All Forum Posts by: Cody Neumann

@Reva Gaster If you're unsure what the insurance cost would be I would get a quote from your insurance provider to verify the cost if it's a good deal.

@Kevin Merlander For flips I am going with the lowest comparable sale in the area and taking 10% off that to account for a potential market shift as a cushion to protect myself.

@Kyle Isenberg you can use private money from friends or family to pay cash for the property or networking with local investors.

I know there are some hard money lenders out there that will go that low.

@Izaiah Daughton that's quite a bit to take on for your first rehab. Depending on the age of the house you can run into big issues during the rehab

I would go back a maximum of 6 months right now for comparable sales due to the market shifting and also consider how long it will take to rehab the property.

@Puett Willcox educate yourself more before making a final decision without getting caught in analysis paralysis.

Yes it would be better to leverage the banks money by getting 5 properties, but do you have the time and experience to manage all those properties?

What are your goals in real estate? If you pay cash for a property at 100k, your return on equity would be low if you plan to continue growing.

It depends on what your long term goals and short term goals are.

@Lisa McClease-Kelly I have used it for tenants. It is fast and simple to get your cash rather than waiting for a check in the mail or money order

@David Tremblay I keep a spreadsheet of all my payments for each property. I got the spreadsheet template from Brandon Turners, the book on managing rental properties

It takes a few minutes each month to update and I add expenses when they come up.

I found this the best way to track income and expenses for myself

@Dustin Taylor if you're looking at a complete gut the average estimate per sqft is around $50 so $50,000. I wouldn't put too much weight on that estimate though. Your best bet is to ask a few contractors to give you a quote if you don't know how to competently estimate a rehab yourself or you will end up with a huge mess if you come in short on the rehab estimate

@Benjamin Freed I think it would be wise for you to get a card to start increasing your credit score to help you get approved depending on what your score currently is

Keep in mind when getting a credit card, the purpose of it is to buod credit, not to max it out. Use it to buy groceries then pay it off right away or weekly.

I think the capital one quick silver is a great starter card. It offers a sign on bonus I believe and 1.5 percent cash back on all purchases

@Darrell D. I would use a free Google voice number if it's that bad. Put the Google voice number in to sites that sell info and when it gets bad just delete the number.

You can also register your number on the do not call list