All Forum Posts by: Michael Sockwell

@Tim Herman I was able to post the deal analysis but I couldn’t link it to this I’m still new trying to learn how to use the forum I’m not even really sure how to find my own discussions after I create them it’s quite frustrating

Thank you for replying all help is very appreciated

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

@Tim Herman I did not include PM as I would self manage

@Tim Herman I put in 5% for each cap ex, vacancy, repairs

@Tim Herman how do I post it?

I tried a screen shot

I wanted to run worst case scenario on a deal a BP call is making it look like a homerun

Deal 105,000 purchase price

30,000 rehab

ARV 145,000

Rent 1000-1200

Help, I was going to use the calculator numbers to renegotiate with seller but the calc is showing me $805 cash flow. Even if I figure the P&I which it’s leaving off it still shows me it’s a good deal. I’m looking for a real number to come back to seller with. 70,000 rule is saying 71,000 but I know they won’t take that and I don’t feel I need to go that low to make it work. 

@James Wise

I’m dealing with an out of state landlord. He doesn’t have a problem with me getting an inspection, I was sure if I will or not. Only thing I found odd was he keeps saying “as is” even though I’m very clear that was my intention and then he called me after we finally agreed on a price to let me know he was an inactive agent and would be adding that to the contract. I believe all along he was just an elderly tired landlord.

ARV is 147,000 and we agreed on 105,000 with me paying closing.

Should I be concerned?

@Bill Hampton

Awesome, do you have an hard money recommendations?

Other then a house hack this is my first deal.

I’m in Georgia so if any has any recommendations that would be Huge!

Found an off market deal with the owner elderly and living in another state. I have secured my financing by doing a cash out refi of my current home so I will basically be purchasing with cash. I have no idea what to use for a purchase agreement what it should look like, how I get it to him. Doubt he will do any type of E-signing. I’m sure some of the advice will be to speak to a real estate attorney. I’m going to go speak to the attorney closing my Refi as soon as I get Loan docs back from the bank. I am supposed to speak to the seller today to iron out the terms. He’s motivated and we are close on price.

ARV is around $147,000 rental comps are $1200-1400

We are closing in around $100,000

I’ve ran the numbers 100 times and feel very good about the deal I’ve just never bought real estate without an agent so I’m pretty nervous

And help from the BP community would be so helpful .

Also I want to set up an LLC for this purchase and I've never done one of those either. No clue on cost to maintain or start one

@Michael Sockwell

Wouldn’t * - spelling error last paragraph