All Forum Posts by: Marc Pelletier

Thanks for all the helpful feedback here. I just made the same mistake!  Looks like this thread is a couple years old, any new info?

Also interested in what people think about this

Thanks for the insight everyone!  We don't think it's a major leak and suspect that it's not an issue.  Since a future repair won't undo any of the renovation that we're doing now, we're going to let it ride and address it later if it's an issue.  Will report back with the results!

OK.  So my partner and I bought this great deal in Arlington TX from a wholesaler for a great price.  The foundation work went off without a hitch, except they did a plumbing test and it looks like the Hydrostatic plumbing test failed.  I did some googling and it looks like there are a lot of articles from plumbing companies talking about how much these repairs can cost.  But I haven't been able to find anything on the BP website about it.  

So question for you all is:  Have you done hydrostatic plumbing tests?  If they've failed how big of a deal is it?  Are we about to net zero on this flip?!

Thanks everyone!  I'm just doing my first flip and therefore my first insurance purchase.  Went through NERIG.com very quick, professional, and right within my budget.  Expecting to sign agreement today.  Will report back results.

Thanks Mark!  This deal is off-market so I'll still need to pay for my realtor.  It's in Fort Worth and I live in FL, so I'll probably need a property manager.  Regarding some markets not being good places, if it meets the 1% rule wouldn't that indicate a good market?  Or are you referring do other reasons like high property taxes?

Hey Everyone!

It's my first post!  Been following Bigger Pockets for over a year now and finally have something I think I can contribute.  I've made some offers on properties and been under contract a couple times but haven't closed yet due to repair issues uncovered during inspection.

So I'm just getting started and I'm building out my property analyzer. I'm struggling with being able to find properties that cash flow but aren't so under priced that they hit the 2% rule. It seems that even when I find a property that meets the 1% rule, by the time I consider 95% occupancy and subtract PITI and 50% maintenance estimate each month I end up with almost $0 cash flow.

A lot of the people on the podcast talk about how they're getting $400 per month per door cash flow even after refinancing.  Ultimately I'm looking to build out a strong portfolio of passive income generating properties.  Am I looking at something the wrong way?  Any help is appreciated!

Thanks - Marc

PS. Screenshot of my analyzer attached