All Forum Posts by: Kevin Booker

Thanks for your advice @Steve Vaughan I'll be sure to update along my journey! 

@Steve Vaughan so that means There has to be cash exchanged to start LO in order to make it legal? in other words a deposit? 

Sorry bp if this isn't the correct forum This actually involves a couple things, I need advice this is driving me crazy. I'm in a position where I'm living off savings so I'm kind of tight with money. I've been thinking of finding a quadplex hopefully to lease option with the seller( 1 year), negotiate no or little money down and pay asking for it in my option. I would then rent out 3 and live in the other for that year with me collecting rent and paying seller x amount each month which doesn't go toward purchase (seller keeps no matter what) so now I have a little cash flow. Within that year I would work on getting financing and saving up reserve to show the lender, my income to pay the loan shows from 3 rented units and a year documented proof which will turn into 4 units rented once I have lender in place and I move out. Could this work or am I missing something? What can make this sound good to a investor? I haven't figured out numbers quite yet so any advice is needed

I also have 9+ years in construction so I could handle any repairs or renovations myself and increase value all while continuing my journey in real estate! 

@Adam Bartomeo I've found out if I used 70 x Rent - repairs - wholesale is what I should be getting the deal for which should be around 61k and then I would be able to pass it along to an investor at 1.5% of rent at 67k which is an average rental cash flow. I'm going to pass on this one since the asking price is firm at 66k, too high for me to work with. Thanks for your input Adam 

@Devan Mcclish 

70 x Rent - Repairs - wholesale

This definitely helped a lot. Thanks for all of your info

@Devan Mcclish So if the property rents at 2% of the purchase price + rehab it's a good investment? And anything lower than 1.5% is bad correct. Also the rehab is so low because the property only needs appliances and a little carpet in bedrooms. 

I'm fairly new to the whole rental side of investing so I'm a little confused. I have a deal that I came across a 4/2 1400sf SFH in a desired section 8 area that would rent for around 1k- 1150/month, purchase price would be 66.5k and taxes would be around 1200 annually with no more than 2500 rehab and ARV at 80k. Is this a good cash flowing deal? How is this calculated. If so what would be the max I could pass it to an buy/hold investor for?

I'm fairly new to the whole rental side of investing so I'm a little confused. I have a deal that I came across a 4/2 1400sf SFH in a desired section 8 area that would rent for around 1k- 1150/month, purchase price would be 66.5k and taxes would be around 1200 annually with no more than 2500 rehab and ARV at 80k. Is this a good cash flowing deal? How is this calculated. If so what would be the max I could pass it to an buy/hold investor for?

Welcome Vince I'm also new to BP, I'm in Tampa(town and country) and my partner is in Palm Harbor also close. Great info and people here.