All Forum Posts by: Mitchlyn D.

@Ylande Blanc, please lets connect and forward me his information as well!  

Thank you both so much!

Hi Everyone,

I'm looking for referrals for the Fort Lauderdale area for the following areas:

- Drywall hanging, Plumbing, Electrical, Roofing, and anything that deals with the house.  

We are considering moving to Fort Lauderdale into a Home path house which will require some work.   

@Derek O., i'm in the same predicament.  

@Account Closed, would you be able to provide the list of lenders to me as well?

@Brennen James - Wow, that is some grimy stuff that your deal got stolen.  I too am very leery about telling anyone my information on deals.  Don't worry, you'll get more in the future!!

@Julie Haveman - I wasn't sure either.  I just went with $100 for safe keeping.  But i'll keep that in mind.  Thanks! 

@Gurjeet Brar 18% doesn't seem too shabby.  Yeah, I could increase rents over time which makes sense.

@Kirtley Whittington - Dang.  Sorry, I did include vacancy($130 per month) in my analysis but forgot to add it to the post up top.  I'm not sure as I would have to get an inspection and appraisal done.  Yes, it does makes sense to pay all cash.  Maybe I can get a hard money interest interest only loan for like $110K and as you mentioned, refinance it with a bank?  I like that idea..

Hi,

I need help in this analysis.  This is a duplex.  Each unit is 2/1 bath.  I went to look at the property Today.  This is a B- neighborhood.  All the yards in the neighborhood are well taken care of so the houses on the street are well taken care of.  This duplex has a septic and everything(water and electricity) is sub-metered.  The roof is about 13 years old and both AC units were replaced 4 years ago.

There is currently a tenant paying $650 per month and the other side is vacant.  The investor's motivation to sell is due to being tired of running his properties.  Initially, he wanted $115K but, I talked him down to $100K and he said he would split the closing costs and pay all of the 2016 taxes. I do not plan on living in it and will need to come up with the money later.  According to the local property appraisal website, for 2015, it was accessed at $80,758.  

Ok, so the good stuff.  Below is what i anticipate the numbers to be.  Is this a good deal or not?  If so, why?  If not, why not?  What am I missing?

Cost:  $100,000

Rent:  $1,300 per month

Taxes:  $128 per month

Repairs & Maintenance:  $130 per month

Property Management:  $130 per month

Insurance:  $100 per month

MONTHLY EXPENSES:  $994.69

MONTHLY CASHFLOW:  305.31

Derrick Williams I'm in a similar boat. My wife supports me but doesn't like the BRRR strategy I am pitching. So I just try to show her scenarios about cash flow. For example, if we had 10 houses cash flowing 400 per month then this equates to $4800 per year etc. It's still a working progress but she's slowly coming around.

@Aryelle Collins Go with your gut feeling and make an offer you are comfortable making.  All he can say is 'yes' or 'no.'  There will be plenty more deals in the works!

@Manuel Prado - My biggest thing is location as well and will definitely do my due diligence.  Good point about the vacancy.  I spoke to a neighbor while I was there and she mentioned it might need a roof.  I won't know until I can order an inspection nonetheless.  Thanks again for responding with the knowledge!