All Forum Posts by: Michelle Bright

Hey BP! My Aunt is looking for help in contacting a dependable land surveyor in Charlotte, NC. My Great Uncle recently just pasted and he left her land and a rental property. Also, does anyone have a reliable property management company recommendation in Charlotte?

I do not live in Charlotte anymore but I knew the right people to ask for help would be the BP, of course!

Thanks!

Michelle Ross 

@Nelson M. Any new updates? I am currently in the same exact situation you were in 8 months ago. I am interested in a duplex in Northeast Indiana and I plan on owner occupying it for at least a year and then getting a refi. There is a tenant currently renting the 2/2 (i would live in the 1/1) for $700. At best (with an accepted offer) I could break even. But I am willing to pay rent for occupying it at first. When I move out and a tenant is in place the property will cash flow $401 a month. This will be my first owner-occupy property and this particular property is a good fit for my new family as it is turnkey. Therefore my expenditures going in are pretty low at $5000. 

List Price	$ 109,900
Fair Market Value	$ 97,900
Discount (%,$)	23%	$ 22,517
Purchase Price (Max Offer Price)	$ 75,383
Percent Down	3%
Down Payment Amount	$ 2,261
Amount Financed	$ 73,122
Interest Rate	4.00%
Costs of Repairs (Make Ready)	$ 5,000
Length of Mortgage (Years)	30
Payment	Monthly	Annual
Monthly Mortgage Payment	$349.09	$ 4,189.12
Rental Income	Monthly	Annual
Unit A	$ 700.00	$ 8,400.00

Unit B

$ -

Gross Rental Income	$ 700.00	$ 8,400.00
Vacancy Rate	8%
Net Rental Income	$ 644.00	$ 7,728.00
Expenses	Monthly	Annual
Property Management Fees	$ -	$ -
Leasing Costs	$ -
Maintenance Reserve	32.20	$ 386.40
Utilities	$ -	$ -
PropertyTaxes	$ 121.42	$ 1,457.00
Insurance	$ 129.50	$ 1,554.00
Other (HOA fees, Lawn Care, Trash, etc)	$ 6.67	$ 80.00
Total Expenses	$ 289.78	$ 3,477.40
Net Operating Income	$ 354.22	$ 4,250.60
Mortgage Payment	$ 349.09	$ 4,189.12
Total Cash In (Downpayment + Repairs)	$ 7,261.49
Net Cash Flow	$ 5.12	$ 61.48

I worked backwards to see at what price do I earn a profit/ break-even my first year.

Thanks for any advice in advance!!

Michelle

Any news Sterling Britt ?

Hey BP community! My fiancé and I are moving states and purchasing our first buy and hold property in Indiana. His employment contract is for two years and afterwards we plan on making the house a SFH rental. My name is not on the FHA loan we are getting for the house because (I'm not employed in Indiana...yet) he would of had to assume all my debt and no income. That being said should I add my name to the deed/ title? Or is it best to keep my name off of the paper work so that I'd have the option of receiving a FHA loan for our next property. We may not be purchasing our next home for another 2 years. Again we are not married as of yet so I was wondering if this fact works to our advantage. Thanks for any and all help!! Michelle

just got my first buy and hold property that I will rent in a year in a half. It will be a minor rehab and I am looking into switching the laminate counter tops to concrete. Thanks for posting about these tiles something to definitely go look at in the future. 

Ooops...can you tell this is my first post? Haha. Thanks again BP community!

Wow thank you BP community! I really appreciate all the welcomes and support. Looking forward to future conversations! The market here is relatively affordable and I am excited about the opportunities ahead! @JeremyTillotson I would love to connect! I will be needing assistance from a local agent. Are you active on LinkedIn so we can connect?

Wow thank you BP community! I really appreciate all the welcomes and support. Looking forward to future conversations! The market here is relatively affordable and I am excited about the opportunities ahead! Jeremy Tillotson I would love to connect! I will be needing assistance from a local agent.

Wow thank you BP community! I really appreciate all the welcomes and support. Looking forward to future conversations! The market here is relatively affordable and I am excited about the opportunities ahead! @JeremyTillotson I would love to connect! I will be needing assistance from a local agent.

Wow thank you BP community! I really appreciate all the welcomes and support. Looking forward to future conversations! The market here is relatively affordable and I am excited about the opportunities ahead! Jeremy Tillotson I would love to connect! I will be needing assistance from a local agent.