All Forum Posts by: Marx Delices

One of the northeast markets that is still landlord friendly with good returns/appreciation. Will be in attendance!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Pros:

• The current owner would want to stay on the property, possible the basement studio as a live in super/property management renting the room at a discounted price. This allows me to be hands off.
• Great deal compared to surrounding comps

Cons:

• The property is currently not cash flowing due to tenants not paying rent. Owner is in the process of clearing through and evicting tenants via court. Only time can tell on the length of this process

Clarification:

• The 70K in rehab is aggressive for safety. The main price tags on rehab is a new roof and boiler.
• I would want to finish the basement. There is enough room there where it can be sectioned off and rented as a studio apartment. With enough space downstairs for a wash/dryer the whole building can pay to use (miscellaneous cash flow).

Spoke to my bank (Chase) about doing a 203K loan for rehab, they don't provide that but do FHA loan at 6.3% with PMI. However, they worry about my liquidity before approving me.

Do you guys think I should partner on this or borrow outside cash to bring up my liquidity/rehab and just pay back with the refinance. Should I be looking at one that can provide a 203K loan. 1st deal. Thoughts?

I'm also curious to know this as well seeing as I'm currently residing in NY and have no plans of relocating. 

Hey Terry, 

Dayton, Ohio .... Didn't get a chance but I'm speaking to the agent again today and will have them ask. Good call 

Hey Rob

Dayton, Ohio

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Looking to partner with someone on this deal below. Ohio 4Plex.

I’ve been trying to hold onto this deal because from my POV number wise its seems solid. However, I have to be honest with myself, I don't have the capital nor the experience yet to fully see it through. Doesn’t mean someone else couldn’t.

Ideally I would want to be part of the deal, learn and hopefully share in the success. I’ve found multiple properties with good numbers only for it to be sold days later so I figured I might be on to something.

Please reach out if you interested.

Motivated buyer.

Thanks for the time.

This is the one thing that every new RE investor has to confront and I’m no different. You see I’ve always had a way with numbers and a good head for business (at least I think I do), and I figured RE investing would be right up my alley.

Through a combination of BP’s calc and my own spreadsheet, I was analyzing dozens and dozens of deal and was finding some great results, at least on paper right? So what was stopping me from pulling the trigger? Fear? Insecurity?

You see on BP you hear great stories about how some people got it right but I’ve also read stories about how some gotten it very very wrong. I couldn’t get that voice out of any head saying “how can a 29 yr old RE investing newbie find these great deals , there must be something wrong with your calculations, theres a X factor that your overlooking. Your gonna go broke”

So what happened? I listened and kept analyzing but not actively participating.

I only realized my mistake when 2 properties I was analyzing, on different sides of the country got bought but what I can only assume is an investor that will do the very thing I analyzed.

What was the difference between them and I. They acted. They analyzed the property just as I did but they put the spreadsheet down and actually went and got the property.

STOP ANALYZING THE DEAL … SEAL THE DEAL !!!

Below I’m putting the number of the properties I lost in hopes that seeing my losses will stop you from having your own.

TRUST YOUR NUMBERS THEN TRUST YOURSELF.

Property 1: House Flip

Purchase Price: $200K

Rehab Cost: 40K

Carrying Cost: 1K/mo

ARV: 500K - 600K (based on comp homes)

Property 2: House BRRRR

Purchase Price: $30K

Rehab Cost: 10K

Carrying Cost: $200/mo

ARV: 60K - 70K

Average Rent: $850/mo (positive cash flow $250/mo)