All Forum Posts by: Melissa Harris

Need help investors that buy and hold properties. Would you consider this a good deal?

List Price- $750,000

2 Units- Each 3 bedroom 1 bathroom with 5 parking spaces

Potential Rental Income: $90,000

Less Vacancy Rate: 0%

Effective Rental Income: $90,000 Gross Operating Income: $90,000 Property Taxes: $1,911.19 Building Insurance: $1,200 Utilities: $3,600 Total Operating Expense: $6,711.19 Net Operating Income: $83,288.81 Cap Rate: 11.11 Gross Rent Mult.: 8.33
To me, it looks like a great deal with net operating income being $83,288.81. But I am new and still learning on what to look for to make it a good deal. Or am I WAY off??

Great job! And it's great to hear that you learned a few new things and are now ready for youe next deal. I'm sure future deals you will start learning more and more and have great success!

Thank you all for taking the time to write me and give me great advice! I am going to start with reading Brandon's book and take it from there.

I would like to know where in Bigger Pockets does it talk about how to get a property management company started, what are the basics and what books do you all recommend I start reading? I am a real estate agent and I am looking to get a second stream of income and I have over 100 past clients and a big sphere of influence, so I know that I can get owners to use me as a property management company because they trust me and they know that I would do a great job. I already have 3 past clients wanting to use my service when I get started! Any suggestions would be greatly appreciated :) 

Love it!!! Great job. Love hearing this, I plan on buying a 4 plex by next year, still need to save more money but this gives me hope in the future!

Nice!!! Very inspiring to hear and see that literally if you put your mind to something and watch your money and save, you can make your life alot better sooner then later! I am saving as I speak and plan on buying a 4 plex by the beginning of the next year!

@Holly Baum I did find that meetup and I will be heading to the one in Erie :) I haven't seen the one in FOCO but I will keep searching for it! I look forward to meeting you. 

Originally posted by @Holly Baum:

Welcome @Melissa Harris! Make sure to check out local meetups to get some more ideas on what to do and how to best execute your next steps. The BadAss meetup launched a meetup in FOCO. If you search for BadAss Real Estate Investors on Meetup, you'll find it. Much more of a social networking type event. The last meetup we talked ALOT about Fix and Flip.  Hope to see you there!

I am so blessed to have all of you comment back and give me some great advice! I also learned some tough lessons too from you guys which I needed to hear. Thank you all so much! Keep them coming :) 

Thank you all sooo much for the advice! I will take all your guys advice and run with it. I am more of a hands on person, I can read all the books in the world and listen to podcasts but I learn alot quicker when I am actually in the field doing it. I love the advice on reaching out to other Realtors that have rentals or do fix n flips and taking them out to coffee and learning from them and hopefully go on a few deals with them to see how it all works and how they run numbers on the cost of the rehab. Thanks again!