All Forum Posts by: JayCinta Henry

Here are the new numbers

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*This link comes directly from our calculators, based on information input by the member who posted.

Originally posted by @Jacob Sampson
Originally posted by @Jaysen Medhurst

Thanx guys. I was contacted by agent that sale fell through and prop. is available for 210k. I intend to occupy one side for one year, per bank requirement. So I don't mind to support the property for this time. I have re-done the math your suggestions, projected for the second year on out. I expected the numbers to make sense now but they are not. I don't know what I am missing or may be it's just not a good deal?

Definitely. It's mls. So far I have seen detailed pics and video tour. I will view property this weekend.  Intention is to buy and hold. Yes that's all the rehabbing that's needed. It's 1502 sf, built 2000. Taxes are accurate from appraisal website.

https://www.biggerpockets.com/analysis/rentals/5862bb99-dd03-4ec9-b41f-ecfa3a55a41e

Cost $82k, has multiple offers (15 so far) so I am thinking to offer $85K.

ARV is at least $135k with $10k rehab-mostly rip out carpets, install vinyl flooring, 2 interior br doors, paint house and cabinetry through out.

Rental income a conservative  $1150 but it can do $1200.

Am I overlooking anything or are these numbers aok for a go on this deal?

What would you do to make your offer the very strongest, without adding fuel unnecessarily to this faux-flaming Texas market.

P/S

I am getting tripped by the new calc. There's no button to post to this forum directly from the calcs and future assumptions are gone?

I think the way I would do this is by combining 10% repairs and 8% capex into 15%. I would do as many repairs as I possibly can since I would be living there and build up a cash reserve. You didn't say but assuming the units have 2 br I would hack my unit and rent 1 br to a student from the nearby college.  Then I would learn how you can take over property management myself, again since especially I would be living there. You should have a lot of cash released from operating costs.

After 12 months I would be looking into buying another place with another VA loan.

Lotsa great info here. Thanx everyone

Congrats!

Appreciate that 60x rent insight. Now then $950 x 4 x 60 = $228k. Did I get that right? I see county tax estimates at about so, but  a unicorn in the DFW market right now, generally, for such. 

I used to live in Wichita KS, hanged out in Topeka, Manhattan, Eldorado, KC, etc. but I wasn't in RE then. Is this what you are getting over there? I have been looking that ways actually, to IN, OH. 

Thanx everyone for all your great info. I spotted this on MLS, no work is needed. I don't have either comps yet, nor have I seen the leases yet. I know this area well and $950 min. is just about right but that's on the check list for verification. I am also awaiting insurance estimate.

OK. Definitely don't wanna bleed cashflow.

What would be your max offer, to ensure the deal makes an investment sense? 

Secondly what amount would be reasonable to ask a renter to pay for the first so much of repair costs?

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*This link comes directly from our calculators, based on information input by the member who posted.

One unit is currently vacant and I would move into it for 1 year, as an owner/occupier with a 3% down payment, while hacking the other bedroom for $500/pm (4plex has 2 br each). One unit is rented for 950, 900 and 850. It seems eventually rents can be raised to 950 atleast. My report here is based on 2nd year after I move out, assuming rents at $950/unit, and the numbers look brutal (I am not sure if I did this correctly). My main goal is ensuring positive cashflow than appreciation for now. With this info, I am not sure how to consider or work out this deal in the first year and the years thereafter, to make sure this deal is worth pursuing. Is it possible to make this work, how would you do it?