All Forum Posts by: Dalton O'Rourke

Hello!

I am new to the real estate game and got my foot in the door by purchasing my first property as a live in renovation. It has been a very exciting and humbling experience. Im towards the end of my renovation and beginning to finalize my numbers...looking towards refinancing my loan with the new house value. 

I know this isn't a great deal, but this is where I am currently living and plan to until I can save up and do it all again!

Here are my rough numbers below. We purchased with a conventional loan, 10% down payment:

Purchase Price: $405,000

Closing/Fees/Misc: $12,500

Repairs: $85,000

ARV: $575,000

I was hoping for rates to come down some in the next year and refinance out with a 75-80% LTV. How do I properly calculate these numbers? What would you recommend I do in this situation?

Thank you all for your advice and expertise.

Hello everyone,

Im relocating for a new job in Fairfax County Virginia, where ill be renting an apartment for a few months while i get settled in/learn the area. Ive been very interested in real estate investing and im trying to think of a creative way to help pay my rent. I was thinking of renting a 2 bedroom over a 1 bedroom and AirBnb the other room. Or even rent a 2nd apartment and AirBnb that one.

id love to hear everyones thoughts on this topic or maybe even better ideas.

thankyou everyone

#1 goal is to buy my first rental property! Was hoping to find one in my own backyard, prices are a little to high for me. Looking into out of state markets now. Excited for what 2021 will bring.

Originally posted by @Brian Allen:

@Dalton O'Rourke finally another Real Estate colleague with a passion for flying!  

 What an awesome shot. Nothing is better than flying into the nj/ny sunsets!

If I go with long distance route I figured it wouldn't matter how far, I'll be hands off regardless. I've seen some cheaper prices in North West, and South Jersey, I just wasn't confident I could find a high demand for renting a single family home.

The plan was to start small with a single family home, or small multifamily. I would like to house hack close to work (Caldwell Area) if able, but I'm priced out. Self manage only if it was a house hack. 

Thanks for the feedback !

Thanks, I will look into those options! Ive been close on a couple deals, both were estate sales. However, always outbid by a cash buyer, well above asking. 

Im hoping that prices will start to cool off a bit, maybe the exodus from NYC will slow down. I hear mixed opinions on it. What do you think?

Hello,

Starting off, local here in New Jersey. Having a hard time finding deals that will cash flow. I am looking into long distance as another option. However, with this being my first deal, id like to be around while learning the ropes. Is New Jersey too saturated with the current rising prices? Or am I looking in all the wrong places?

Looking for any advice!

Thanks !

Debating the pros and cons for hiring a property manager for a first investment.

What are your thoughts ?

@Natalie Schanne june 1 - may 31 doesnt leave alot of time for repairs / getting the property ready for the new tenant(students). How do you manage any repairs/cleanings needed?

@Natalie Schanne sorry, where did you get the additional 7200 from in that calculation? Still getting use to the math.