All Forum Posts by: Joseph M'Mwirichia

The calculations look right. Some clarification though on the 15K rehab, is the HML financing that or your private lender?

GREAT share Lee and congrats! Local partners for long distance investing are key. Also your 1/3 success rate with inherited tenants seems like right on par with inherited tenants in small MFR. How did you connect with Derek and Trista?

Massive CONGRATS Darrell! That's a tidy profit and great lessons along the way. How long was the turnaround time?

Numbers don't lie right?....careful on the wifee though😉

Jordan..great goal. Something to consider would be asking for the maintenance records from the seller in addition to the usual age, code related questions. You'll go in with your maintenance reserves estimates, but that record will help you confirm or adjust those numbers. All the best!

Sure thing..throw up some basic numbers. DETROIT👊

Femi, great place to start. As for specifics on your question, here you go:

1) usually stated on the listing, but easy to get from your local  property appraiser's office with the address in hand.

2) look at similar listings in your vicinity, you can get a pretty good estimate of what this figure will be

3) this is variable depending on age and condition of the property, most peeps estimate 5-10% of monthly gross rent

4) 5-10% is a fair estimate, to allow for turnover 

5) see #3 above

6) anywhere from 5-10% of gross rents as well.

There's a field to enter the PMI on the calculator.

All the best! BE GREAT!

@Keegan Darby Cool. Management aside, is that the cashflow and COC after factoring in vacancy, maintenance/repairs and capex reserves?

Back to the management, it's my understanding that all the successful veterans in this game underwrite every deal as if they will be having 3rd party management, and If still a GO..then they deal. As a consideration, were your life situation to change and you suddenly had to bring in management, how would that impact this deal. Additionally, just because you are not shelling out cash, doesn't mean you are not paying for management. Your time has a $$$ value. Heck consider it your fee for running the place.

Congrats on being newly licensed Elandrous. Lenders are a dime a dozen, all with different criteria. Key questions are the ARV, your experience level (or the team you assemble to handle the rehab, and if you are bringing any $ to the table. Do you intend to flip or rent and refinance the property? Your exit is a consideration too. BE GREAT!

B & M are so lucky to you have you and your wife for parents! You have a critical piece, the construction team already in place, maybe even access to family & friends pricing which could sweeten the deal even more. The other is boots on the ground. Ultimately let the numbers guide you, project cost, rents, is there demand where you are building, zoning (take a peek at future land use), exit strategies. B&M will be the main drivers of this, are they excited about it?