All Forum Posts by: Jake Kodweis

Hi John Anderson , A few questions for you: So, it's considered fraud to have a cash buyer pay closing costs on an assignment? To get the deal done, couldn't I just dig in to my profit margin? For example: I tie up a property for 50,000 and assign for 60,000. My profit is 10,000 less closing costs, correct?

Thanks Alan Diamond , I'll check em out!

Hey folks! looking to interview a few attorneys in Rochester, NY who can do assignments and double escrows, with a 3-5 day title commitment turnaround time.  Love to get some referrals from the local pros!

Welcome Brendan!  I just started myself but bp is an incredible resource!

Welcome, Hank!  I just started myself and BP has been an incredible resource!

Great advice @Will Chamberlin you're right, definitely undershot here!  Upped the max purch. offer to 100-150k, which looks like it still might be a little low for the area, but we're gonna go with it for now...  if we have to venture a bit beyond Park so be it.  I've been crunching against redfin listings and things are looking good!

Hey folks, I've been on BiggerPockets for about a week and I am amazed at how many people are reaching out to offer advice.  Thought I might post a summarized plan for my first investment in Rochester, NY... love to get some thoughts from the pros!

FIRST INVESTMENT PROPERTY GOALS & CRITERIA

GENERAL

Implementation Date: January 2017

Strategy: Long-Term Buy & Hold - passive income, 2-year live-in

Type of Property: Multi Family (duplex)

Location: Rochester, NY (Park Ave Area, ABC Streets, or comparable market)

COST & FINANCING ASSUMPTIONS

Type of Financing: FHA Loan

Downpayment: 3.5% ($2,800)

Interest Rate: 3.75%

Max. Finance Amt: $77,200

Max. Purchase Offer: $80,000

Improvements Budget: $7000

Est. Closing Costs: $3000

Max. Cash Outlay: $13,000

REVENUE CRITERIA

Average Rent: $1500

Target COC: > 10%

Target Cash flow (monthly): > $100

EST. EXPENSES (ANNUAL)

Vacancy: 10%

Property Tax: $5000

Property Mgmt: 10%

Maintenance & Repairs: 5%

Advertising: $100

Landlord-paid Utilities: $800

CAPEX: 8%

Great advice!  Looking to invest in college markets in my area, will definitely keep these things in mind!

Thanks for posting James, you've given me a good starting point for my re journey!

Hey Mark, welcome! I only just signed up myself, but I've already learned a ton from the forums and podcasts. Dig in!