All Forum Posts by: Daniel Fane

Feel free to contact me with any questions 518 588 4497

We are having a meeting August 5 @ 6:30pm The Vine Coffeehouse in Ottumwa. Free event. Looking forward to seeing everyone again. 1207 N Jefferson St Ottumwa

@Matt DeBoth 

@William Bryant Yes we are still holding the event. Looking forward to networking with everyone.

Hello Everyone,

We are looking to start an investor meet up in SE Iowa to be able to network and connect with one another. Local investor Math DeBoth and local agent Daniel Fane have a conference room booked at hotel Ottumwa for June 6 between 6pm- 7:30 pm. Whether you are a full time investor, just starting or just wanting to learn more information about real estate investing please come join us on June 6. If you have any questions please feel free to call or txt me @ 518-588-4497 Daniel Fane

@Matt DeBoth

@AJ Leman Headed to 10x growth con this week cant wait to get to Miami to escape this weather for a few days!! I think for my short term goal I am going to focus more on cash flow to try to get to that freedom number as fast as I can. Ottumwa, Fairfield, Albia are areas that I have been looking. I don't see much in this terms of appreciation in this  area but I can almost make since of the cash flow. There are enough manufacturing jobs that will keep people  employed in order to survive, but based on the demographic and being lower income I think prevents folks from actually purchasing their own home. Which is why I am looking at rental properties here and I also live near by. Appreciate your input. 

@Jason Bergan Thank you for your input. Do you think it might be worth looking in other markets right now in Illinois or possible Kansas City Mo ?  I wanted to get my first 2 or 3 properties closer to where I live so I can gain experience with the entire process before I hire out or even attempted long distance rentals. 

Hey guys and gals, 

Just wanted to create this post to talk about what everyone's criteria is for their rental property investments ? After sitting down with my wife we found out that our freedom number is about 6500 a month. So we are working together to put together a plan this year to start acquiring properties to get us closer to our goal. We want to purchase homes between 40-80k (affordable living) that will generate us at least a 10-12 % cash on cash return with a minimum cap rate of at least 10 percent. Ideally we need 13 properties that net cash flow about 500 a month. After running the numbers on several homes in our area I can get net cash flow about 200 -250 a month. Using the calculators on bp with 5% percent vacancy, 7% repairs, 7% cap ex and 8% management. My question is should I just keep making offers in tell I get a property that fit my criteria to a T or should I maybe start looking elsewhere to fit what I am looking for? Or  am I focusing to much on the calculators numbers and not taking enough action. I say that because if you were to add back some of the vacancy and management I am getting closer to the 500 a month goal I am trying to achieve . Side note I plan on managing the properties myself. Looking forward to reading your comments !

@Aaron K. you were correct. place needed major repair. 

@Michael Pearse Thank you for the advice !

@Ricardo Diaz Thank you as well. I am not going to use a home inspector again. I felt that for what I paid I didn't get much value. I have a local contractor that I will be using for now on.

Thank you !

View report

*This link comes directly from our calculators, based on information input by the member who posted.

1st Investment: Any advice ? I am having an home inspection done tomorrow and would appreciate any feedback that BP members could give me. I am buying the house at 135k but my banker is going to loan me 145k. I am planning on taking the 10k for any unforeseen surprises. I am also going to rehab two apartments as soon as the tenants move out. Landlord pays utilities. Any thoughts ? Plan is to increase the rent 50 per door as new tenants come in.( with improvements of course )