All Forum Posts by: Matt Perez

 Also I see I missed it but both units are currently rented at $1450 each 

My wife and I have a regular W2 job so any cashflow made would just stay in the properties bank account for repairs and maintenance.  We have 10 years left to retire with full pensions at 55. So my goal is just to build generational wealth to pass on to the kids when I go. 

The part  about 1 major repair could break me is the part I’m afraid of.   

I am in this for the long game. 

Hi BP community 

I’m a newbie investor so thought I would ask this awesome community their opinion. As expected right now deals are tough. My question today is would you do this deal.

It’s not one of the homerun/grand slam deals I hear all about in podcasts but who knows. For an average Joe like me trying to get started maybe this isn’t bad. So figured I’d ask all of you. 

Duplex house - 2 units both 2/1 (good condition)

Estimated sale price $310k

Quoted payment 

7.5% (25% down)

• $2068.96/month (assuming $150/mo for insurance and $293/mo for taxes)
• $87,149 cash to close

Annual cash on cash return 3.6%
cashflow $252 monthly

Both units currently occupied and lease signed through April 2024

I will be using property management for this property because it’s out of state for me. 10% fee. 

This is an A+ grade neighborhood. Very high rated for great places to live and top 10 in this state to live.  Appreciation should be good in this location. 

If there is more info you need let me know. I am on the fence with it and seeing what our BP community would do. 

Thanks 

Matt

I have read Brandon turners Managing rental properties. I should listen to the audible book again for a refresher.  Since then tech has come a long way, so just trying to stay hip with new tech available to us.  I will check out Zillow as well. I didn’t know they offer that. 

Thank you 

 Thank you and that’s great advice.  Rent pay and application process is really what I need. But I also want all repairs or concerns to go through the program as well. I am usually on the go and busy with kids and sports so something with a simple to use app for me and the tenant is also a plus. 

Rentredi free with bigger pockets is definitely a selling point. I need to revisit the rentredi website and go through it again. 

Love all the info and advice.  All is very much appreciated.

Thank you guys for your responses. I have been doing my homework and reading on many of those.  Some out definitely structured and priced or bigger operations then I have going on right now but working my way up there lol. I’m looking for a smaller scale platform as of now. I will definitely go through all the listing provided.

I read on rentredi and it seems to have lots of glitches and bad reviews. Plus 7-15 days to get paid through it. I’m not sure if all that is true but maybe someone who is an actual user of Rentredi can speak on that and provide some info for me. 

Appreciate everyone’s responses and feedback. 

Matt

Hi Bigger Pockets community

I have 1 rental so far and was wondering what would be the best management software to use as I begin this journey.

I currently have a property managing company in place and I want to get rid of them and keep the money myself to increase my cashflow. They use hemlane and its pretty simple program so maybe I will just keep using it but I am also looking for other options before I commit. I went online to look there are so many available and lots depending on how many homes you have.

So I am just looking to see if there are any recommendations from the BP community to help my decision.

I can afford a down payment on an expensive home . 

Hi All

So i am about to start the hunt for my first rental property. So much info on here to absorb.  I live in the San Francisco bay area. As you are all aware of the crazy market here and high values i am looking to gain some info from this group at bigger pockets.  Everything in this area is selling well above average prices. 30% over asking seems to be the normal right now out here.   Some areas homes are going for $500k over asking. We have a valley thats 1 hour outside the bay area that is more or less bedroom communities for the bay area. houses are still in the $300k-$400k range. For out here that's cheap.    

So what i am asking is with all these different calculations to try and figure out is there any one i should be focused on more.  Will getting in and only making little cash flow be ok or will that bite me in the *** later when something goes wrong.  Which rental calculations should i focus on more to be sure i am making a good investment.  

hopefully this isn't to broad for this forum as i am new and trying to learn. There's a lot of info to take on so signing up in bigger pockets and starting this conversation is my first move towards my financial freedom path.

Matt