All Forum Posts by: Kyle Shook

@Christopher Phillips

Thanks for your input.  I guess I do need to make sure that the cashflow works at my all in amount.  Part of the strategy is to refinance and pull out enough money to pay back my lender.  I'd also like to have a nice chunk to have for my marketing and perhaps another investment.  

Does the bank loan on the market value or on the tax assessment? (assuming they're not equal in my market)

Hey BP Nation, I have a question about refinancing. I'm in the process of purchasing my first rental property. purchase price -- 135k rehab cost -- not sure...it's currently rented out but was told it has foundation issues. I'll say 75k for repairs ARV -- 275k - 300k... saw many different estimates, but the tax assessment says 275k Currently rents for 2450/mo I'm looking for private money to fund the deal and then refinance out of it to pay off my lender. I've never done a refinance so I don't know the rules. Can I put a limit on how much I borrow? I don't want to borrow too much because I want the property to cashflow. Is that the wrong way to think about refinancing? It would be nice to have a chunk of cash pulled out when I refinance, but I'm really looking for the passive income. What would you do? Thanks for your input! -Kyle Shook

Thanks for the invite, Dan.  I'll do my best to attend

@Erik Pfundstein, no I didn't. Could take 10% out for those in addition to the other expenses for a total expense of about $3530/month. Rent - Expenses = 5775 - 3530 = $2,245/month

I didn't account for management but yes, I plan on having management in place so I will include it in the breakdown. Real estate taxes -- 12,892/year...1,075/month insurance -- 9,363/year... 780/month water/sewer -- 5,080/year... 424/month landscaping -- 600/year... 50/month prop. man. -- 7,200/year... 600/month Total -- $35,135/year... $2,930/month I tried looking into a commercial loan, but they wanted 2 points plus 10 percent interest. And I would need to put down 10% of my own money. I'm trying to find something better. Any thoughts?

Hi everyone, I'm trying to analyze this deal. The numbers looks awesome to me, but I'm struggling to find financing that will make it worth buying the deal. It's a 6 unit property in Keansburg, NJ. Total Rent = $5,775.00/month... $69,300.00/year Total Expenses = $27,935.00/year NOI = $41,365.00 The asking price is $389,900. I think the numbers look good, but I have no experience and I really want to get started in real estate investing. I don't want go jump into a deal just to get a deal done. So I'm looking for someone with experience to analyze this deal and let me know if they think it's worth looking for financing. I can probably manage to put 10% down, too. If there's any additional info needed, please let me know. Thanks, Kyle Shook