All Forum Posts by: Jorge Hernandez

Thank you both very much for the replies. They helped greatly to structure the offers :) 

I ended up offering he 197k, no contingencies. I was going to pay the difference in appraised value and offered value. However I got outbid by someone offering > 200k ; other buyers with 200k offers also did not get the property.

Good evening BP fans

I am looking at getting my second duplex , and I need a little bit of help as to what your thoughts are on it.

Location: Midwest town of ~70-80k people (growing)

2 units, 2400 sq ft total. 6bd / 3 bathrooms

3 car detached garage , and great parking spaces

Gross Market rent ~$2100

Taxes: 3200 , insurance $850

Recently remodeled so I expect very low capEx over the next 5 years. I will be self managing.

$179,000 asking price. In my market it is going to get multiple offers. I am confident offering over asking price but do not want to over pay.

How would you structure offer?

Im thinking about offering 197.9k , and I’ll pay closing costs with Earnest money of 10k (per Brandon’s podcasts to attract attention).

I want to get this property outside of my LLC , at 30 years to make it a nice cash flowing property. ~650 per month (with capex vacancy and maintenance set at 6%)

Any thoughts ?

Thank you 🙏

@Jorge Hernandez bump

Good Evening Bigger Pockets

I am a new real estate investor in the Midwest and I am under contract for an upper/lower duplex. It will be rented out and I am debating whether to use a management company or manage it myself, in order to snowball my income faster. I am looking to setup as many systems as possible, and I am looking for a management software that has most of the following features:

- Can store forms, and sends forms to prospective tenants/tenants emails, and keeps timestamped track/ record of them

- Integration/compatibility with Quickbooks or Stessa (Ability to export data into Stessa/quickbooks for taxtime)

-Messages/calls/ emails Handyman with maintenance requests, and can be marked as completed or not 

- Ideally not too highly priced option for a newer investor < $35/ month would be ideal , and that can be used to scale to 20-40 units

I've heard apartments.com/cozy is ok starting, but It might not be as granular and detailed as other software. 

Thank you very much everyone!

Perfect, Thank you so much for he feedback!

DId this ever come ?

Dear Bigger Pockets.

Im a W-2 employee two years out of college living in the Midwest. This year I was finally ready to beat analysis paralysis and start investing. However I’m at a dilemma.

1. I will be house hacking (I close next week) a SFH (B-) with a personal loan , and moving in two years. 10% Down

2. Just got in contract for a duplex (B-) under my LLC with 20% Down , property is ~140k after repairs. (Meets 1% rule)

An opportunity presented to possibly buy a side by side duplex in a B+ neighborhood in a nearby town

Price is 220k , but would need most likely a 240k-250k offer to be competitive. This property would not give me the 1% rule, but it would be an appreciation play. Both sides can be rented for $1800 per month and would cash flow $400 after management fees. My fear with this crazy market is overpaying for a property this much.

Also I would want to buy it under my LLC but paying 20% down would deplete my savings , so I'd have to buy it on the personal side with 10% so that I can retain some cash.

What you keep looking ?

Do you prefer cheaper properties that appreciate less but do meet the 1% ?

Thanks

Hello Travis, 

I just closed on my first "owner occupied" investment property, and closing on a second property hopefully this week, and this is what I am looking for. Thank you so much for putting this together and sharing it!

@Peter T.

Hey Peter , would you be ok with sharing a screenshot of your excel sheet please (without numbers ),

Or the Excel file that you use to do this ? I got my first offer accepted for an owner occupied home (will rent it out in two years and buy another property). I am also sending another offer for a rental property on Monday, and I’m working on figuring out a system that works best. Thank you.