All Forum Posts by: Dan Smith

Understood Ben and now i get it - Thanks for explaining that! 

This helps me understand a little more about what approach i should look for. I believe i need to look for a turnkey investment property with positive cashflow from day one.

I see you have a calculator tool of your own and i have also downloaded your spread sheet. Which one of these will help me analyze properties with my goal in mind?

Also i know about the calculators here on BP but which one of these would be the one i would use if your tools are not exactly what i need to analyze properties with my goal in mind?

Thanks for all you help!

Is it typical for a new BRRRR investor to expect the following from hard money loan/investor:

For the hard money loan to pay for:

a down payment

closing costs

repairs on the house

Thanks you in advance for you help!

Understood Ben and thanks for responding - Now i get that but i guess i am confused on what tactic I want to move forward with. I am unsure if I want to do a buy and hold or a BRRRR, A BRRRR seem more complicated because it involve obtaining hard money upfront and then a traditional loan to refinance.

Isnt the goal to do a BRRRR and refinance so you could capitalize on the equity in the house to use that for your next real estate investment (property)?

If so why would any investor do a buy and hold if they are looking to invest in a next property?

Dave, So why dont you take into consideration the house insurance and taxes at this point- That doesn't make sense to me? Dont you need to know that to see if this is a viable property to invest in?

Thank You Dave! 

I am just starting out and I have recently found a house on the MLS that is a duplex which needs some work but it is selling for 99,000 and has 1 existing long term tenant already paying rent of 825 per month.

2 questions:

1) What is the exact formula or guide i can use to analyze this house (Duplex) to see if it is a good investment as a rental property? 

2) Will the information on the MLS page be sufficient to run this calculation or do i need other information and where would i get this other information?

Thanks Justin for responding and for the info. Also thanks to you Mark as well for responding and all the links I will start looking into that info.

unfortunately i already have a personal line of credit taken out so this would not be an option for me. Any other ideas?

I was thinking of renting my home which could potentially give me about 400 a month in income and then i would purchase a fourplex and live in one of the units.

Hi All,

I have always wanted to get into real estate investing but I feel i made a BIG mistake when i purchased my first home!

I have a home (my first purchase) in a small rural town in southern new jersey that I purchased 5 years ago for $134,000. My interest rate is %3.14 on my mortgage - (I know its really low - I lucked out big time! ) 

In the last five years a very small amount has gone towards my principal and most has gone to interest so there is hardly any equity in the house yet to use towards the purchase of another property. 

But I really want to know how could I leverage my asset (my 1 family house - 3 bedroom , 1 bath with deck and fenced in back yard) to purchase a fourplex investment property?

I also want to know if it will be easier to purchase a fourplex as a live in owner or is it not necessary since i am not a first time home buyer anymore?