All Forum Posts by: Garrett Diegel

Thanks @Adam Daneff , not counting management as we currently manage our own - taxes and insurance are correct. It's possible we will be buying through a form of partnership which will allow us to not put any money down from our accounts

This would be our second deal and 4th unit. I always run things by people smarter than me, which is ALL OF YOU in this case. Here are the basic numbers. Not a bad deal in my area, would you do this deal? Am I missing anything. I was in little bit of a rush to post this so I am sure I left something out in the numbers below.

Property: Single family 2/1 home built in 1986. New paint, carpet, and touch up from prior owners.

Purchase Price: $85,000 offer

Monthly Rents: $850

Vacancy: $85 - 10%

Cap Ex: $85 - 10%

Insurance $58.00 - 7%

Prop Taxes: $66.67 - 8%

Repairs:$42.50 - 5%

Water / Sewer: $50 - 6%

Mortgage: $324.64 - 38%

Monthly Cash Flow - $138.19

Total Cash Needed to close: $25,000 taking into account unknown possible repair budget

Cap Rate: 6.53%

Lending : 30 year conventional / 20% down

Why not get the LLC set up now so it is ready when you need it. Just don't let this take you away from property and lending acquisition since that should always be the primary concern. When you get started you just have to do it ALL.

This topic has been discussed many times. I'm interested to hear what everyone has to say. I currently have my license and found the education to be great but as a pure investor with no inclination of being a RE Agent. I'm not sure what major benefits it holds either. Looking forward to other opinions. 

I agree with Chris - put in all the numbers, save for all expenses, be conservative, and expect to SAVE (not use) all of your excess cash flow. Then JUMP! 

I have an opportunity that has come up from a somber situation. A friend of ours has passed away and left his home to another friend of the family. They have now learned that the home is in disrepair and needs major renovation to make it livable. A loose estimate (however not confirmed ) would be around $30-$40,000 to renovate the home and put in on the market for a buyer. I am not currently in the market to buy this home as an investment but in my mind this would be a great wholesale opportunity. The family does not have the cash to dump in the home in order to renovate it the way it needs to be so my advice would be for them to seek out an investor to purchase the home for a discount "As Is". 

My questions on this one are. 

• Am I on base with my recommendation?
• What can I do to find a local investor right now that would be willing to purchase this home. 
• How do I enter into a whole sale contract with assign-ability while having my RE license? This would be my first one ever. 

Thank you for all of your help in advance. I know there is a ton of experience out there that will help point me in the right direction. 

We have started out journey toward REI freedom. After hours of talking and thinking through our goals and how we want to live our lives. Buy and Hold keeps coming to the forefront. I have a steady income through another business that I enjoy and will not be leaving anytime soon so income replacement is not an issue and I surely don't need another job as a flipper or wholesaler. Our buy and hold strategy is purely for income supplementation and to leverage into additional buy and hold strategies. Every extra dollar brought in from the property will be funneled into purchasing another prop. My question is : What is the best way to ramp up this strategy? Outside of saving up for downs of 10-20% prior to looking for another property is the BRRR strategy the best option due to its debt leverage? Help me get prepared to reach our goal of 5 properties in 2017!!!!

Hey There!!! Congrats on starting your journey and welcome to BP!!!

We are against the wall trying to get tenants into our first tri-plex. Only issue is we can not get into the attorney before their move in date to review the lease agreement. Anyone out there with an existing Nevada Lease Agreement that we could modify to fit our needs? Help a guy out :-)