All Forum Posts by: Colin M.

These are my calcs, wondering what you would do different? Note, tax is whats posted on the Realtor.com add per month, seems low?

Hi there

I'd like to ask BP to run their numbers on a potential deal Im looking at and give me your thoughts on to buy or pass.

New construction duplex (x2 3bed/2bath), Asking price $315,000), market rents are $1300 per door, most likely 25% downpayment, insurance approx $120 a month, tax approx $15 a month, HOA $20 a month, add other costs you would typically account for also....

Thoughts?

Here is my quick breakdown, what do you think im missing or down wrong?

Thank you for your feedback Tim, i did run it through a few rental calculators but they show 10-12% COC but for your reasons above exactly, i feel like something is wrong. The tax i took from its post on Realtor.com

How would you calculate a typical deal like this?

Hi there

I'd like to ask BP to run their numbers on a potential deal Im looking at and give me your thoughts on to buy or pass.

New construction duplex (x2 3bed/2bath), Asking price $315,000), market rents are $1300 per door, most likely 25% downpayment, insurance approx $120 a month, tax approx $15 a month, HOA $20 a month, add other costs you would typically account for also....

Thoughts?

thank you all for your feedback, i was concerned that zillow was no accurate as its "zestimates" for property values and monthly costs are often wayyyyyy out. Good to know that it should be accurate in rental comps though.

Hi there -

Im currently looking to invest in Orlando  / Kissemmee Florida, wondering what websites / resources you guys out there use for accurate local rentals comps?

In your opinion, what are the top 3 best cities in the US in 2020 for MF rental investments?

Shout.....

@Patrick Menefee Reading through this feed, i'm a NYC guy looking to get started investing in Charlotte and would love to join the GroupMe chat, can you add me to this please?

I'd love to discuss with local investors on areas, rates, MF's, etc.

Much appreciated.

Colin

Hi Natalie -

I am currently in the same boat and looking to do the exact same. The only thing i'd lean towards is taking out a loan on my 401K rather than a withdrawal. That way when im paying back my "loan", im really just refilling my 401k and paying myself back. No penalty or tax paid, property purchased, and once the 401k loan is paid back, i can use the exact same method again to purchase a 2nd.

My only concern is how the banks/lenders see my 401k loan from myself. If i were to use it as my 20% down payment and bank finance the rest 80%, will they look at it as im already in debt to the 401k or accept it as my own personal money?

Interested to hear thoughts on this also.....