All Forum Posts by: Jonathan Ruths

Maxwell,

As a fellow beginner, I've been analyzing deals off Zillow, Realtor and Redfin using the BP calculators.  I know becoming a Pro member can be a big money commitment, but I told myself that if it helps me get my first deal (which I know it will soon) then the investment is well worth it.  Plus, join one of the weekly webinars hosted by Brandon Turner (under Education on the top tab).  I've found them to be really helpful for learning how to analyze deals.  If you're analyzing for rentals, I've found rentometer.com to be a decent resource for finding comparable rents.  I've also used city-data.com to find information about the towns I'm looking at.  Good luck, I hope this helps!

Hello BP,

I found a two-unit property that I've analyzed over and over and I still think it seems to be a pretty good deal (based on needing $100+ per unit, with 12% ROI - courtesy of Brandon Turner). It's an REO property that needs some work, so I doubt you could get a conventional mortgage (maybe a 203k, but I can't afford the downpayment). I was hoping to BRRRR it, but unless I could reduce the purchase price to $95k the refinance wouldn't cover the purchase and rehab. So...

Purchase: $109,000 (listed price, buts it's fallen out of contract 3 times - is that enough to motivate the seller to reduce the price?)

Rehab: $50,000 (seller's agent information)

ARV: $180,000

Rent: Both units combined should rent for $1800/month (could potentially be upwards of $2200 with higher quality rehab)

Monthly cashflow = $470

(see photo of analysis for additional info)

meaning... If I find private money for the purchase, I would need a partner for the rehab or downpayment... how would you structure a deal like this?  Would it be possible with these numbers?  How do you find someone interested in this?  SOS!

Welcome to the BP community. I'm also searching for my first property, but I received some great advice a few weeks back that I'll share. Narrow down your goals. Get specific. The person who chases two rabbits catches neither. Find the neighborhood you want to live, figure out what you want your monthly cashflow to be, and analyze, analyze, ANALYZE. Practice makes perfect. Find an agent and have them set you up with an automatic email for MLS properties that match your requirements. And as always, good luck!

Thanks Dave, Definitely looking forward to connecting with you.

Hello BP Community.

My name is Jon Ruths, I'm currently a teacher in CO and have been really getting into real estate over the last few months, but don't have the cash reserves to purchase yet.  My wife and I are moving back to the West Chester, PA area at the beginning of May and are looking for an apartment or single family house to move into.  We've been all over craiglist, zillow and other real estate sites, but I figured I might as well reach out to everyone on the forums.  Any suggestions on how to find a property from across the country?  Good management companies in the area?  What other options are there for finding a place to live?  Thanks fellow BPers!