the Northbridge area.  I've never been to there, but it's pretty rural area, but with in short drive to Worcester and surrounding areas.   

 Real quick, There are 2 - 3bd 2 bth units.  Plenty off parking and I believe there was a small detached garage on the property as well.  It' s located centrally in town near the school and church.  I am interested in this property, but I am looking for some insight on the area.  Namely,  I am still pretty green when it comes to analyzing deals.  I have the rehab costs figured out pretty well, but where I completely lose confidence in knowing what I am doing is Comps.  Just quickly looking around the area for recent sales and I see single family homes and a couple duplexes and they have been selling in the $230k-250k range.

  Is there any BP members that are familiar with this area of Massachusetts that would be willing to share some information on the market?  Am i looking at a potential BRRR property (my initial thought), a flip, possible wholesale opportunity, or should i run away really fast from this one?  I'm just looking for advice on how I should be looking at this. 

Thanks

@John Leavelle Great information, thank you. My goal would be to pull out 100% of what's invested in the property and getting a positive cash flow. I most likely will be using a partner to get the down payment together and then hardmoney to finance and fund the rehab. To make sure I have a backup plan, I want the property to cash flow, even if I have trouble getting refinanced, or if I I don't use hardmoney to finance, I want to know the property still stays on the plus side for me.

@Brian Garrett Thanks Brian

@Ryan D. Thanks for the insight Brian, You made a good point about the CCR being so low. In my case, I most likely would be only 20-25% into a property, or about 35-45k. As for the maintenance costs, I use 10-12% for maintenance and 8% for management. I feel these are pretty conservative, which is what I meant by generous. Actually, most of the things you mention I am factoring in, which is a good thing.

Hey everyone,

I have been digging around here for a few months now and am extremely greatful for the amount of information available. I am looking to start investing in rental properties, both single family and small multi's, using the BRRRR method. I live in New Hampshire and am looking for some advice from people much more knowledgeable than I am.

I have been looking for my first property and have come across what I believe is a few deals that seem to look good. The prices reflect condition, the rehab costs have been manageable, and the ARV's that I have come up with are on par with the market, i think. I am no expert, but I can make reasonable comparisons on properties. So, on paper, I have found a few properties that I estimate to cash flow between $100 and $300 net a month. This, of course being very generous with maintenance and management costs.

  My question is, when I'm analyzing properties, what should I be seeing for cash flow on a single family, or a multi, after all expenses, that make it a good deal?  I hear people mention $100 - $200 per unit is good cash flow.  Should I see different numbers on single family versus multi family?  

I'm really interested in hearing everyone's ideas and opinions on what constitutes good cash flow?  Thanks in advance!

@Stefanie Willie-Bonglo,

  Please do inbox me the meeting details.  I would like to attend and am grateful for the networking opportunity.  

@Daniel Ortiz Thanks!  Good to see that there are so many locals wiling to help out.  

@Steve McGovern Thanks for the lead.   I have a little more information to consume for sure, especially with so many knowledgeable people here.   Just excited about the possibilities.