All Forum Posts by: Elias Hibbard

@Tracy Minick thanks for the advice. I’m new to this so all the knowledge I can get helps!

@Ilidio Cardoso will do thanks!

What are the first things I should do immediately (by immediately I mean the first 3-6 months) after purchasing my first owner occupied duplex?

@Michael Doherty what is your over all goal. Do you want your properties to be more like a second job long run or more passive? Did you factor in the extra cost of snow/lawn care when buying the investment (either way paying someone else is cheaper than owning a truck. You’re getting the truck anyways but I’d have to say it’s still cheaper than owning a plow and the wear and tear that will put on your truck)

Personally I would do the lawn care myself for the properties that are 5 miles away and hire out for the one that’s 25 min away. Snow removal i would hire out for all bc I’m not getting up at 3 am to remove snow from 3 properties just to have to come back and do it two more times the same day(I’m in upstate ny so I understand how the snow has a mind of its own)

Begin building network and relationships now when your small so you have reliable ppl when you’re big. Much easier to fire a horrible snow plow company or lawn care company and fill in u til you find a new one when you only have 3 then when you have 10-20.

I could go on and on but long story short the maintenance should always be included in monthly expense whether you’re doing it or not and time is worth way more than money so hire out 👍👍

Can someone please provide a list of all costs and expenses for acquiring a first rental. I am looking for a 2-3 family to occupy and rent out the other units.

I am curious about all initial costs as well as monthly costs for factoring in when trying to decide how much rent needs to be in order to make money

So far for down payment closing costs I am considering

-Down payment (3.5% with FHA)

-first year taxes (school/county/maybe Village)

-Lawyer (in upstate ny so have to have a lawyer)

-home inspection

-appraisal

-home insurance (is 1 year of insurance payment due upfront?)

-liability insurance (is this due up front too?)

-uhaul (have to get my couch and bed from point A to B after closing)

Monthly cost I am currently factoring in:

-Mortgage (including escrow for taxes/home insurance/liability insurance)

-Utilities(water /electric/ gas)

-trash pick up (is this separate or included service that comes with paying taxes?)

- 8-12% for possible management company in the future

-8% for repairs/maintenance (should this number be higher or lower)

Anything I may have missed or any insight on what I have listed? Please and thanks! 🙏🏽

@Will Long have you ever wholesaled deals before? Currently reading that book you suggested

@Merrick Loveland good evening Merrick, I am looking to start whole saling and hoping you would like to connect and discuss some of what works and what doesn’t work ?

@Amelia Bartlett great advice on whole saling! Was wondering you you have completed any whole sale deals since this post and if so would you mind explaining some details about it?

@Brittany Witt great post! Thanks for posting the thread containing a good list to bring to the meeting. Very helpful. I am working to make my first wholesale this year! Love BiggerPockets too. Much success to you and I look forward to possible connecting and discussing real estate in the near future

@Lydia T. Thank you for your input on this post. It has helped my perspective of wholesaling. I am looking to make my first deal in the beginning of this year! Hopefully we can connect and discuss real estate. I always have a million questions 🤦🏽‍♂️🤷🏽‍♂️