All Forum Posts by: Cristian Pap

@Cristian Pap yeah not a home run but if you have the cash and you want to buy it - then go for it. Also i know of a guy who has some great mortgage programs with 20% down no doc loans for those who are self employed - as long as the PITI is covered by the rent they will fund it.

I will consider that on my next deal and reach out when time comes. Thank you

1 Vote

Originally posted by @Wendy Patton:

What are the details? I would love to hear about it.

In a nutshell.

Purchase Price 90,000

Interest Rate 5.5%

Down payment 20% 18,000

Closing Cost 7,446 (includes prepaid taxes, insurance for 1 year, appraisal, loan fees)

Inspection 600 (includes home inspection, camera scoping and cleaning the sewer line)

Property Management fee 1100

Rent Cert 250

Misc repairs 1000

Total Invested 28,396

Projected rent 1100/month

Projected cash flow 188.19/month for a 7.95% CoC RoI (this is after all expenses like PM fees, Insurance, Taxes, mortgage and vacancy, maintenance, Cap Ex at 5% for each)

I know it's not a home run but for my first property to get into and prove to the people I work with that I'm serious about investing I am OK with the outcome.

0 Votes

@Erin O'Connor Smith

Is this property in the Detroit Metro Area? I'm in the middle of closing on a SFR in one of the suburbs of Detroit and the true closing cost, taxes and interest rates in my case are a little higher. Insurance might be a little higher and the water and sewer I would at least match with what they say they spend currently. If you want you are more than welcome to message me and I can email you my break down.

Everything else looks good if the rents are truly what they say they are.

Good luck.

1 Vote

@Scott Passman

Thank you Scott. You made some very good points and really appreciate the advice.

0 Votes

I am new to real estate investing, in fact, I don't have any properties at the moment. I've been doing research in different markets of the country to invest in and more specifically interested in buy and hold. I would like to find out from experienced investors that started their real estate career with long distance investments. I'm looking for advice from investors that went from zero real estate experience to start investing in a different state.

1. With what you know today would you do this again?

2. What would you do differently?

3. What was the reason you decided to invest long distance and not in your back yard as your first investment?

4. What are the pros and cons in your opinion about investing long distance?

5. What is the one thing that someone should be aware before it gets started?

I really appreciate any and all advice.

0 Votes

All Forum Posts by: Cristian Pap

Cristian Pap has started 1 posts and replied 5 times.

Post: [Calc Review] Help me analyze this deal in Michigan repost

Post: [Calc Review] Help me analyze this deal in Michigan repost

Post: [Calc Review] Help me analyze this deal in Michigan repost

Post: Long distance buy and hold.

Post: Long distance buy and hold.