All Forum Posts by: Kelly Romano

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*This link comes directly from our calculators, based on information input by the member who posted.

Hi All. I'm new and practicing as Brandon suggests. I'd love feedback on this report. It is a property we are considering. Any help would be much appreciated! Thanks in advance ~ Kelly

Thanks for posting your progress! I am a new REI and can use all the shared knowledge I can get. Wish I was local - I'd come by and check it out.

Congratulations. Those rents in Wappingers are growing everyday! Thanks for sharing your experience.

Thanks for taking the time to help with my report. The average 3 BR in our area is around $2300 as well, but I thought $2200 was a safe number. The 1 BR's in this particular town are as high as $1900, so I thought I was being safe at $1550. So $3750 would be for both units, is that what I should count or should I drop the total number? 

I will change the vacancy rate to give a month to turn it over, thanks! Here in Dutchess county, there is always a shortage of rentals, throughout my time in RE it only takes a week or so to find a new tenant, if it's in a desirable neighborhood.  

I used 4% for the interest rate - suggestions? I will check on insurance from a local agent, I really have no idea on that number.

Again, I really appreciate your feedback, there is much I need to learn! Thanks for your help!

Kelly

Hi Everyone!

I am new to BP and am practicing using the calculators. This is a real property I have listed and I wanted to post it in some of my FB investor groups, along with the rental report. However, I want to be sure the info is accurate. 

Any feedback would be much appreciated! 

TY ~ Kelly

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Investment Info:

Small multi-family (2-4 units) other investment in Lagrangeville.

Purchase price: $200,000
Cash invested: $20,000
Sale price: $290,000

Single Family 4 Br's, 3 baths with a 1 bedroom, 1 bath apartment downstairs. We lived upstairs and rented out the apartment. We put in 3/4" hardwood oak, painted, updated a bathroom, painted kitchen cabinets, changed countertops & tiled the flooring.

What made you interested in investing in this type of deal?

Wanted to get into our dream home.

How did you find this deal and how did you negotiate it?

Through a real estate agent.

How did you finance this deal?

We put 10% down and took out a conventional 30 year loan.

How did you add value to the deal?

There were some issues with repairs needed and moving dates, for which I was able to use my problem solving skills to create a win/win for all parties involved.

What was the outcome?

It was a great experience in real estate investing. We were able to live in an area that gave our children a good education and the rental paid our very high property / school taxes.
I learned to be a landlord and made good friends along the way. The experience started my love & passion for real estate and helping people.

Lessons learned? Challenges?

Today, I would use OPM or use FHA funding. I learned how to screen tenants & be a landlord. I learned how to lay ceramic tile.