All Forum Posts by: Mitchell McLean

@Ali Boone thank you. I figured there were more accurate resources for if I ding numbers, thanks for suggesting a few.

@Lynnette E. Thank you very much for breaking it down like that. That makes a lot of since and I have never heard of analyzing CapEx/ Repairs that way. Thank you again!

@Lynnette E. Thanks for the advice. I would hope to have savings/ emergency fund set aside if something broke at the beginning. Overtime do you think $200/ month would suffice or still adjust for more?

@Aaron K. Thanks for the input, I’ll look further into that.

Hey BiggerPockets community

I am currently looking for my first investment property in Marietta, GA. With all the uncertainty going on and this being my first deal, I wanted to make sure the numbers made since. I am looking for any advice or input on running numbers and if I might be over looking something.

Income- I mostly consider average rent for the size of the property I am looking at. I usually find these numbers on rentometer or the average rent for the area on Zillow.

Expenses-

Taxes- the most recent tax information included on the MLS

Insurance- I usually just say $100/month

Utilities/ Lawn maintenance- I would prefer to structure the lease where this is the renters responsibility.

HOA- whatever is listed on MLS

Vacancy- I consider 5% of monthly rent

Management- 10% of monthly rent

CapEx/ Repairs- I normally round to $200

Mortgage- the monthly payment for whatever I am offering and the interest rate my lender has me approved at.

If this seems correct, awesome. If anyone thinks I’m overlooking anything or could find more accurate answers please let me know. Once again any advice is appreciated! Thanks I’m advance

@Mitch Messer thank you for your response. Confidence in discussing actual deals is something I believe will come with experience/ becoming more involved on the forums.

Currently my weekly deal flow includes just scanning Zillow, realtor, or a little exposure to the MLS and running on numbers on properties that I think geographically make since.

Given that I’m thinking of house hacking for my first property, do you have any suggestions for weakly deal flow?

Thanks again for your response!

Hey BiggerPockets community! I have been following BiggerPockets for a couple years now and in the next few months would like to purchase my first property. From reading books to watching weekly webinars I feel like I might be ready for the real deal. Before doing so I was looking for any advice or conversation on a possible “checklist” anyone goes over before they purchase a deal. I was hoping to discuss more of the specifics that I might be overlooking (agents, funding/ expenses, marketing, legal/ tax advice, etc.) when preparing for my first deal. Any help or advice would be highly appreciated and I look forward to hearing your feedback.

I am located in the greater Atlanta area and I was looking to purchase my first property as a possible house hack and eventually move out and have it become a full time rental property.

Thank you for your time!

Hey, I am new to Charlotte and the REI world. Excited to meet with local investors and have this meet up be a big step to the start of my journey with real estate investing. Thanks @Chris T. for putting this event together. 

A friend of mine suggested I listen to a podcast episode, than we continued to listen to episodes as we would drive to practice.