All Forum Posts by: Derek Meehan

@Darrin Carey You reference pictures but I only see 1. Do you have more? Thank you!

@Joshua Top Thank you for reaching out! I PM'd you. I look forward to helping out! To your point that nothing good comes easy, I totally agree. I'm eager to learn! Thanks again Joshua!

This duplex has been for sale for a very long time. Do you know what is preventing a sale? It seems to be a bit expensive for a duplex in this area. Is there a reason for the increased cost? I'm hoping your response is going to include a story of a hidden passage way that opens into an expansive cave with a pool filled with water gathered from the holy grail. 

Thank you, in advance, for your response @Patrick Britton

@Allan Smith Thank you for your feedback! Perhaps I don't understand capex, but from the podcasts I've listened to I thought it was to represent what is going to need to be replaced within the years column to be prepared for expenses down the road. To answer your question of local appreciation... It has been going up 15% for the past couple years. https://www.weknowboise.com/blog/real-estate-market-trends/ That's not to say I want to 'bet' on appreciation, because I do not want to be playing that game. From all the properties in the area that I've been looking at, rents appear to be about 0.65%-0.75% of the price of the property. I'm thinking I may just have to spend some time driving around and finding distressed units so I can try a 203k loan. Why not get that monster out of the way on my first purchase eh? :)  My goal is to live in one of the units, if possible. Thank you again Allan!

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My capital expenditures seems quite a bit low. I did a calculation and ended up coming up with something like $600/mo which seems quite a bit high, so I lowered it to 6% just because there is no way my math was right on that. Even after lowering the capex it seems like this property is just not fit for a rental with my low down payment. Am I missing something in my calculations? From what I'm gathering, this 4-plex would only make sense at around $300k. Is it true that it is overpriced $150k? Or am I just being a total newb in some area? :) Thank you BP for your amazing knowledge and willingness to pour into other people's life!

@Julie Marquez Thank you very much for your time last weekend! I learned so much! It is due, in part, to talking to you and your father that I have realized I know what I want to specialize in. I am going to pursue finding a 4-plex to house hack in Boise!! I have family over there and there seems to be a few more opportunities over there! Thank you again! You guys have blessed me with your knowledge and experience and I am more than grateful! 

Welcome to BP @Parker Smith! I too find myself in that same boat. I'm in the middle of an inspection contingency on a home that would 'just' break even. It is a very difficult thing to do to have cash flow. Although I may not have an instant solution for you, I do offer sympathy. I think those of us who are in a hot market completely understand where you are coming from. 

If you found a deal that didn't cash flow but broke even, do you think rents are on the rise in your area? 

@Grant Rothenburger Thank you for the suggestion! 

@Julie Marquez That would be most appreciated! Anything I can learn is counted as a blessing! 

Hey there BP! 

Does anyone want free labor??? 

If anyone is working on their home this Saturday and would like some help I'd be willing to offer my free labor in exchange of learning how to work on a home. If that means I scrape tile on my hands an knees for the day, so be it! My goal is to learn about what's required to fix up a home while making new connections. I would like to purchase an investment property soon but before I do I think it would be worth giving up some weekends in order to become a more educated investor. 

I live in Burlington Washington but learning about working on houses is important to me so if your investment home within 200 miles I'm willing to make the drive. I like driving and hey, education is worth it! 

Thank you BP! 

Wow, you guys are very fast with responses! 

Thank you for your encouragement! @Julie Marquez That's a great idea. Multi family makes more sense for sure. I look forward to the next meetup! @Nik Moushon Thanks for relating and encouragement. It's always comforting knowing you are not the only one who has gone through something.