All Forum Posts by: J. Henriquez

Hi @Hubert Pruszynski,

Homeowner's Insurance - I would reach out to an insurance broker in the area you are looking to invest in and ask what rates would be for a few specific homes within different price ranges, so you can get a feel for rates in the area.

Property Taxes - Local property tax rates and specific property tax amounts owed for properties should be public records. I would search your city, county, and state public records for specific tax information. 

Utilities - I would reach out to your friends that own properties in the area you are looking to invest in and ask them what they pay for water, gas, sewer, trash, electricity, and HOA. Write those down and figure out an average amount for each.

Hope this helps! Good luck!

Hi @Joe Steinheiser,

You could try something like this...

Hi, 

My name is "your name", and I am an investor specializing in buying homes in your area. Is your property for sale? If so, I may be interested in buying it.
If you are interested in selling, I would like to set up a time to meet with you and discuss how we can proceed. I can usually make you an offer within 24 hours and generally buy properties with "ALL CASH".
I hope you will give me the opportunity to work with you!
Please Call
XXX-XXX-XXXX
Thank You for Your Time!

Hi @Ed Henriquez, 

We have the same last name! I felt compelled to answer your question lol. If I were you, I would aim to buy a multi-family and go for a house hack with your first-time buyer opportunity. Buy a duplex or triplex, live in one unit, and rent out the rest. This method will allow you to live there while you get a grasp on being a landlord. If you do this right, the rent from the other unit(s) will have you paying significantly less than you do now on housing expenses, so you can save up for a down payment on your next property. This strategy seems to hit all your goals. Let us know what you decide to do. Good luck!   

Hi @Elexis Sims,

 If I were you, I would go with a key and touchpad combo lock. Most people will use the key to get in, but the touchpad comes into play whenever they get locked out. This eliminates any calls asking to be let back into the unit. Good luck and let us know what you decide to go with.

@Adam Schneider Thanks for replying!

Hi, I'm looking to connect with licensed real estate agents in North Carolina that wholesale. I'm a REA/REI and I'm gearing up to start wholesaling in my area to find deals for my investor clients and myself included. I would love to network and see how we can help each other grow!

What about an escape room or some type of experiential business. Good luck!

Hi @Hongling Lu,

I totally understand where you are coming from. My opinion is that you should not become a real estate agent if you are only doing it because you think it will help you invest in real estate. It doesn't really help as much as you think and you will end up taking on a lot of liability, fees, and training that comes with the territory. Also, I suggest you only take the real estate pre-licensing course if you are seriously considering making a legitimate career out of it.

The good news is that you can still be a successful real estate investor without being a real estate agent or taking the pre-licensing course. What I suggest you do is find a real estate agent that is also an investor. They will understand exactly what you are trying to do and be able to help you achieve your real estate goals.

I hope this helps. Good luck!   

Hi @Lamontis Gardner, 

More information is needed to make a final decision, but from what you have provided I can tell you a few things that should help. Fully rented this property meets the 1% rule ($3,600 is more than 1% of $325k or even $350k when adding rehab cost) and that's an indicator that there is a high potential for cash flow. You will need around $45k cash for the FHA 3.5% down payment, $25k rehab plus a small buffer, and closing costs. Your principal and interest would be around $1,450 a month and your variable expenses would be around $900 a month at 5% vacancy, 5% maintenance, 5% CapEx, and 10% management fee rates. Now I don't know your taxes and insurance or any of your fixed expenses like electricity, gas, water & sewer, but given your location, I am sure they are relatively low. So after all that, let's work with the numbers we do have...

Income: $3,600

Known Expenses: $2,350

Missing Info: Taxes, Insurance, and Fixed Expenses

$3,600 - $2,350 = $1,250 
$1,250 minus monthly payment for Taxes, Insurance, and Fixed Expenses equals monthly cash flow.

Based on my dirty analysis above. If taxes, insurance, and fixed expenses are $800 or less a month then I would consider buying because the CoC ROI is 12% or higher. If taxes, insurance, and fixed expenses add up to more than $800 a month then I would probably not buy.

***Remember that this is just an overall rough analysis. You should use the BP rental property calculator with accurate numbers to help make a final decision. I hope this helps. Good luck and let us know what you decide to do!

Hi @Camonte Terrell,

Congrats on deciding to house hack! It's great that you are searching for and analyzing deals. You are moving in the right direction! House hacking is a great RE investing strategy, especially for beginners. Although they both have their advantages, I would buy a MF home for a house hack over a SFH mainly because you can scale faster when growing your portfolio. At the end of the day, it really depends on your overall goal though. Below is an article that outlines the advantages of each as a rental property. Hope this helps. Good Luck!

https://learn.roofstock.com/bl...