All Forum Posts by: Kurt McDowell

I really like my lender, I just really think they do it right for BRRRR investors who want to do more than a few a year and want more than 20. Terms are around 6% depending on a few things, but no tax statements required, etc., and no recourse / 30 year fixed! So PM me if interested so I can share contact details.

50x rule not the 50% rule. The gross monthly rent times 50 equals the purchase price minus repairs. So duplex rents for 800 and 700, gross is 1500, 50x rule says purchase for $75,000, but $30,000 in repairs needed. So buy for $45,000, offer $30,000 probably.

walk away, property not worth even $100,000 if you are looking for cashflow

I'd offer 70k, wouldn't go above 90k.

$50/sqft, your hard money will probably be 4 points

Use Rentec or Buildium or something for a ledger, you don't need a full accounting system for your first deal, also you don't need an umbrella policy for one property

Memphis as a hub for shipping and flights is not going away, it's location on the Mississippi should maintain it's economic viability, especially as agriculture and materials continue to use the River system.  Also the 3D printing market is supposedley good in Memphis...  I heard all this from futurist point of view like STRATFOR, I forget who, but it was from a few different podcasts.

I'd offer just over 100k, I would not go over 140k no matter how excited I was.  Your numbers are too tight...

You don't need disclosures, just agree to a price,  then ask a local buyer or wholesaler to come with you to lock it up.

check out Morris invest, Clayton Morris was on the BP podcast, legit