All Forum Posts by: Kenneth Hynes

@Thomas Neely

  Great work :0  How did you decide on that market to invest ?  Seems like a good niche .  Is that going be your business plan going forward on do you plan on flipping some as well?

ken

@Joshua Chen

 @Shawn Dandridge

Am in a similiar boat.  Just a heads up ; when i tried using Pen Fed ,  they would not approve me  because i already had 3 loans out on different properties .  Will try Nave Credit Union next

@Scott Parker

  When you say cash flowing $500 , is that after all expenses or just the financing (mortgage)  Dont forget you have some other expenses that you have to account for inthe long term.  are you self managing or have a PM ? 

sems like you are off to a great start. I would continue to use BP, and especially the Podcasts that talk about ending your job and going REI full time. @Brie Schmidt is a great contributor and written several posts on how she has gone REI full time

@Jim Zatko 

What Scott said about  the property cash flowing.  What is the expected rent in your area for the house ?  and then will you manage yourself or turn it over to a PM.  The finance part is only part of the costs  you are going to need to budget for if you decide to go the rental route 

I would second school districts as a primary driver for rentals

access to mass transit if in city or highly congested area , like atlanta

Also job growth  ; which would usually drive population growth

As well as average income

@Bily Elliott 

 almost Billy .  Remember the 50% rule is just a rule of thumb to help you screen properties.  The expenses cover all your expenses minus financing (PI)  .  so your should include Taxes and insurance  as part of your expenses regardless if you finance %100 or not

there are some good calculators and spreadsheet on the file share page to help you out as well

Ditto what Dawn said ,, unless you are taking the first %550 and putting towards expenses alrad

total rent 550*2 = 1100

expneses (insurance , taxes, maintenance , PM, vacancy) = ?? 

I think the property meets your initial criteria enough to get real numbers for your expenses.  Do you have an insurance quote ? 

What are the PM fees in your area   ( een if you plan to manage on your own)

What utilities are is the landlord responsible for  ? you said seperate meters .. for what .. electric ?  water ?  Does owner pay sewer and or trash  ?

Talk to a realtor or PM about vancancy rates in the area .

Since both recently rehabbed  you r mainenance fees might be lower , but then agian it is a 1930s house

@Chad Duncan 

   I would echo  what Aaron said -  You havent counted all your epxenses , and you already cash flow _  .  How long could you old onto that property in those conditions, especially if it sits vacant for 1-2-3 months .  If there are no loca deals in your area consider either out of state or diving 1-2 hours.  Can remember the podcast or post, but there was an investor in Portland that was driving an hour utside Portland and finding good cash flow deals

@Sandra Holt 

Great job Sandra -  Any particluar reason you choose Mixed use property versus  a residential ?  Was your first a mixed use as well ?

Anyone in Fort Bragg/ Fayetteville area have a recommendation for a property manager. Looking to replace my current one. I have moved and need someoneone to managemy SFR