All Forum Posts by: Mandy Ellett

I'll check them out.  Thanks,  Justin!!

Looking for advice on a good company for hazard insurance in the Clarksville area.  Thanks!

Thanks,  I appreciate it.  I think we found someone, but we'll let you know if it doesn't work out.

Hey there, BP Clarksville community! Looking to jump into the market in Clarksville and was wondering if anyone has any recommendations for a real estate friendly agent in the area?

We were stationed at Campell for a number of years and are wishing we'd known about BP and real estate investing then. If wishes were fishes and all... 

TIA!

Looking at All Star Properties - so far they look good - what rate are you paying? 7% or 10%?

Hey, BP community! Posted this in off-topic, but that seems to be the road less traveled...

My husband is currently studying Russian at the graduate level and was wondering if anyone on here could provide a good list of accurate RE investing terms and phrases in Russian so he can appropriately talk about the subject.

If needs, send me a PM.

Thanks a ton!

Большое спасибо!

Hey, BP community!

My husband is currently studying Russian at the graduate level and was wondering if anyone on here could provide a good list of accurate RE investing terms and phrases in Russian so he can appropriately talk about the subject.

Thanks a ton!

Большое спасибо!

We've been working with Micah Olsen at 

http://www.effectivebuyer.com/. 

Like @Jeremiah Maughan said, if you're planning on owner occupying, there are many more opportunities than otherwise. Second that zoning is really convoluted and read the codes. 

Provo City Code

http://www.codepublishing.com/UT/Provo/

Provo zoning map

http://www.provo.org/home/showdocument?id=8772

Good luck!

@Ben Wilkins, thanks so much! Your insight made the difference and now this makes a lot more sense. The reason I'd had the utilities is that I'd spent the day prior analyzing multi-families where the utilities were the owner responsibility, and plugged it in out of habit. You're absolutely right that in a condo/townhome like this the tenant should be paying the utilities.

The HOA fee did get left out and was $100 a month but my info is limited on what it covers beyond area beautification.

A question on the PM costs - wouldn't a 10% rate be $145 a month? The numbers I ran were for $150 a month as a more conservative estimate. If I'm missing something here, please help me see myself better.

I also then, based on @Brandon Turner's advice from last night's webinar, simply ran how much I'd need to offer in order to get to a 2% return (was very stuck in the rut of "having" to go with asking price).

End result with reduced maint to $1000, tenant paying utilities (and a fudge factor of $400), and a slightly reduced advertising budget, all else being the same, I would need to offer less than $160K to hit 2%.

Thanks!

Hello to all out there in the BP community! I'm a very new investor and am wondering if I could get some help analyzing a potential property - I've been using an excel spreadsheet I found here on BP, but being new, I'm certain I'm missing something.

The property is a 2nd floor 3/1 condo, ~1200 sq ft.

Asking price $165,000

Assuming a 30yr loan at 5%, with a $45,000 down payment - total mortgaged amount $120,000

Assumed monthly mortgage payment: $591

Assessed monthly rent: $1450 (based on Craigslist comps, pad mapper, and HUD fair rental value sites)

Essentially turn-key, no immediate rehab necessary.

Annual rent: $17,400

Vacancy (5%): -$870

Taxes: $1200

Insurance: $500

Prop Mgmt: $1800

Maint: $1000

Utilities: $2400

Advertising: $500

Misc: $500

I get a total operating expenses of: $9100

NOI: $7430

Annual mortgage payments: $7086

Annual cash flow: $344

CAP: 5%

Looks like I'm not getting to the 1% rule, sitting at about .87% with the rent.

Monthly, with rent of $1450, minus mortgage, HOA, utilities, prop mgmt, etc, I seem to be coming up with monthly cash flow of $200, but the other annual costs are what's bringing the annual cash flow down.

Based on the monthly analysis, it's not great, but not horrible, but based on the annual numbers it doesn't really seem worth it.

What am I missing?

Thanks in advance!