All Forum Posts by: Account Closed

Thank you @Darren Sager and all those that helped for arranging a great event last night. A big thank you as well to @JScott for the great presentation, and very useful tips. It was very nice meeting with you, and extremely generous of you to take your personal time to come to NY to share your knowledge with us.

Looking forward to the next event.

Also, I left my phone ( black iPhone5 ) on the Pro meeting table last night. My wife spoke with someone who had it last night, but didn't catch their name. If you still have my phone, please inbox me and I will be happy to send a prepaid label and box so you can send it back to me with much appreciation and gratitude.

Oops - It's July 15th actually.

Here is the post about it

http://www.biggerpockets.com/forums/521/topics/134096-july-15-2014-nyc-meetup-in-manhattan-with-bp-author-and-legend-j-scott

Hello Nick -

I also live on Long Island and new to REI. I live in the next town over East Rockaway.
Not sure i have much to teach you yet, as I am new also, but happy to help if i can.

It's great that you are starting at such a young age, and if you focus, and save your money you can certainly make your dreams come true.

Good luck!

Also, there is a BP NYC Meetup July 25th ( i think ) I can't find the link to the post right now, but will post it later if i can find it. You should attend, and start networking. @DarrenSager is the man to speak to about it.

Dave

@Darren Sager - Count me in for sure.

Thank you everyone for the advice. I will pass on this one based on the feedback i received here. The search continues!

@Brenton Kasselder - Thank you for pointing that out. I have actually read a few of those 50% articles, and thought i was covering my bases. I guess i still have more reading and understanding to do.

@Chris P. - Thanks for sharing. I will keep looking for better properties.

@Jason C. - I don't know the current state with the existing tenants. I haven't gotten that far yet. That's my next step. I believe $2500 for the area is about right for this type of SFH, but i need to investigate that a little more.

@Brant Richardson - Utilities are paid by the tenant, and so it's just taxes and insurance.

Thanks for the responses everyone, I will look deeper into this as it seems like it's worth it. I'll keep this post updated as I move along.

Hello once again.

I found a SFH, that might be something i might be interested in for my first deal. Would you mind please sharing with me your thoughts on this?

I don;t see it as a big win, but this could potentially be my first deal.

Here are the numbers:

Asking price - 199,900
$20k down payment

Closing costs $2500

Prop Tax / Insurance / Utilities are approx $600 Month

Mortgage payment - $895.00

Currently rented for $2500/mo

Doesn't require any immediate repairs so i have repairs listed as $5k

Holding costs 0.00

Interest rate 4.5% over 30 yrs

I see $1,000 a month in positive cash flow after mortgage and expenses.

Am i missing something? Is there more to this that i am not thinking about?

Any and all input is appreciated.

Dave

Thanks @Wayne Brooks - I appreciate your input.

With my revised numbers, using the sheet that i found here on bigger pockets, it says my monthly cash flow is $752.06

Is that not a good number for me to consider this deal, or do you think the numbers are wrong, or just too low based on the rent being 1% of the sale price.

What kind of numbers would you look for in this kind of deal?

So, after speaking with my mortgage broker, it looks like my taxes and insurance estimates were very high. He is saying my estimated taxes and insurance costs should be around $510/mo & my total payment for mortgage, taxes and ins would be $1406.96 ( estimated, but based on real numbers )

This would include my 20% down, with the points put into the FNMA loan over 30 yrs at fixed rate of 4.69% with closing costs estimated to be $3842.50