All Forum Posts by: Daniel Roman

Yes, this must be my problem! I wasn't taking negotiating into consideration on the asking prices online. After I assumed a %25 cut on properties on loopnet (for example) It gave me much better numbers as far as cash flow goes. When taking the owner occupancy into consideration, I am now around -500 cash flow witch is great because once I move out I should be cash flowing around $400. Now I must ask, is slashing %25 off the asking price too optimistic? or is that about right.

@Steve Babiak

@Russell Brazil

@Wayne 

@Wayne Brooksundefined

Yes, i'll definitely have to look into that. I wish I had to the cash to purchase a property outright haha

@Dante Pirouz 

Good to hear that i'm not the only one! Yes, I guess 5% is better than no return. Wow, I'll take that into consideration when crunching numbers. Maybe if I drop %30 from the asking price these deals will start making a little more sense. 

Yes i'm factoring in the numbers, prior to, and after me living in one of the units. No I have not, I was just seeking out some general advice, or possibly something to just boost up my moral. To go forward and start reaching out to realtors, brokers, wholesalers ect.. I am definitely glad to hear that finding a good deal in this market is still feasible.

Wow! Those are great numbers. Thanks for the information, it's giving me a lot of hope. How did you come across a deal like that? Also, how do you qualify for a program like that? Yes I plan on being an owner-occupant. The numbers are based off of that, but as far as the deals go on loopnet, zillow, realtor.com ect..  the cash flow is negative by a huge amount, that isn't very sustainable (800-1500) 

@Shaun Patterson

Hello BP! your opinions and thoughts will be very appreciated.

I have currently been crunching numbers on deals in the Broward, Florida areas. I am using the BP rental calculator on duplex,triplex, and fourplex in the area. The problem is that after I crunch numbers I can't get a positive cash-flow. Granted i'm just using the properties I find online to study, and I can probably find better deals If I dig deeper. But none the less I find it absurd that I can't find positive cash flow on one property. I plan on using an FHA loan with %3.5 down payment. The local consist of triplex from 200k-300k. Is my mortgage simply too high to be profitable? Is this kind of REI not sustainable in my market? Are there any alternatives to cut my monthly mortgage payment with only %3.5 down? Would highly appreciate your feedback, Thank you!

Awesome, Thanks @Shaun Patterson glad to hear that. I know I can definitely dig deeper and possibly find a deal. But as far as the online listings go, there's just bad cash flow in it. Quick question though, what usually kills me is my mortgage/pmi insurance. Since i'm looking to get a FHA loan a 10k downpayment on a $300,000 on a triplex in my area leaves me with a monster mortgage that really cuts into my cash flow. Any advice you have for me? I am also looking around the west palm beach area because it is not too far away. do you have any real life examples of deals you have made there?

I think you should do a short sale on the property. Then, with the capital you raise from your equity you should leverage it and invest in multiple properties that result in a positive cash flow. Now that you have this abundance of information at your fingertips of course. Good luck to you my friend, either way you're still doing just fine! 

@Dana Walker I forgot to mention, I plan on being an owner-occupant as well. The thing is when I use the BP rental calculator I tend to ALWAYS get a negative cash flow. Are you experiencing this as well being south of Orlando? I've heard Napes, and Cape Coral are good areas to invest in. I haven't really looked into it though.

@Dana Walkerundefined

Hi Oziah,

You may find the following helpful:

Wholesaling episodes from BiggerPockets.com podcast:
2, 12, 18, 21, 22, 25, 27, 31, 33, 37, 42, 58, 67, 96, 116, 91

How to listen:

Go to
https://www.biggerpockets.com/renewsblog/category/podcast/


Or download Podcast Addict app from play store and search for biggerpockets.


You may also want to check out the following thread for a link of all the books mentioned on the BP podcast:


https://www.biggerpockets.com/forums/79/topics/388292-list-of-all-books-mentioned-on-biggerpocketscom-podcast

Hi Cameron,

You may find the following helpful:

Wholesaling episodes from BiggerPockets.com podcast:
2, 12, 18, 21, 22, 25, 27, 31, 33, 37, 42, 58, 67, 96, 116, 91

How to listen:

Go to
https://www.biggerpockets.com/renewsblog/category/podcast/


Or download Podcast Addict app from play store and search for biggerpockets.


You may also want to check out the following thread for a link of all the books mentioned on the BP podcast:


https://www.biggerpockets.com/forums/79/topics/388292-list-of-all-books-mentioned-on-biggerpocketscom-podcast