All Forum Posts by: Josh O'Hearn

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Just had my first offer accepted on a property owned by the VA. The property is assessed at $120,000, my offer of $42,500 was accepted yesterday. The property will take $25,000-$30,000 in renovations with comps for a 4 bedroom in the area in the $140,000-$155,000 range, which should yield significant equity to put towards another deal. The house will rent for around $1200 a month and the renovations will take around 3 months as I plan on doing the majority of the work myself.

I am hoping for a quick closing with a cash purchase, looking like 2-3 weeks. Please look at my numbers and give feedback. Thank you!

Just a little more info about my long term goals- I currently make roughly $65,000 from my job. This can be higher or lower depending on OT and such. My ultimate goal is to replace my income with cash flow. I am looking to have 3-4 properties in the next 12 months. 

Thanks for the reply Brian, 5% is what the loan specialist I am working  with sent me today as the ball park rate based on my credit score. 

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Looking to offer on this duplex. My long term goal is buy and hold on small to medium sized multi family properties that generate a minimum of $500 a month in cash flow. I walked through this property today and it needs nothing more than cosmetic work. The total rent is $1550 and I would be inheriting two long term tenants (one has been in the property 8 years). Please look over my numbers! Thank you.

Thanks for the input everyone, I thought it seemed high. My credit score is 740. I was expecting somewhere in the 5-6% range on a 30 year.

Hello everyone, I received this message from the mortgage company I am using this morning: “One thing that I was told is that the interest rate would be around 7.875% with 1.25 discount points.” The interest rate seems high seeing my credit is over 700. I haven’t learned about discount points yet. Keep in mind, this is a duplex and I’m putting 15% down. It is being used as a true investment property, I am not living in half. The mortgage company is not requiring PMI. If anyone can explain the discount points I’d appreciate it! Thanks.

Hello BP,

Newbie to real estate investing from the Watertown, NY area. I have been following BP's podcasts and reading the books for some time. Finally made the decision to act on the opportunities and get my feet wet. Looking to do buy and hold  investing on small multi-family and single family homes where there is value add. I am looking to close on my first deal in the next few months as well as working on getting my license for my own knowledge and to work my own deals. Looking forward to interacting on the site! 

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Looking into doing my first deal using the BRRRR strategy. The purchase price of the house will be 60K and the rehab costs right around 50k. When the property is finished it will be worth conservatively $150k, which is the number I went with. Based on comps, the property should more realistically be in the $160k-$170k range. The loan for the down payment and for the renovations is coming from a family member. Rent will be in the $1300-$1500 range as well. Please look at my numbers and see if they make sense. Any feedback is appreciated.