All Forum Posts by: Devon Cornwall

View report

*This link comes directly from our calculators, based on information input by the member who posted.

This property was happened across on pure luck, the numbers used are the givens by the listing agent. Seller is willing to carry financing. Is this a deal too good to pass up? Or am I not including the possibilities of additional losses?

From LA: "18 ROOM - ROOMING HOUSE WITH COMMERCIAL FRONT - LOCATED IN THE DOWNTOWN AREA - EXCELLENT RATE OF RETURN! MANY RECENT IMPROVEMENTS INCLUDING - UPGRADED ROOF ($30,000.00)-2 YEARS - WINDOWS UPGRADED 8-9 YEARS AGO - 2 WATER HEATERS, FIRE INSPECTION COMPLETED - AND MANY MORE IMPROVEMENTS - BUILDING IS IN A EXCELLENT RATE OF RETURN - BUYER MUST ASSUME FORGIVE ABLE LOAN HELD BY CMHC IN THE APPROX. AMOUNT OF $32000.00 AND EXPIRES IN THE YEAR OF 2023 INCOME AND EXPENSE AVAILABLE - OWNER WILL ASSIST IN FINANCING IF NECESSARY - DON'T MISS OUT ON THIS TRULY RARE FIND!! BUILDING IS KNOWN AS THE ABIDING HOUSE"

This is in Ontario, Canada. So any Canadians out there with insight would be great. :)

Thanks again,

Devon

The ARV for this property based on comps in the area are around the 170 range, the 120 refi allows me to pull all of my money back out of the deal, I will be able to pay the hard money off, and all of my out of pocket expenses including my carry costs, with some extra rolled into the next house.

I could be way off too, I'm just starting out and this is my second attempt at analysis.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Property is 45' x 105', house is located near the back of the property, corner lot, lots of potential.

I feel like this is actually a pretty good deal. House is currently in really bad condition, vacancy of 6 years. I found it driving for dollars and the neighbor happened to be pulling into his driveway.

It is going to require a decent rehab and probably the inclusion of a 600 sq ft addition to add a bed and bath. The current state is gutted to studs, will require new siding, and new roof, couldn't tell if it needed plumbing or electrical from outside.

It is currently about 625 sq ft, 2 bd 1 bth. It is in a great neighborhood, good schools, churches, parks, and amenities including a nearby (walking distance) mall that has grocery and pharmacy needs.

I feel like overall this should be a good deal but I'm confused by my negative cash flow in year one. Can anyone give me a little more insight? I can get pictures on request.

@Jaysen Medhurst, if you'd be willing to check this one for me to compare my first attempt to this one and send some more constructive criticism my way that would be awesome. 

Thanks in advance,

Devon

Edit 1: Photo Added

Edit 2: Added edit 1

@Jaysen Medhurst

Since it was single family I was going to leave the tenant responsible for utilities and where I'm located both water and sewer are itemized on the monthly bill. 

I overshot on cap ex as a precautionary due to the state of the building in the picture. 

I was also hella conservative on the arv as I could find comps available for as much as 245k up the road. However there was a comp 3 blocks further from the university that were in the 175-195k range. 

I didn't know that refi would be that high or the timeline to refi so those will definitely be good numbers to update on the next try.

I really appreciate you  breaking it down and giving me direction. I will try another one tonight and post it. 

Devon 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey everyone, this is my first analysis attempt for a BRRRR in my area, I know that this is not a good deal according to the numbers that will be seen but I was hoping someone could look at it and maybe post a counter report so that I can get a feel of where I'm making errors.

Thanks in advance,

Devon