All Forum Posts by: Kay H.

 It would be great if I could that.... I only I didn't need the seller concession that is greater with the higher price....

 Well this is in south philly, a hot spot right now. There's a comp about .5 miles away that sold for 400,000 dollars. There's a comp a bit closer that sold for 270k buts it's probably in similar condition. There's another ones also for 400k.

I don't really have to rehab. One tenant has even living there since 2008 and she's fine. But to get cash flow I would have to either rehab and raise rent or refinance.

I guess my exit strategy would be to sell.

It's a little hard considering I have to live in the place. I just really like the area for living.

 this sounds like a good deal to me. However, I'm not sure if you're saying its similar to my deal due to the appreciation and what you had to put into it or if you are showing an example of a deal thats opposite of mine because you didnt have to use your own money. 

where I live: New Jersey/Philadelphia it would be difficult to find a property that cashflowed like this with an FHA loan.

I see what the other members are saying, but is it very unrealistic to take an FHA down to and 80% ltv by refinancing?? that's all I would need to positive cash flow. all the other stuff..rehabing etc would be extra but the miminum thats needed is to refi.

Hi guys. I'm in the process of purchasing a property, but I just realized it has negative cash flow when I factor in the maintenance and vacancies. However, I think one of the main reasons it has negative cash flow is because I'm going fha and I am putting a small out of money down, which makes the principal and interest payment higher than it would be if i had put down 20% in a conventional loan. I think the deal could improve over time if I refinance into conventional down the line and put more money down.  What do you think? Here are the numbers: 

purchase price is 270,000 

property is a triplex with all 3 units already rented to long term tenants. the bottom tenant is moving out and that is where I will be living for a year. 

Principal and interest is 1300.00

taxes are 2400 a year

insurance is 1800 a year

rents come out to 2100 per month total for all three units.

down payment is 3.5%

Here are a few bonuses

the property is in a really good neighborhood that is up and coming and this is a neighborhood I personally would want to live in for the next year. 

Also, the units are outdated: old kitchens, carpet, etc. With some rehabbing, I could raise the rent so that the total rent for all three units is about 2500 per month. 

So after i move out and get my unit rented. I think I'm looking at about a negative 169 a year or so. but if I refinance, pay down the mortgage and get rid of the PMI, things could look better.

Is this doable? Is this a bad deal? what are your thoughts on this? 

yes. that makes sense. what i have been doing instead is spending the extra money on marketing so that now i dont have any savings. not a good idea. 

Hey, need a little advice here. I've been wanting to by my first rental property, and as I newbie to investing, of course I started wholesaling. I've been wholesaling for about 6 months got a couple deals in the works but recently I bumped into an agent and i realized I had strayed from the goal of getting a rental. So I have like no savings because I'm spending everything on marketing, and i'm wondering if i should continue to do that. Should i roll the dice and hope i get a big wholesale deal or put my energies into saving money and maybe working overtime so i can afford the downpayment myself. 

what do you think? 

Yes, I plan on doing commission sales as well. At first I wanted it just for access to the mls. But the class is showing me  you could make easier money than wholesaling 

I'm so excited!!!!  I was wholesaling but now I'm going to get some real credibility. The classes were outstanding. as  I left, I couldn't believe I had spent so much time chasing after the small percentage of wholesale  properties out there when I could have spent time being able to deal with any kind of property a person could possibly want to sell. I could have dealt with pretty properties. 800,000.00 properties, mansions. The marketing would take just as much work as wholesaling, but this time when I answer the phone the person on the other end will be more likely to trust me. What was I thinking taking so long to get the license? 

Has anyone else felt this way? 

Dev,

is there such a thing as a more targeted motivated seller yellow letter that would work?

Hi,

does anyone know how I can access these? I want to look for landlord info. I went on the website and it seemed you needed to know docket number first. Am I missing something?