All Forum Posts by: John Matthew Johnston

@Ned Carey Thanks , the route we are headed!

If you had $100,000, no debt, no investments and the knowledge you have now, what would you do with it???

@Fred Shatzoff Probably a dumb question but what does @Amp mean?

@Shawn Ward Thanks Shawn, we have decided to hold the property. Thanks for the reply!

So we paid cash for our first true rental property and we will close on the property in roughly 2 weeks. What advice can you offer on how to be proactive prior to closing and during the rehab phase? We plan to purchase all the items to rehab the property and make a timeline of when we will rehab but I am more talking about back end stuff like setting up title search, insurances, rental agreements, advertising, refinancing Etc. Do you guy/gals have a checklist /timeline to keep you organized on your buy and holds?

@Dave Foster Thank You for the reply, we decided to hold the property after all. I appreciate the wisdom!

HI Fred Shatzoff! We purchased the property with cash the ARV is 150-160 Thousand.

We just bought our first flip. After repairs we will have 110,000 into it. We stand to make 30-40 thousand in 4-5 Months. We can easily get 1400.00/Month to rent it or would you sell it and reinvest into more flips or rentals or would you hold it, refinance and buy more rentals?

@Kuba F.yes most work will be done myself

So we have a few rentals and now have acquired our first potential flip! Excited about this property but wanted to see if the deal looked ok to you guys?

3 and 2 1500SFT

The Numbers:

Purchase price $77,000.00

Closing cost $4,000.00

Repairs:

Flooring 6000.00

Cabinets 2500.00

Counters 3500.00

Appliances 1500.00

Int paint 750.00

Sheet Rock 500.00

Landscaping 400.00

Fixtures 1000.00

Demo walls/Moving duct work and electricity 6000.00

Expected Selling costs and hold costs: 12,000

Total: $115,150

ARV 150,000-160,000

Possible Gains of $34,850-44,850.