All Forum Posts by: Jim Rusco

It looks like you used $530,000 instead of $730,000 in the BP calculator.

Brandon was having technical difficulties. He is on Instagram live right now. Webinar will be tomorrow night

@Lisa Graesser, yes I am planning on renting it short term; as a vacation property. All of the furniture is included.

In the description, it says that the HOA fees include management. I guess the next step would be to find out exactly what that means.

If I add 25% as a management fee, that reduces my cash flow to $250/month. I still think this is pretty good.

Utilities are included in HOA fees

Thanks for your input.

@Karl McGarvey, thanks for the input. I will have to check on the cleaning fees. I think they are included in the HOA fees, but I will need to make sure.

I have $200/month budgeted for taxes. Does that sound reasonable?

I am new to this. What is PMS and Dynamic Pricing Tool?

@Julie McCoy, what are typical management fees? The utilities are included in the HOA fees. I have 5% set aside for repairs.

I am looking at purchasing a condo in Myrtle Beach, SC. Purchase price is around $110,000; rental income is $26,000/year. When I plug my numbers into my calculator, I am coming up with a cash flow of roughly $800/month. This seems too good to be true. This property is considered a “condotel” with lots of amenities. I feel that I am missing something.

For expenses I have:

Mortgage pmt

Repairs

Cap Exp

Taxes

HOA

Insurance

For income I have an estimate based on previous years rental income.

What am I missing? Any help would be greatly appreciated.

Thanks.

Hi, my name is Jim Rusco. After many years in the “Rat Race”(public school teacher, engineer), I am looking for a way out. I currently work in manufacturing as an engineer. I would like to build a portfolio for passive income as well as provide me with a decent retirement. I have a few ideas for how I want to build this portfolio:

1. Short Term Rentals in a vacation hot spot, specifically Myrtle Beach, SC
2. Single family homes near where I live in Muskegon, MI
3. Commercial properties in West Michigan

This is a new idea for me and am looking for ideas on how to get started. For me, I think the biggest hurdle is finding property managers to manage any properties that I find.

I have been listening to the Bigger Pockets podcasts and I am very encouraged by all of the offers of help. The entire community seems very open to helping everyone that wants/asks for it.

“Rising tides lift all ships!”