All Forum Posts by: Jason King

Thanks for the responses everyone! Lot's of useful information, you can never have too much of that!

@AnthonyThompson, thanks for the list of contacts and the information about the RIREIG. This has been something that I have been looking to find, and plan to attend the meeting on the 17th.

@AnnBellamy, thanks for the advice about the CPA. I am most likely going to go with a local CPA to start off, mostly because I like to meet face to face. I also have a background in accounting, so I am hoping this will help.

@EngeloRumora, this is exactly how I feel about starting out. I know that as time goes on and my experience grows I will feel more comfortable doing things on my own, but to start I want to make sure things are done correctly. Margins may be skinnier in the beginning, but my end goal is to build a sustainable model and benefit from economies of scale, just need to get things off the ground!

Hi All,

I am a new prospective investor in the Rhode Island area and am looking to put together a solid support team to help me achieve my investment goals. Specifically, I am looking for a Real Estate Attorney, CPA, Real Estate Agent and Property Manager. I would like to use professionals that are experienced dealing with real estate investors. If anyone has any recommendations it would be greatly appreciated.

Thanks!

Jason

Hi All,

I am a new prospective investor and I am putting together some information for a partner so that we can start the search for our first property! One of the to-do's that I am personally tasked with is to develop a way to analyze potential investments for financial opportunity. I have been researching methods of measuring deals, and I have found that the BP Buy 'N Hold Calculator seems to lump all of the major financial calculations into one, easy-to-use form. Does anyone have any real-world experience using this tool? Has it worked well for you? Is there anything missing?

It also seems that some of the expenses recorded are based off of assumptions. Specifically, Vacancy, Repairs and Maintenance and Capital Expenditures are the three biggest risk areas in my mind in terms of using the correct assumptions. Does anyone have any suggestions on where to find the correct values for these assumptions? Are there industry guidelines to use? I know that these are likely to be area/property specific, but are there any resources I can utilize to research typical rates in my area? I am also curious to see if I can find what they typical Cap Rates are in my area, if anyone has experience researching this.

Any help would be greatly appreciated!

Jason

Thanks for the responses.

Re: Michael Hable
There are a few reasons I am hesitant to manage the property myself. I have a demanding full-time job and a 18 month old at home, so my free time is limited. Managing property may make more sense over time, as I learn more about what is involved in the process. For now, I want to stay conservative in my financial calculations and include the cost of a property manager. If I decide to manage the property in the future that will just be additional profit.

Re: Ali Boone
Thanks for the advice! I am no stranger when it comes to numbers, as I work as a financial analyst. I am planning to utilize BP's "Buy N Hold" calculator as a starting point for property evaluation. Do you have any experience using this tool? Is there anything missing?

Hi All!

I am new to the site and new to real estate investing. I am a financial analyst by trade, but I have always had an interest in real estate. Specifically, a partner and I have made the decision to invest in some rental property. While we have not bought our first investment yet, we are looking to get "all of our ducks in a row" so to speak, so if anyone has any advice for anyone starting out I would greatly appreciate it.

To share more details about our goals, we plan to purchase a 2-3 unit multi-family property, with 2 bedrooms per unit. We are looking for a purchase price of approx. 100-150k, with 20% down and have set aside an additional 10k for repairs. We have our target markets identified and know the market prices for similar rentals in the area(s). Once acquired, we plan to hire a local property management company to handle the day-to-day/emergency management.

Once again, if anyone has any general advice or learned lessons please feel free to share. I look forward to hearing from you!

Jason