All Forum Posts by: Jordan Puffer

The target ARV will be around $110-115k

Hey everyone! My wife and I are closing on our first buy & hold on the 18th of this month! The numbers look good: Location: Broadway House Number of Units: 1 Rent: $1,350.00 Square Feet: 1,666 Upfront Costs: Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00 Cash on Cash Return: 19.84% Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20% Down: $19,000.00 Capitalization Rate (ROI) 9.05% Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88% Net Cash Flow per month per unit: $314.08 Term (yrs): 30 Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40) Less: Operating Expenses: $(6,470.63) Less: Vacancy and Credit Losses (7%): $(1,134.00) NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee (30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

Originally posted by @JS Berkenkamp:

Are you positive on the rental numbers? I went to Zillow and Craigslist. The top I found was 1.1k for rent, but  I could be wrong as to real rents. Anyhow, that may change your numbers a bit. Do not forget the GR taxes and to bank for problems. They may not happen, but they are important to have in reserve. 

 The area is on the come-up. A few 3bd 1ba around the corner just rented for $1250. 

I'm flirting with the idea for a DM campaign and my w2 allows me to "drive for dollars" all day. I also look on legalnews every week for houses on the auction docket to attempt to contact them before they hit the block.

Ours is between Myrtle and Richmond on Broadway and we were somehow the only offer 😦. It's currently a 4/1 and we're adding the 2nd bath 🙂

We actually lucked out on it and found it on the MLS. Got it for $79k, putting $20-40k into it and the ARV on the low side is around $130-135k. We're looking to do BRRRR on our properties and rent in the area for a 4bd 2ba is around $13-1500/mo so we're looking at around $3-400 monthly cash flow after all expenses.

I've been keeping my eye open for the 2nd but want to work with a wholesaler or run a direct mail campaign. I got lucky finding this one on the MLS. I love meeting other investors from West Michigan, too! Are you an RPOA member?

Thanks! I've been moving toward this field for years and it feels good to finally have the first deal under my belt.

Hey everyone! I just wanted to introduce myself to the forums. I'm Jordan, my wife and I live in Grand Rapids Michigan and just put our first deal under contract and we are extremely excited to begin our investing journey. Bigger Pockets has been instrumental in building my confidence and being able to analyze properties with the correct mindset and taking emotions out of it. I look forward to building relationships here and further immersing myself within the community.

Does anyone have any experience with them? I'm looking for a hard money lender in Grand Rapids, MI, does anyone have any referrals/recommendations here?