All Forum Posts by: Neal Bratton

Definitely need this. Put me down.

Kyle, sounds like your well prepared to jump in and get the rehab done. If you are new to the site they have two calculators. One for BRRR and one for flips. I would definitely plug the numbers in to one or both of those and just make sure you like what you see and don't have any cost jump in that you didn't think of.

As far as paying yourself, I wouldn't make it too complicated. I'm guessing the renovation estimates account for professionals taking care of the work. If can get those lower by doing some of the work, by all means put some more in your pockets. But if you did refi back out and hold, you would be better off because you wouldn't be paying taxes on all the profit. Then if you did decide to sell after a year you would pay less in long term capital gains. 

Those rents are a pretty wide range and you would have to know what you could get for your property specific, but $1,100 on a $100,000 house isn't bad. You shouldn't have any trouble cash flowing on that with a $70,000 mortgage @30 yrs.

Hope it helps a little. I would definitely pull the trigger, if nothing else just for the experience.

Neal  

I am looking for private or hard money. I live in Louisville KY. I would prefer someone local, but not a must. Please reach out if you are a lender or know of a good one.

Thanks,

Neal

Doesn't sound bad to me. Not sure what all you included in maintenance but might think about CapEx as well. Any big ticket items like A/C units, roof, etc. I think the numbers all look right. I like to keep all my P&I payments in the expense column also, and any equity is icing on the cake as far as annual returns.

Also BP has the calculators on the site. I would plug it into the rental property calculator to verify. It will also show you equity and factor in any growth you project.

I would say go for it!

-Neal

Got it on my schedule!

@David D'Errico Will do. Thanks.

@Brett K. Thanks for putting these on but unfortunately, I will have to miss another one. I will be out of town. Hope you have a good turn out.

Next time!

Looks right now like I can attend.  

Thanks for the reply George. Does anyone else have an idea of where the market in Nashville is? Any info would be helpful.

@Kevin Allen Welcome to the site. Congrats on your first deal. Hopefully your wife will come around sooner rather than later.

Good Luck