All Forum Posts by: Johnny Manziel

thanks for the feedback everyone. 

any one else want to tear this apart? $270k to make $600 a month?!  

@Jeff Brower You can get an FHA loan at 3.6% interest? That doesnt sound right...I just used 4.5% since the rates have been rising since Trump landed in DC.

In WV there are different classes of taxes. It works out that the taxes are twice as much on average for rentals (non owner occupied). Sadly its a real thing.

Welcome to Wild & Wonderful WV!

"Class II property is all property owned, used and occupied by the owner exclusively for residential purposes and farms used and occupied by their owners or bona fide tenants.

Class III & IV are all real and personal property exclusive of class I and II situated outside a municipality (class III) or within a municipality (class IV), rental and vacant, that is not used and occupied by the owner."

 Thanks for running that report for me! 

Thank you everyone for replying! I will to address everything. Sadly I'm not the real Johnny football. I wouldn't have pissed that life away.  @Brent Coombs  @Kenneth Mooney  @Jeff Brower @Thomas S. yes I would kill the 1% rule! For what its worth lol It would be nice to buy for $240, but i think $265-$270K is the lowest I can buy it for. 

--Again, I want you guys to tear this deal apart. The barrier to entry is minimal with my 3.5% down. Normally someone would need $67K to get into this deal. The cash flow would look a lot better obviously if I had that kind of coin!

Advice?

B+ area, built in 2006, parking, separate utilities, has good parking spots, real hardwood floors, wash/dryer exposed in kitchen, 2br/1.5ba units, good rental history, rent is $3200 gross, but ill live in 1 unit so the gross is $2400.

$270K purchase price

FHA loan

3.5% down ($9,450)

P&I-$1321/mo ($260K financed)

INS- $100/mo

TAXES- $137/mo (taxes are currently $274/mo b/c its in the investment class)

PMI-$187/mo (would like to own for a year and try to refinance with another bank to get a conventianal if I can get a high enough appraisal to drop PMI or lessened)

TOTAL PMT-$1745/mo

LIVING FOR FREE!!!

$2400-$1745= $655/mo for repairs, vacancies, CAPEX. I'm not counting property management I'm an adult and don't need someone to manage 3-4 units for me. That is about 20-25% of gross rents.

After i get back on my feet, (because this will take all of my cash basically), I could maybe raise the rents to $850-$900/each, but its not a priority. 

This is pretty much a turn key quad that would require little repairs or maintenance in the near future. *fingers crossed*

Let me know what you think?!?

Step #1 I would have thrown that fridge out! That had to take hours to clean alone. I've done it before also, but my take would be to buy a used one for $200 and move on! You are a legend.

I'm about to pull the trigger on this please can I get some more feedback

anyone else?!