All Forum Posts by: David McMaster

@Lyandrea Russell

What type of contractor are you looking for?

@Connie Tang

Thanks! You'll find something, just keep at it.

I just heard an ad for Turbo Tenant on a BP podcast. I have not used it yet so can't give you first hand experience. Looked at their website and seems decent. Figured I would try and see how it goes.

@Jan Schwoebel

Seems the income should be $100 more per month (@ $850 + $900). That helps the numbers a bit. Cash flow seems low. Obviously, if you can get it cheaper it would be better too. At those margins, I hope you have reserves though.

@Connie Tang

I had the same questions and was also having a difficult time finding something to get going. I have just been keeping my mind open and networking as much as I can.

I'm closing on my first triplex this week. It needs a ton of work, but should be nice when complete. I didn't believe it until I got into it, but there are deals out there. Keep your head up!

 Good catch, I think I was rushing through it. I adjusted it back to 70% of estimated value. Thanks for taking a look!

David

@Emery Jensen I do plan on managing myself to start. Thanks for the comment.

Hey all,

I'm working on landing my first deal. I came across this property that seems really good. There is a lot more work to get it rent ready than I wanted for my first, but seems like a really good price and will work out in the end. I'm not sure I captured all the operating expenses, but tried to be conservative with what I put in. As far as the rehab costs I know it needs a roof, siding, and possibly windows. One of three units is rented to a long term renter. One is gutted and they other still needs some work to get it ready. I am meeting to walk through the property this week. Any comments or advice is greatly appreciated!

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I see a lot of different answers. It's interesting to see how others conpute. When I look at it I see 68+7=75.