All Forum Posts by: Elio Benincasa

Hi Kat, for your first deal I would strongly recommend using the calculator on Bigger Pockets by going to Tools | Fix & Flip. Its a great tool since it will prompt you with all the questions that you need to think about that you may not be including in your calculations.

For example, you need to factor in how long you think a $100k rehab will realistically take you to complete (will it be 3 mos, 6 mos, 9 mos) and that will help you factor in all of your carrying costs such as interest on the borrowed money, insurance, heat, hydro, water, property taxes, etc. You want to minimize any financial surprises by including all costs.

All the best on this deal!

If you haven’t done any cosmetic maintenance such as painting in 13 years then it’s definitely overdue - a question you may want to raise with your property manager is what other basic maintenance does the house need? Buy the paint for them, provide them some guidance on using neutral colours only, have the tub replaced, and thank them for being a paying tenant for 13 years - it will be good for the relationship and you’ll have a happy tenant who will care for the home and will likely stay another 13 years...

Thanks Darren! Looks like you and I have similar profiles with long IT stints now moving into RE investments. Glad the move to FL is working out for you!

Omar, Ernest and Sterling - thanks for the feedback and your recommendations.

Hello BP members!

I started doing some research on Real Estate investing some months ago and landed on the BP site. The forums have been very informative and the webinars have been great. Currently living in the area of Toronto, Ontario, Canada and considering a move to San Antonio Texas within the year to join other family already living in SA.

In advance of our move I'm looking to start making some cash purchases of single (or multi) family homes for rental purposes and want to start connecting with local resources / team members to make that happen.