All Forum Posts by: Leon Collins

I'm sorry,

Cory Carlson, what do you mean, “a tool, not a crutch.”? Could you elaborate? 

Could you? Would you? On this post? (Dr. Seuss ref.)

Ben. Can I call you Ben? Can you explain a bridge loan for my newbiness? And please ask that client to give you Vito's contact info!! Thanks man.

Hey Neil, we're in the same boat but, I think Mitch just gave us a nugget to run with. I just got off the phone with a seller I wanted to help and found out that the numbers I had ran on the seller's home was right with what the seller had in mind. Wow! I'm definitely calling more sellers. Have you made any calls yet. Btw, thanks Mitch!

Yes, it does look good on paper. First, I figured out you loan amount is $48,856 (lead with that next time). In expenses, Repairs and CapEx at 8% should be $93.76 (total expenses are then $697.20), and the Total Investment is $30,917 (instead of $30,918). Now, just looking at RentOmeter, I would run the numbers with $1200 as the rent income, if I were you. Other than that, it really looks good. Let me know what you think Yang. By the way, did you do rent comps with Craig'slist in this area?

Yes, they are generally the same when it comes to getting the numbers you need for an analysis. I picked trulia, because I like the look, feel, and the settings. For rent comps you might consider using, like Brandon Turner says, RentOmeter.com, it just makes sense. And with that, using Craigslist.org in your area (try looking under City > County > housing > apts/housing for rent). Remember, this is all estimation for now. Right now i'm working on understanding closing costs calculations. By the way, you're welcome.

I just use Trulia, Zillow, Realty.com, Refin and the like. Trulia is my favorite. I have it set up to send me notifications when my criteria is met (there's your deals coming in, so to speak). Man, there are plenty of properties to practice analysis on. I live in Florida, so you may want to look here if your area doesn't offer very much that interest you. By the way, if you're using the BP calculators which is you favorite? Mine is the Rental Property one. Hey Nicholas, check Trulia and let me know ,ok?

Hey, if you're good with $150 monthly cash flow, because you're Cash On Cash is good to me, but I'd be better if you get $100 per door as a minimum (how many rooms? 2 bedroom, 2 bath). By adjusting the P&I to 30 years, which makes the P&I $232.67 (instead of $290.51) and you cash flow would be $208.66 with a Cash On Cash of 17.12% (instead of 12.37%). Of course, you could keep the 20 years and find ways to add features to the prop to justify raising the rent to at least $925 (which makes the monthly cash flow $205.57). Is there extra storage space, or laundry that could add value (or you could add an inexpensive security system for about $200, just a thought). Can't think of anything else, let me know what you think Bernard.

First of all I would say, stop coming back. Deciding priorities is easier if you have a written goal. Playing the devil's advocate, maybe this real estate thing isn't for you. On the other hand, we all have to do what we all have to do to make it. Keep your head bro. Understanding the BRRRR calculator is alot easier after you listen to Brandon Turner and or David Greene discussing this method on one of their podcast. I've listened to them all. By the way, what's the purchase price and how many rooms is this (2 bedroom, 2 bath)? The monthly cash flow of $288 or $284 (pick one, you can't have both) should be a result of the monthly income minus the monthly expenses of $412 or $416 (pick one, you can't have both). As far as the refi, worry about running the number first. Remember, using the BRRRR calculator is about understanding how to BUY, which is the first letter in BRRRR, focus on that. I wouldn't worry about the 3rd R in BRRRR if I don't even understand the B, you follow (how to buy the right prop in the first place)? That's all I got for now. Hope this helps.

Hey Kris, I'm looking for a like-minded investor as well (two heads are better than one), so when it comes to finding the best investment props in Tampa, Florida (like anywhere else) it's important to invest in the right kind of prop (I love running the numbers). What's your criteria? What's your investment vehicle and strategy for using that vehicle? I'm a potential investor (I like Buy & Hold Real Estate using the BRRRR method) and I'll agree with the good rental ratios with good growth you mentioned, because I've been analyzing SFH (lots of MFH props) as practice (learning analysis IS fun). Are you interested here, in the local market of the Tampa Bay area?

I would recommend you do it yourself by letter; do not call. What I've done, was to hand-write a letter to a credit bureau, like Equifax or Experian, not Transunion. Simply request they specifically remove the inquires in question, and request a new credit report after they remove said inquiries (include each account and an explanation why you want it removed). Also, I would send this letter certified mail to Equifax at PO Box 740123 Atlanta, GA 30374. Remember, don't call and yes, this will take some time, so be patient.