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All Forum Posts by: Monica Abeyta

Monica Abeyta has started 9 posts and replied 46 times.

Post: Rental propertys in California

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

With the new Stadium popping up soon in Inglewood there are plenty of gentrifying neighborhoods out there. I haven't done any research on it though but that is what I have heard around town.

Post: What does a proper Rent Roll look like?

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

Hi BP,

I have been going over some Rent Rolls and have seen various things. Can anyone break down for me what a "proper" or "accurate" Rent Roll would look like? What information should it include? How detailed should it be? How far back should it go?

Thanks,

Monica

Post: Which Deal is better? My First Investment

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

Yes the Summer Cover is in a better neighborhood. I have a rehab estimate ordered for Summer Cove and am waiting on that. Should have it soon. Then I'll be able plug that in. The issue is these properties came up at the same time and I can only do one or another and not both. But yeah more solid rehab numbers would be super helpful for both. Hoping to get all that info soon. 

Post: Which Deal is better? My First Investment

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

Hi BP,

I have two possible options right now for a deal. I have listed my analysis from each below. This is my first deal altogether. I have the cash for either but am wondering if I should go with, more money out of pocket but better cashflow or way less money out of pocket with a great COCROI but less overall cashflow.

Hopefully I pasted the links correctly. This is from the BP calculators. I have gathered every number I can from my agent and hard money lender. I am in the process of ordering a rehab report for more accurate rehab figures.

Any insight you can shed on this will be great. Also if I have input something incorrectly please let me know.


Thanks BP!

These links are to the calculator analysis so hopefully I post them right as I was trying to post both here instead of just the one. 

Laura Drive 

https://www.biggerpockets.com/...

Summer Cove 

https://www.biggerpockets.com/...

@Wei Jie Yang Did you ever happen to go through with the CrestCore Turnkey Alternative program? I am researching it myself right now and am looking for investor feedback on the program. Thanks for any insight you might have.

@Michael C. If its $2200 vs $2500 then get the mortgage. At minimum if you have space you can rent out an extra room to bring in more income. Just keep in mind, even though the rent and mortgage are close, you have less expenses with renting than you would the mortgage. All repairs are on you so that might eat into any money you might want to invest. With tour rent being $1k now $2200 or $2500 will take a huge chuck from you either way. Can you maybe look into living a little farther away maybe? Where the rent and commute make sense with the numbers but you can still get to work in time? I havent moved myself and I commute about 2 hours a day. The gas makes sense because I am still paying less than a $500k mortgage with rent and gas.

My husband and I live in LA as well. We recently decided to forego the personal home purchase to focus on Out of State Investing for a couple of reasons. First, we were searching for a home for 6 months here and everything we put an offer on kept getting bid up to a price we weren't comfortable with. 2) We decided that if we bought a home here, out of state investing would be limited because our savings rate would go down substantially and our debt to income ratio would  affect what we were able to buy.

So we decided to keep renting, as the rent we have is pretty good where we are at since we have been here for almost 10 years. If the apartment is too small maybe find a bigger one. Even though rent is high you can still shop for something that fits budget and size without sacrificing your investing path. 

If you want your cake and eat it too, like other posters have said, maybe look at buying a duplex here and then renting the other side out that pays for all or most of the mortgage. Then you can still save a ton and still invest out of state. 

Post: So what's holding you back?

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

Making sure I have the correct data to pick a great area to invest in. Not buying wrong. Getting my "team" together. I have a realtor so now just researching Contractors, PMs and Lenders. I have noticed that the more I learn about Real Estate, the less I am afraid to go after it, but only action can beat the fear of the unknown. I have a timeline for my first purchase though so am working on it everyday. 

Post: Real Estate Investor Test

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16

@Sofia Ruano I am dong that. What I was going for here was not that anyone answer these questions, as I know the answer to them, but looking for questions that I have yet to find answers to myself. So this is a post looking for questions to answer not answers to questions lol. 

Post: BRRRR Calculator Misconception

Monica AbeytaPosted
  • Glendora, CA
  • Posts 49
  • Votes 16
Originally posted by @Logan Splinter:

For all of you BRRRR calculator masters out there, I have a quick question for y'all.

When it comes to "Total Cash Needed at Purchase" I believe this is deceiving. At first I was thinking all i needed for actual cash to do the deal was that amount, but then i looked over everything again, and my question is:

This number is the number needed to just acquire the property correct? Not the amount needed of your own money for the whole project. You would need to add up 

down payment+closing costs+holding costs during rehab+loan points/fees+Interest payments per length of the rehab+any other monthly expenses (city garbage)=Total cash needed to run the deal

I'm trying to figure out what all needs to be included to calculate the total cash i need to bring to the deal in order to get it refinanced and have the tenants start paying the operating expenses. 

Thanks for clarifying for me, I am really trying to get the ball rolling here. 

-Logan Splinter

@Logan Splinter I was running some BRRRR Analysis' recently and noticed the same thing. I am a newbie and not familiar with the process yet so still learning. But what I have gathered so far is that when you get a hard money loan, you are required to put a down payment off of the total amount you are using for the BRRRR which includes purchase price and rehab cost. For instance, if I needed the Hard Money to cover 60k in purchase price and 40k in rehab costs, assuming my downpayment needs to be 25%, I would need to put down 25k of my own capital. Giving me a hard money loan of 75k. Again I haven't used hard money yet, so please feel free to correct me if I am wrong.

That being said, on the calculator when it asks for rehab costs, it never includes this cost in the Acquisition loan section you would need to get, so total cash needed includes the rehab costs. Shouldn't the calculator include the rehab costs in the Acquisition loan section? So total cash needed would be total downpayment plus fees to obtain this Acquisition loan? That way the interest only payment during holding is more accurate?

If anyone can point out where I am misunderstanding the calculator please let me know. Or if I just misunderstand the hard money process. Maybe @Brandon Turner can clarify some of this?

Thanks for any info anyone might have on this.