All Forum Posts by: Derrick Powell

Good morning,

I have a fourplex I pay water and sewer which is annually ~$3300.  I received a quote to submeter the water ~$15k. This is about right as there will be new meters installed, digging the meter pits, new supply lines etc.

The question, do I spend the money on decreasing the expenses at the fourplex property or invest in another duplex for about $15k down which will provide about $3600/yr cash flow?

Thanks!

I'm preparing to submit my financials to the lender and they simply want my balance sheet along with two years of tax returns. Keep it clean and simple. Often times they will provide a standard form for your current financial status. 

I would echo @Barry Bradley 's thoughts.  I went to a free two hour up sell seminar and the whole thing was what comes next once you buy our next step. Biggerpockets has most of the education and motivation you will need. 

@Andy W., I spoke with the property management company I will be using and they said demand is a little softer that time of year but the area rents quickly.  So I submitted an offer yesterday, received counter and re countered, now awaiting response. 

Dmitri: $28k purchase price + $950 closing costs + $35k rehab. ARV approximately $85k. $950/month rent. Solid C+ neighborhood with strong rental demand. I don't expect significant price appreciation.

Thanks again for the encouragement and reassurance!  This first one is a little nerve racking! I'll keep you guys updated. Please let me know if you all need anything. 

I'm in the analysis stage of my first acquisition. It's an 3/1 1500sqft sfr. It wouldn't be rent ready for 60 days, which would put it available the first of October.  I'm concerned about the decreased demand this time of year leading to extended vacancy.  Any thoughts and encouragement would be appreciated! 

Thanks everyone for the warm welcome and well wishes!  So far, I've written my business plan, got pre-approved through a local bank and met a real estate agent.  Over the next month I'm working to save some more money and establish relationships with the necessary people for my team.  

Good afternoon everyone! My name is Derrick Powell and I'm from Evansville, IN.  I'm new to RE investing and interested in building a portfolio of 1-4 family properties for long-term buy and hold purposes.  Very excited to be here with like-minded folks!