All Forum Posts by: Jing Xu

Thanks for reminding me to do the search. I am newbie for re investment. I would rather staying away from morris investment for my first purchase..Thanks again! 

@Brittany Warner Lubbock does seem like a good place to invest though. Brittany, do you mind sharing your route to invest there?

I am pretty new to re investment world. I am looking for passive incomes. The only route I learned so far that is very passive is turn key properties. The only two companies I have initialed conversations are MI and REI Nation.

Thanks for the reminder, @Brittany Warner @Shaun Morgan. Searching MI in BP.

@Brittany Warner Yes, MI will manage the property. Sounds good. Looking up in LCAD.

@Brittany Warner Thanks for sharing the coming new schools! Yes, it is in the Lubbock-Cooper school district. Do 3 new schools indicate a growing population in the area and it is a positive sign for the realtor market there?

@Stuart Chinworth @Brittany Warner

Thanks Stuart, Brittany and Shaun! 

The management fee, property tax and insurance cost are all from the turnkey company (Morris investment if it matters). 

They told me 

1) the management fee is low because a) the property is in Class A area. b) the property is brand now.

2) the property tax is low because they help to dispute the tax every year and almost every property they manage does this.

3) the insurance fee is based on similar houses in the previous phase.

HI Bp,

First time investor here. I have a sfh in Lubbock Texas. So I would like to run it across people in Bp to get some opinion. It is a brand new sfh for 327.9k with tenants in place. The neighborhood is Quaker ave and 130th street.

Down payment - 65580  (20% down)

closing cost - 4000

total cash investment - 69580

rental income - 2500

tenant pays all utilities (electric, garbage, water)

vacancy - 4% - 100

management fee - 5% - 125

repairs/maintenance - 4% - 100

insurance - 110

property tax - 450

mortgage - 1215

total expense - 2100

Cash flow - 400 / Month

CoC = 6.9 %

Does my calculation make sense? If so, is it an good/ok/bad deal? Thanks!