All Forum Posts by: John Flanders

 Yes

Hi All - I'm looking to purchase 2 homes totaling $600,000.  Together they would generate gross rents of ~$5,300/month. After all was said and done with mortgage, ins, taxes, misc expenses and a mgmt fee we'd cash flow ~1.5k/mo between the two of them. 

I know I'm not even hitting the 1% rule, but the properties are in an area of town that's incredibly predictable and vacancy is not a worry.  Both of these properties have been rented for 10-15 years. I'm curious how people evaluate income taxes on top of the monthly cash flow to determine if something is a deal they'd move forward on or not.  

Looking at the numbers, I feel like this is a good investment. What would people be wary of? What am I missing?

Hi All - I'm looking to purchase 2 homes totaling $600,000.  Together they would generate gross rents of ~$5,300/month. After all was said and done with mortgage, ins, taxes, misc expenses and a mgmt fee we'd cash flow ~1.5k/mo between the two of them. 

I know I'm not even hitting the 1% rule, but the properties are in an area of town that's incredibly predictable and vacancy is not a worry.  Both of these properties have been rented for 10-15 years. I'm curious how people evaluate income taxes on top of the monthly cash flow to determine if something is a deal they'd move forward on or not.  

Looking at the numbers, I feel like this is a good investment. What would people be wary of? What am I missing?

That was my hope.  We already built our AirBNB listing and everything, just waiting to finish the remodel before we went live with it. We also recently added a little one to the family, so the hour drive has started becoming more problematic than we originally anticipated - hence the properties closer to us. 

I guess my other question is around timeline to put together an offer for those properties.  Can we do that now with a contingency on the sale of the cabin, then once accepted we work on the 1031.  I'm sure I could find some details, but figured asking now is best.  What's the best order of things in my scenario? 

40-50k. Cabin had two appraisals, one for 315k and one for 275k. We bought it for 255.

It was built 30 years ago and nothing had been updated. Did a ton of updates, opened it up, etc.

Hi All - My wife and I bought a cabin a few months ago for $250k that is a little over an hour from us that needed some rehab to turn it into a STR. It's by a state park so the numbers provided by AirDNA show really good bookings for about 3/4 of the year (winter has more vacancies but we feel our cabin is a bit more modernized than others and will do fine - we won't be sitting empty for 3 months).

Recently though, a pair of campus properties came up for sale that I'd like to purchase for 330k each.  They're only 20 minutes from us so managing is a lot easier and they have really good numbers for cash flow. I feel like campus properties have great predictability and you don't have to worry about months of vacancies. I also don't foresee the need to campus houses going away any time in the near future.

Considering we've gained some good equity on the cabin, my thought is we use a 1031 Exchange and use the proceeds from that cabin to help us fund the down payment on the 2 campus properties. The campus properties being closer are also easier for us to manage. Thoughts?

It's off-campus housing by Ohio State.  With traditional financing and 20% down could net about $800-1000 per mo per property.  What type of cash flow do you typically look for on a 330k property?

Hi All - New to BiggerPockets and love these forums, so hoping I may get some ideas here. My wife and I are in the process of renovating a STR to hit AirBnb in the next month. While cruising listings I came across a guy who is selling 2 off-campus student houses for about ~330k each that he has been running for about 10-15 years and wants to cash out. I'd like to try to find some more creative ways to knock this out. Any ideas or suggestion?

Curious if you ever ended up purchasing?