All Forum Posts by: Joel Mitchell

took out the Managment fee and the lawn care. Trying to get my first deal. Really good cash on cash and almost $200 a month. 

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VA loan build, build Equity, Refinance, Repeat

Tile is always the best way to save money and it is easy to do with a little YouTube help.  The problem is that time is money do to the lost rent.  Make sure that you get a few estimates and ask for referrals.  Call the customers....   I work in construction and I would tell you that you can find a lot of help on the weekends from large contractor guys for side money.  However, cost will be good with great experience but at the sacrifice of time.  You would just need to do the math on the time verse cost.  For a full disclosure I haven't done any at this point.  However, I have been making contacts for weekend work and for all different trades.  The math and financing is my issue.

I have a question concern my current situation. I have access to a VA loan with no fees. I have been trying to figure out how to make a deal in my area for a while. I have to purchase in my area as I have to live there due to the VA requirements. The rents in my area do not support a true zero money down deal. No offer will be accepted as the purchase prices will be half or most likely less below asking,in a appreciating market. I have consulted my accountants and they have stated that a good deal to me may not be a good deal for everyone else. I have a job that I need to maintain until I get this side hustle to not a side hustle. What they are speaking of is the tax advantages for me. Does it make since to make a break even cash flow to increase equity and take the tax advantages? I have been working the math to refinances and make the 12% and $100 per door at that time. Getting started and using the tools that I have. Thank you for any advise.

If I put the rent at $750 per unit. That gives me a cash flow of around $100 and I know from the webinars that I should be making less than that per door. Trying to make a good deal. Any help is appreciated. 

I agree. I checked rentometer has the rents at $750. This seems to be the going prices for Duplex in my area and I can’t figure out how anyone is making money and why rents are so low. Just wanting to make sure I am not missing something. 

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

I understand the concern.  I am playing the cards that are dealt.  I have been working hard to get this point of being ready to pursue this business.  I know that interest rates are rising and I think that they are going to be going higher.  However, I know that the interest rates affect cashflow on a minimum scale.  You would just need to ask yourself if risk fits your situation.  The rates are not a driver for me at this point.  

The gold mine is in the ease of access to low cost money.  Especially with interest rates are as low as they are today.  I have always heard that finding the deal is the hardest thing to do.  I have to agree.