All Forum Posts by: Dylan Fellows

I’ve been looking at rents around that area from realtor and Zillow also but I wanted more of a concrete idea. Will property managers freely give that information out?

I found a property here in Wichita I really like and I’m trying to run the numbers to find my offer price but I have some questions. It’s a duplex right by Lincoln and rock and it meets almost all my criteria. Southeast side, little to no renovations and tenants already renting one side. 

Now I'm not to worried about the ROI numbers this time because I will be using FHA and my initial cash investment will be very low. I've looked at the average rent prices in that area from a Zillow spreadsheet and they look to average at about 980-1000. Looking at those numbers and using them I should be able to cash flow close to 200 a month when all is said and done and hopefully I'm not being to modest with expense numbers. 6% vacancy, 5% repairs and 100 CapEx seeing as how the appliances are almost new. I will be house hacking this property so these would be future cash flow estimates.

If anyone has any information or tips on how to truly estimate rent prices or my percentages for expenses for my analyzing I would appreciate some help. 

Thanks  

I will have to set up some spreadsheets and I’m sure they will help a lot with all the expenses and estimations. I’m noticing everything seems to priced way out of range to produce cash flow but obviously unless it’s an amazing deal I’m not going to take asking prices. I appreciate the reply, Stilll fine tuning the process 

Im currently looking at multi family and single family homes with little to no renovation to house hack and I’m having a trouble understanding analyzing deals.       
Brand new to real estate and this may be a dumb question but when looking at properties obviously the asking price isn’t going to be the best deal for you so in analyzing the deal are you basically crunching down the numbers to figure out which offer will make the most sense to you to produce positive cash flow, And should that number you decide on be the maximum offer you would be willing the pay for the property? 

Hey thank you for the info. I would like to get a property sooner than later but I am waiting to get my truck and credit card paid off so I can boost my credit score before I talk to a lender. I'm probably looking at the end of the year realistically but I will keep looking for duplexes in the meantime.

Great, that is exactly what I'm looking for. Where is the meeting location? looking forward to checking it out.

Thanks for the reply. But that is great news about the market. I need to take advantage of it. Do you know if any of the meet ups are in the evenings? I know there is one that meets once a month at noon but unfortunately that doesn’t work with my work schedule.  

Very true that’s a good point. I would like to not have two payments to make but it wouldn’t be to bad with one or two rooms rented out and it would get me started earlier. 

Hey everyone, my name is Dylan Fellows and I'm an aspiring real estate investor from Wichita, KS. I've been spending the last months doing a deep dive of learning all I can about properties, analyzing deals and house hacking. House hacking is my main interest at the moment but I hope to learn more about the BRRRR method and implement that in the near future. I currently have about 8 months on a lease in an apartment which I'm not opposed to breaking for the right property but my plan is to purchase a property towards the end of 2021 or the beginning of 2022.

I'm hoping to become a new real estate investor within the year and my goal will be to find a duplex and house hack or to find a single family home and rent out the rooms. It seems pretty hard to find a duplex for what my budget will be, >230,000 while being in a location I want it to be. Im intersted in the college Hill area if it comes down to getting a single foamily home to house hack. What are some of the most important things to look for that potential renters would be drawn to in the Wichita area. E.g. Close to entertainment like bars or resturants or other things? Thanks