All Forum Posts by: Jordan T.

BUMP  

Still Available! Sub-developer opportunity.

Jordan

Hi Everyone,  

A long time friend of mine has a property in Maryland (21229) listed with an agent at long and foster but wanted me to reach out to my investor network as to help him get exposure to the right types of buyers. 

http://www.zillow.com/homedetails/4312-Leeds-Ave-Baltimore-MD-21229/3625902  

Here are the high-level details:  

MLS# BC8594059 - BALTIMORE COUNTY

4312 LEEDS AVE, BALTIMORE, MD 21229  

Listed at $425,000

Current house is 4 bedroom/ 2.5 baths 

3.18 Acres in the County 

Subdivision Potential - discussed possibility for up to 10 townhouses... no legwork has been started on this by current seller.  

Good location - 5 min to UMBC  

Seller says that the current house has been ~70% renovated, although I have not personally seen the inside so I cannot back up that claim or speculate on remaining rehab costs.  

Current rental rate as-is $1500/month to family friend.  

Call or text me 443-686-9833 if I can be of any further assistance.  

Jordan Turek 

Keller Williams 

to add to what  @Mark Dykes  said....   

A Few Quick Calculations:

IF you were able to get 100% financing at 5% with 25 year amortization... its a loser at $17k per year negative cash flow.  

If you were to finance 80% at 5% with 25 year amortization and put the down payment of $435k in cash it would only bring you a ~2% COCR or $8700/year after debt service. Also your DSCR in this scenario is only 1.08 and banks look for this to be 1.25 or higher.

It doesn't sound like a value play opportunity with low rents, high vacancy, etc.  so I would look at the next property... 

Jordan 

There are a few strategies to get you into a building without putting out too much of your own money.  That is if you are willing to share profits with investors. 

I think about it this way... Could I make the same cashflow of $650 per month on that $25,000 if it were re-invested in another venture ? 

Found an Issue with Keyword alert settings management, you cannot select/deselect individual keyword alerts... when I click on them only the top checkbox in the list toggles on and off.

First noticed the issue on my iphone and thought it was an "adobe flash issue" or something else due to being on mobile device, so I tried from my MacBook Pro using Chrome, then on Windows 7 with IE to no avail.

-Jordan

@Chris Bounds I would be interested in hearing the latest numbers and how they matched up with your estimates last march (2013).

What have you put into the property and what is it worth today?

Thanks!

Jordan

@Joshua Dorkin

Recommendations depend on what you are looking to do and what type of features you are looking for. Some additional information on your usage intentions may help drive the scope and size of what you need. :)

For example, I have several (~8 or 9) phone numbers (including my Google Voice phone numbers, VOIP Phone Numbers from Vitelity.net, etc.) all feeding into a small PBX running PBX-In-A-Flash on a Raspberry Pi computer (Around 35 $). This handles all of my inbound/outbound 800-numbers, local numbers, Voice Mails, and even emails me an .mp3 of the voice mail with partial transcription.

It can handle several extensions and physical phone handsets; and even forwarding to a cell when I am not at my desk.

I have a property mgmt google voice number route directly to an extension with immediate voicemail pickup and then an email of those messages is sent to me with transcription and mp3 attachment.

My only recurring costs are for the phone numbers through Vitelity.net. If you use only google voice, then the monthly recurring fees are non-existent.

It works pretty well for a small office setup and has lots of options depending on what you want to do. You can even run the PBX on a wireless adapter.

If you are looking for something more simple, I have previously used grasshopper.com for a cloud based pbx which has voice based IVR menus that you can customize and assign extensions that can be sent to different phone numbers, cell phone numbers or to voicemail boxes. I think it was around $10-12/month for basic service, plus any costs for a phone number and minutes, etc.

-Jordan

Hi everyone, My name is Jordan and I have been a lurker on the boards for a while and enjoy the podcasts. I have had rental properties in the past but got discouraged by renting to friends and friends of friends. Recently I decided that I didn't get enough pain and suffering the first time around. :-)

I am licensed realtor in Florida and in Maryland and bought my first "Round 2" property this past December. It was a homepath property that needed quite a bit of work. I am looking to finish it up here in the next few weeks and get it rented so I can take checks to the bank!

My expectations with Bigger Pockets are multi-faceted; to learn more about the different aspects of real estate investing and to meet and network with others who are just as "geeked" about REI as I have become.

Looking forward to learning more and chatting with everyone.