All Forum Posts by: Jade N.

Hello BP,

I hope I can get clarity on here. I have a property I'm thinking of purchasing. I eventually want to BRRRR but this property came up and I'm trying to decide if it makes sense as my first investment.

The numbers:

Purchase Price:$165,000

Down Payment$41,250
Principal & Interest Payment: $703
Closing Costs: $7,1028
Gross Scheduled Income (GSI)$35,888
Number of Units:3

Annual expenses:
Utilities: $4,000
Maintenance & Repair: $1,500
Property Insurance:$1,500
Property Management: $3,589
Real Estate Taxes: $2,139
Its supposed to cash flow: $11,857

Did I forget any expenses?

My concerns are the cash needed for the deal ($50k) and it needing some work if the tenants leave. It is fully rented currently. I would prefer less cash invested but haven't found the right deal at a lower price.  I appreciate any thoughts. 

@Paul Defngin@Andrew Postell Thank you. I will look into the suggestions!

@Shaun Weekes I am interested in using the BRRRR strategy. I haven't secured a property yet but am researching funding options.

Hello,

Does anyone have any HML recommendations for Baltimore?

@Shiloh Lundahl @Guy Gimenez I appreciate this debate because it brings up many valid points. I've had the same risk vs benefit discussion (with myself lol) that lead me to post on BP. The range of cost of these services varies widely but I get that it all costs. If legit, I do think it would help me get started and stop simply talking about real estate. After all the feedback, I'm not counting it out. I'm just going to tread lightly and get as much information as possible before diving in. Regardless of how I do it, I will have a property in 2020! For me the most valuable lessons can be learned from experience. Of course the more guidance the better.

Thank you for your input. It has been helpful and is much appreciated.

@Jon K. Your advice is well received. I'm going to pump the breaks on any financial commitments until I attend more networking events. You're right. I've read a ton and listened to podcasts. However, it wasn't until a went to a couple of meet ups that I felt closer to my goal. I need to up my networking efforts and see where that leads. Thanks.

@Justin Lanciault yeah, the first meeting is free. The costs of membership is on the website and includes what is provided. But how else is a newbie to learn? I have attempted to find a mentor and all I have been able to find are people who charge huge fees for their time. I don't want to wait any longer but don't want to make a huge mistake on my first deal. I've researched a ton, but there is nothing like having an experienced person help you through your first time. That is what is currently holding me back and is pretty frustrating at this point. I've started attending local REIAs but they charge fees as well for additional services. Any suggestions are welcome, but sadly I feel I'm at the point of choosing which group to join and how much I am willing to pay for someone's time. I guess information and time is money and doesn't come cheap! 

Thank you @Michael Kissi. That is correct. I can't find any additional information other than their website. @Account Closed Christopher King and Lola Thompson are associated with it. I viewed their website and am curious if other investors are familiar. They charge membership fees for trainings  etc as do other groups. As a newbie, I am trying to learn the ropes and was curious if this was a good route to take. I find it has been difficult for me to get started on my own. Any advice is appreciated. 

Has anyone heard of or worked with the Conscious Round Table in Baltimore? Any experience or feedback is appreciated.

@Anthony L Brown Thanks for the feedback! The block seemed nice and clean.