All Forum Posts by: James McCormick

@Gregory Kucukarslan I would be happy to. I need a colleague request from you so I can see your email address, or share your email address here, and I will share.

@Nereida Moreno I have sent a colleague request to you as I can't see your email address to sent you the workbook. Either accept the request or share your email address and I will share.

@Bryan C. Workbook sent. Enjoy, I hope you can find use from it.

I am looking at two properties right now, 

Sure, send me an email and I will reply and attach the workbook.

I have been playing with the 2% rule in a spreadsheet. What I came up with is what I call the net income as a percentage of cost basis. First, I include renovation costs and purchase cost as the cost basis. Then I do a quick analysis of expenses, real estate taxes, insurance, management, vacancies, repairs, inspections. Then you simply divide the net income by the rent. This gives me the net income as percentage of cost basis.

My spreadsheet also shows me the projected rehab costs, the cost basis, (which is the purchase price plus the rehab), cost basis as a percentage of AVR (like for the 70% rule), equity, (which is simply the after repair value minus the cost basis), and net income per month. Now I have a sheet that I can use to evaluate a property. 

Then have a sheet called comparisons that I link the metrics of the property evaluation sheets of the individual properties that I am considering and I have a metric that I can compare one property to another and see which one would perform better per dollar invested.

@blake 

@Blake Mattan you are also welcome to send me an email if you are in need of contractor references.

@Scott Schaecher Please feel free to send me an email. Not able to post my address here, but I belive you can find it in my profile. I would be happy to talk with you about help with contract work. I have a good plumber (licensed), and he has an electrical contractor (also licensed) who he works with from time to time. I would be happy to share his info and to talk with you about the project. I may be able to provide guidance in other areas; I would be happy to hear what you have in mind and see if I could help.

Investor title, they have other all over town. I know that do it because I was the final buyer for a property and there was a whole seller between the seller and I.

OK, I replied and also sent the same to your email address that is listed on your profile. The ball is in your court. Good luck to you.

Try this, just an idea that I heard from Brandon's book that I listening to on audible. Focus not on the money, but on the ability to be able to attend all of your childrens' 

Not really an answer to your question, just an idea. You can set an alert on Zillow for the zip code of the property. When the property goes on the market (likely it will at some point) you could see it then. I have seen that banks can hold properties for some time, never could figure why.