All Forum Posts by: Jonathan Warren

 I am being very conservative on rent.  $1200 seems to be the average for the area, but the same condo that appraised for $167k and sold for 150k three years ago was renting for $1250 at that time.  I think $1350 is doable.

 I will be managing because of close proximity, time,  and an opportunity to learn.

I've run the numbers on my first off-market property through networking with friends. I just did a walkthrough today, and the Property is Turn Key. Seller agrees to pay for cleaning. Because of another friend, I have intimate knowledge of the building and HOA. Only 8 units total. Here's the numbers:

Buy and Hold

The closest comp is across the hall.  3 years ago it appraised for 167k and sold for 150k.  It is identical, but has an additional balcony patio.  With this info I think 163k is fair for Actual Value Estimate?

2BR 1 Bath: Hard wood.  Modern appliances. granite.  jacuzzi.

Actual Value 163k

Seller is asking 134k.

25% Down = 33415k

Financed 30 yr = 100k  = $7000 annually 

Annual Expenses = $6000 with HOA, tax, Insurance, maintenance reserve

Rent :  minimum rent is $1200/month so $13680 annually minus 5% vacancy

With these numbers, looking at a $132 cash flow per month.  I feel I used pretty conservative numbers, and have 0 reservations about the quality of the property moving forward.  Built nicely, modern, and to last.

I really like these numbers for  a convenient, first buy and hold project.

Would love to hear everyone's thoughts.  What am I missing?

Thank you.

 Single family in Gentilly.

Looking for Contractors in New Orleans asap.  Couple of projects to start the year.

I'm trying to setup some defaults and am stumped here.  I've been estimating Taxes as a % of After Repair Value.  How do I estimate Taxes by % of gross income?  I like the default for initial analysis.  

Thank you.  Great info.

Understood. I'm still at a point where I'm learning the market, so the MLS should be good in that sense hey? Also, should I be devising a marketing plan immediately or should that be after networking and prospecting?

Hello all. New Investor here. I've just started prospecting and networking to find deals. My Real Estate agent has sent me listings from the MLS from a couple of different neighborhoods in New Orleans. Is my best course of action to just start doing drive by's to try and narrow down the field? I'm off work for a bit and don't mind doing the leg work, but I don't want to be wasting time if there is a more efficient way. Thank you.

Hello.  New member here from New Orleans.  Interested in continuing my education and networking.