All Forum Posts by: Paul Winka

After I get the output, I am trying to reverse calculate these numbers so I can understand where they came from. I have been able to do that for all the calculations below EXCEPT the gross rent multiplier. How did the calculator come up with 7.38? That number is not even in the ball park. Rents of $1750 each month would mean a home value of $12,915? Thanks for the help.

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Why is the cap rate normally reserved for commercial real estate investing? Do I look like I don't know what I am talking about if I market a SFR or duplex and mention its cap rate?

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Originally posted by @Kerry Baird:

Owner occupied and non-owner occupied.

We started with our first house in England and slowly fixed that little bungalow up, while occupying the property. We made a nice profit after sale, and conversion from pounds into dollars. So we (proudly) rolled into a fancy newer house in AZ. *Then* we read Rich Dad, Poor Dad, and realized we could have purchased a few smaller rentals for the cost of the one pretty house. Soon after, we bought our first rentals. We were still mil to mil, but both enlisted.

I got out of the service, leaving me really motivated to do a deal (or ten) to make up for my salary. So I got serious about doing up houses, and we started a direct mail, and lumpy mail (magnets, pens) marketing campaign. We door knocked houses from the pre-foreclosure list, and hung door hangers on front doors. That's where a number of my deals came from.

We were in the middle of three rehabs at one time, when we got orders back to England. Everything ground to a halt. We decided that we'd have to buy from across the Pond, if we wanted to keep going. And we purchased another family home in England, also one that needed some updating. We purchased a couple of turn-key rentals during the 10 years we were in the UK, using savings from tax-free, combat zone, hostile fire pay, tax returns and whatever else we could scrape up.

We recently got orders to FL and have picked up another owner occupied house (which needs updating), plus another non-owner occupied that we're working on now, and which will soon be a rental.

How do you find REI in England vs USA, ignoring exchange rates? I would expect the frequency of sales (turnover?) to be a problem in England. I'll PM you too.

And what I am even more curious about: Why did it take you 18 months to get going in FL?

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Originally posted by @Bill Gulley:

Originally posted by @Paul Winka:

Hi all,

Go to school as well.

Don't get caught up in guru junk, learn real estate before dealing in real estate.

Best of luck to you and stay safe! :)

Learn real estate from BP, or are you advocating a school, like to get a real estate license?

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@William Allen @Eugene Kemp @James DeRoest

Good discussion, guys. I agree other investors could swoop a deal from you. I am not that naive to think that can't happen. But it seems there is far more to gain through partnering and collaboration. James, if I brought you a solid deal that you otherwise wouldn't have known about it and offered to go 50/50 with you, would you turn it down?

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@Paul Santos @Account Closed

Funny you guys mention bank accounts and encountering tenants that don't have them. I am with you, Paul S. I wouldn't want to rent to someone without a bank account either. As a landlord, I can discriminate among prospective tenants with credit history, and it's reasonable to assume that a person without a bank account does not have a credit history.

But this brings up another question: What's the manner to reject such a tenant to satisfy Fair Housing rules? Seems I would need to accept the application of such a prospective tenant--even if they admit to me they have no bank account--to cover myself against discriminatory complaints at a later time. What do you think?

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Originally posted by @Jason Hartley:

Hi Jereme, this sounds like a good plan. Cozy should work fine for you. If you want to keep track of all your accounting and save time at tax time you might consider a full platform too. Cozy does ACH and screening only, whereas some of the platforms out there provide all the accounting, in addition to the tenant screening and ACH payments to simplify things at tax time and keep your books in order. I love providing my tenants with a portal where they can just login and look at their balance, submit maint requests, etc. Good luck w/ your duplex!

Jason, what would be a full-service platform if www.cozy.co isn't one? Like one that does accounting too?

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@Tim Kane

I got a license in VA back in 2008 and passed that test and wasn't sweating it during the actual test or worrying whether I passed. Everyone that took the test with me passed; it was around 10 to 15 of us in my class. I had a non-online course in which the instructor gave foot stomps about what would be on the test, so that did help. Tips? Nothing exact for you, but hope what I am telling you now instills some confidence. Hahaha, you just made me think of metes and bounds again. :)

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All Forum Posts by: Paul Winka

Paul Winka has started 83 posts and replied 312 times.

Post: One Large Lot: 1 Big House + 1 Little House = 1 Small Price

Post: One Large Lot: 1 Big House + 1 Little House = 1 Small Price

Post: Help! I don't understand GRM and how its calculated.

Post: Why is cap rate normally reserved for commercial REI?

Post: Where to relocate in USA for flipping? Leaving military...

Post: Where to relocate in USA for flipping? Leaving military...

Post: Where to relocate in USA for flipping? Leaving military...

Post: Tucson Duplex

Post: Tucson Duplex

Post: Tips on the VA Real Estate License Test