All Forum Posts by: Luis Suarez

@Brent Coombs It was supposed to be $68,000 but I made a typo, and it's based on my own comps. I didn't even think about the $50,000 but you're right I would have problems refinancing at such a low amount. A cash purchase might make the most sense at this point.

1 Vote

I found a property that I am interested in purchasing as my first rental property. It's not an amazing deal, but the numbers seem to work. Can someone double check behind me?

ARV: $68,0080

Purchase Price: $40,000

25% Down payment: $10,000

8% interest (could be a little higher or lower) @ 30 years

Estimated Repairs: $3000

Points: 525 (Unsure about this one)

Monthly Income: $680 (based on history, this could be more)

Monthly expenses: $634 (10% vacancy, $120 HOA, $20 Insurance, $61.20 repairs)

I would plan to refinance, and cash out in 12 months..

I'm being very conservative when calculating the expected revenue, and i'm trying to over estimate the expenses just to be on the safe side... What are your thoughts? Should I provide more information?

0 Votes

Hey BP,

Earlier this week I asked for references on a structural engineer, and you all were awesome! I used one of the many recommendations, and their customer service, and punctuality was impeccable.

However now I need a foundation expert that could repair some of the issues that the structural engineer found. Have any of you personally worked with any SFR foundation specialists in the Raleigh, Durham area?

Any advice/help is greatly appreciated.

Thanks!

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Originally posted by @Patrick Madigan:

Hey @Luis Suarez - I'll also throw these firms into the mix with @Uriah D.'s recommendations. Both should be willing to cover Durham. They are my first two phone calls for any structural questions.

McClancy Engineering (Cary)
Engineering Tech Associates (Raleigh)

Let us know how it goes. Good luck!

I'm keeping both of them on hand for next time. I really appreciate it!

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@Uriah D. I scheduled an appointment with them on Friday! thanks for your help.

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Hey there!

Does anyone have any recommendations for a good structural engineer? I have a house in Durham that has a foundation crack, and I need someone to check it our for me. I would much rather get a personal recommendation from someone local.

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See you guys there!

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Originally posted by @Jonathan Taylor Smith:

@Laythe Jadallah - Yes, I have 6 rental properties (all Townhouses), each of which has positive cash flow near or above $300/mo (after expenses and reserves) with self-management. For two of these I've gotten the "Buyer's Agent" side of the commission, which is the seller paying me to buy their house - LOVE That! I started this journey into REI in January of 2015 and bought my first property in July of that year, so you're right where I was just over a year ago... Fun times ahead for you! The last two years have been among the best of my life.

WOW! Very inspiring. These are the types of stories that keep me going.

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@Laythe Jadallah Welcome to BP!

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All Forum Posts by: Luis Suarez

Luis Suarez has started 8 posts and replied 51 times.

Post: December Raleigh/Durham Meetup (Special Format) :)

Post: What am I missing? - Rental property in Raleigh

Post: What am I missing? - Rental property in Raleigh

Post: Foundation Experts

Post: Structural Engineer in Raleigh, Durham area

Post: Structural Engineer in Raleigh, Durham area

Post: Structural Engineer in Raleigh, Durham area

Post: October - Raleigh/Durham Meetup

Post: Fellow Investor/Agent in Raleigh, North Carolina

Post: Fellow Investor/Agent in Raleigh, North Carolina