All Forum Posts by: Peter Li

Hi @Sharon Tseung,

I am in literally the same exact situation as yourself. Hoping to finally take the leap and purchase my first rental property at the start of 2019. I've pretty much given up on finding anything local and want to focus in the midwest as well. Good luck with your endeavors!

Peter

Thanks for the input @Brett Chaponot! No, I haven't got pre-approved yet. With the update the numbers on this property get worst with a negative cashflow (-$49.17) and Cash on Cash ROI (-0.62%).

Hi all, 

I recently upgraded my account to Pro and have been playing around with the BP Rental calculator with a particular property and was hoping to get some critiques or pointers on how I can improve my analysis...

Case in point, I chose this property to analyze:

https://www.redfin.com/CA/Roseville/344-Main-St-95...

http://www.realtor.com/realestateandhomes-detail/3...

Link to my BP rental property report:

https://bp-v-newproduction.s3.amazonaws.com/upload...

How I came up with the values:

- For annual property taxes ($2726) I took from the realtor.com link for 2016

- For closing cost, I chose the highest suggested ($2500)

- Estimated repair cost ($5000) the property looks decent, but chose $5000 figuring there will be a need to repair something.

- Selected 25% at 4% interest rate, Left points charged and cap rate as blank. (Is that ok? is that standard?)

- Took the rent rates directly form redfin.com link and monthly insurance $75 (rounded up from $62)

- For expenses water/sewer ($100), garbage ($50) these are arbitrary numbers I selected without much research (not the best method for accuracy i know :/ ). From redfin link, it stated that tenant will pay cable, electricity, gas/propane so i left those values blank.

- Vacancy (5%), Repairs/Maintenance (5%), Cap Ex(10%) , Prop mangment (10%)

- Annual growth (1%), Annual PV growth (1%), Annual Expense growth (1%), Sales Expenses (9%)

Do you have any advice on how I can gather more accurate numbers? How would you grade my Rental Report? All comments and suggestions are greatly appreciated. Brandon from Bigger Pockets makes it look so easy lol ;)

Thanks,

Peter

@Brie Schmidt thanks, i'll do that

Hi BP Family, hope all is well!

I recently upgraded my account to Pro and have been playing around with the BP Rental calculator with a particular property and was hoping to get some critiques or pointers on how I can improve my analysis in the future...

Case in point, I chose this property to analyze:

https://www.redfin.com/CA/Roseville/344-Main-St-95...

http://www.realtor.com/realestateandhomes-detail/3...

Link to my BP rental property report:

https://bp-v-newproduction.s3.amazonaws.com/upload...

How I came up with the values:

- For annual property taxes ($2726) I took from the realtor.com link for 2016

- For closing cost, I chose the highest suggested ($2500) 

- Estimated repair cost ($5000) the property looks decent, but chose $5000 figuring there will be a need to repair something.

- Selected 25% at 4% interest rate, Left points charged and cap rate as blank. (Is that ok? is that standard?)

- Took the rent rates directly form redfin.com link and monthly insurance $75 (rounded up from $62)

- For expenses water/sewer ($100), garbage ($50) these are arbitrary numbers I selected without much research (not the best method for accuracy i know :/ ).  From redfin link, it stated that tenant will pay cable, electricity, gas/propane so i left those values blank.

- Vacancy (5%), Repairs/Maintenance (5%), Cap Ex(10%) , Prop mangment (10%)

- Annual growth (1%), Annual PV growth (1%), Annual Expense growth (1%), Sales Expenses (9%)

How would you grade my Rental Report? All comments and suggestions are greatly appreciated. Brandon from Bigger Pockets makes it look so easy lol ;)

Thanks,

Peter

Hello All,

Absolute REI newbie here. I was recently introduced to the BiggerPockets podcast which then lead me here. I plan on learning as much as I can this year and hope to start my REI journey (purchase first investment) hopefully by years end.

Cheers. 

Peter