All Forum Posts by: Matt Stevi
Matt Stevi has started 6 posts and replied 17 times.
Post: NEWBIE QUESTION! Preappoved by my bank?!

- Orange County, CA
- Posts 17
- Votes 3
@Randall Weatherall honestly I don't know what my exact confusion is! I've never seen this before and so I came on here hoping people like you who have more experience than I do could help me. And that's what you did! I didn't even consider the fact that I might have to live there if I used this loan since it's less than 20% down.
Thank you!!
Post: NEWBIE QUESTION! Preappoved by my bank?!

- Orange County, CA
- Posts 17
- Votes 3
Hey all, quick question from a newbie.
Just as reference: I am brand new to this, never done a deal, and don't have a lot of my own money to get started!
Chase Bank sent me a notification basically saying "hooray you're preapproved for a 75k home loan". I didn't apply for this pre-approval, it just came to me. I know that the actual terms of this loan would be probably be different if I pursued it, but it also told me that they'd want only 10% down and interest rate would be 4.375% for 30 years. Having just finished David Greene's book on Long Distance Real Estate Investing, this intrigues me. I'm inclined now to start researching markets where I can find a house for 75k or less, which means only having to put in $7,500 (or less) of my own money. I plugged in all these numbers (PMI, mortgage, insurance, vacancy, cap ex, property management, etc. - all the numbers the calculator asks for) into the Rental Property calculator on here and the numbers came out good (let's assume the numbers I used were good too).
What am I missing / not considering yet? Or better said, what other questions should I be asking?
Thank you!
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
@Ryan Pyle I probably could just do that! I think what it is is sometimes when I think of BRRRR, I assume its a huge rehab (and a lot of the time it is), but I forget that it's possible to find a deal with a minor rehab that still is a good BRRRR deal. All part of learning! Thanks!
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
@Konstantin Boubev thanks for that insight! How many PMs have you tried? I’m looking to invest out of state so I need a great PM so I appreciate you saying this.
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
@Tim Herman you're right!! I screwed up the refinance loan amount. I meant to say it'd be worth $60k with an LTV of 75%, so a loan of $45k. This is why I love the forums, thanks for catching that! I'll redo the report.
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
@Daniel Kramer I appreciate all that. I’m glad I shared this report with y’all because I hadn’t even thought of any of that stuff, so thank you!!
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
@Engelo Rumora thanks for the input!! I’m super new at this and actually just bought David Greene’s book on long distance investing so I will definitely be researching any market I want to invest in extremely thoroughly after I read it and learn more about how to do that!
Post: [Calc Review] Toledo, OH SFR - Analyzed by a Newbie!!!

- Orange County, CA
- Posts 17
- Votes 3
*This link comes directly from our calculators, based on information input by the member who posted.
Hey all,
What're your thoughts on this deal? I have never done a deal and have just been learning as much as I can for the past few months so I'm curious to know what other more experienced people think.
The property is a SFR, 2 bed & 1 bath, 855 sq. ft in Toledo, OH (which I've seen there's plenty of people in the forums who invest there, but I didn't do any research into this area in particular, I've just been analyzing a bunch of deals and the numbers associated with them to get more practice).
Location aside, just looking at the numbers (assuming mine are all correct), this is a decent deal, right? $161 cash flow after refinancing isn't as high as I'd like, but the way I have it set up, I got all of my initial investment back and some.
Thanks guys!
Hey all,
New to the real estate investing world as of a couple of months ago. Quick question about my criteria when analyzing deals.
I like to be SUPER conservative when running the numbers on a deal and so I've taken it so far as to factor in 10% of the rent EACH when accounting for vacancy, repair, CapEx, and property management. So, for example: say rent is $1000, I'd be setting aside $100 each for all 4 of those categories ($400 total, not including the mortgage payment, property taxes, insurance, any utilities, etc.)
Is it possible to find a property that will still cash flow and have a good cash on cash return (like 8%+)? I'm asking because I haven't found one yet using this criteria, so now I'm starting to think I should be a little more lenient with my numbers.
Thanks for your help!
Matt
Post: Multi Family | Am I missing something??

- Orange County, CA
- Posts 17
- Votes 3
Oh interesting, @Charles Baldi! I didn't know you could refinance an FHA loan after 6 months. I'll look into that too. Thanks!