All Forum Posts by: Pierre Toussaint

Thanks for the response @Simmy Ahluwalia. We ended up going under contract today.  I'm going to keep your info for future purchases as I see you're a lender here in Atlanta. Thanks

Hi, my wife and I are looking for our first property.  We are looking for a townhome primarily in the Sandy Springs and Chamblee area. Our goal is go turn rent it after living in it for 2 years.  We're looking for 2/3 bedrooms with 2 baths; preferably with a roommate style floor plan.  We are open to a little TLC if necessary.  

Thanks

Hi all!

Anyone experienced having a rental property opposite a lowly rated elementary school.  I'm considering a deal that has good numbers in a B neighborhood.  The elementary school is literally opposite this property and is rated a 1/10.  Anything to look out for with 1) rentals directly opposite schools and 2) low-rated schools.  Maybe this is an advantage. Not sure. 

Thanks

Hey @Christopher Sica. What's the name of that book? I don't see it in your first comment.  Also how did it go since 3 years ago? 

Thank you @Jered Sturm and @Maurice Graham

Hi everyone.  Excuse me @Ben Volkman if this is separate from your question.  Anyone has input on how to analyze a duplex property owner occupied?  It seems to be easier to run the numbers as an investment, but the numbers and expectations get muddied when analyzing it owner-occupied.  Any rules of thumb? Good cash flow expectations? Perhaps a negative cash flow is expected since I'm living in it? 

Thanks

the link goes to another BP thread  FYI.. . Thanks @Jered Sturm

Hi @Ken Corsini, Do you have a quick minute? Can you share your thoughts on this deal in another discussion thread.  Thanks brother

Hi @Jered Sturm, I could use your input on this deal if you have some time.  

Hi all!

My wife and I are under contract on the following property. We're approaching it as an investment property. This is our first deal and could use as much input as possible.

Rental Calculator analysis: https://www.biggerpockets.com/calculators/shared/6...

Address 1751 Concord Dr, Marietta GA

Purchase price: 120,000

ARV: 135,000 (we're assuming this based off of the original offer price. There aren't many duplexes recently sold in the area. There are two literally next door but those were purchased at 30K in 2009 and renovated like this one)

Closing: 2,500 (assuming a 5,500 closing since the seller is contributing 3000)

Repair: 5,000. The property seems in good shape with some cosmetic work needed. On this deal the seller asked that we made an offer prior to seeing it because it's tenant occupied. I guess they were looking for serious buyers. This seemed backwards to me, but we went ahead and made an offer site unseen with an inspection contingency.

Monthly

Rent: Both units currently rented at 700 each

PITI: 680 (assuming $100 home insurance)

Other expenses considered: Vacancy 75, PM (even through self managing) 135, CapEx 135, Repairs 75

Total: 1100

Assumed cash flow: 400

The biggest thing I'm worried about is the cash needed to do this. We originally budged 25K, but we will need 39K out of pocket since we learned that on this investment, the minimum down payment is 25% and not 20% as we anticipated.  This is cutting into our emergency fund but we're willing to do it if it's a stellar deal. 

Thank you