All Forum Posts by: Jason L.

@Debra Dunne Welcome to BP.

@Joshua MckeeWelcome to BP!  I'm new to investing as well but you are in the right place to gain the knowledge to do deals real estate.  I gained confidence to do my first deal by listening to each podcast in my spare time.

@Jeff McNutt No problem

https://www.biggerpockets.com/renewsblog/2015/02/12/bp-podcast-109/

@Hattie Dizmond My goal is to relocate to your area within the next 3 years.  

No, south of I-40 off of Grand.

Hey BP investors,

I have decided to do a deal with my local city that includes HUD funding. I will build a 4-plex modular unit, each 3 bed 2 bath. I will live in one and rent out the other 3. The city will reimburse me up to 50% for the other 3 units. The city will also have a 20 year lean on this property that requires me to rent the 3 units to HUD qualified families for those 20 years.

Here are the numbers:

Total project cost:  $437,180.00

City's Reimbursement: $155,730.00 (equity in project)

VA Loan amount for 30 yr fixed: $281,450.00

Rent fixed by HUD for each unit: $876.00 x 3 =$2,628.00

I will save $1250.00 in rent a month

Mortgage, taxes and insurance: $2,444.15

Vacancy 7%= $272

Management 10%= $388

CapEX 5% = $194

Repairs 5% = 194

Cash flow= $386.79

What do you think?

Thanks in advance......

@Damon Duperre @Linval T.

@Keith Harris

Thanks for the insight and I will replace the roof now. 

I own a duplex in the DFW area, that has hail and wind damage from storm that happened in November.  I had a roofing company give me a quote ($675) on the repairs which he recommended filing a claim with my insurance company.  So, I did and the adjuster said the roof only looked bad in the area with the hail and wind damage but would recommend a new roof because it looked a around 15 years old.  My insurance company did agree with the adjuster's recommendation to replace the roof.  

Now, I'm not to sure if I want to replace the roof or repair the damage area.  To replace the roof I will be required to pay a $2000 deductible or I could repair the damaged area; which could cause me lose my roof coverage after 1 year, if not replace.  Also, I may consider selling it within the next year or two.   

What would you do?

I’m in the process of purchasing some land and the USPS has a mailbox on it.I checked with the city to see if they had a written agreement for the use of this land and they could not find anything on file.Also, the contract to purchase the land does not state any agreement with USPS.How should I approach this situation with my local USPS?Should I request the removal of these mailboxes or require rental fee for usage?