All Forum Posts by: Poem Turner

I have a lender I believe can help. I'll DM you his info.

Updated description from our speaker: 

Gettin’ Real About Your Real Estate Business

It may or may not come as a surprise to you that you own your own business if you are involved in real estate investment. Join us for a wheels-to-the-ground approach to your real estate investing business. We will start with the importance of setting your business goals - based on what you really want to get out of life - and talk about making the business decisions to realize those goals.

Financially planning for the big picture involves setting up a proper entity structure, a good financial model, and strong tax planning. Evan Kirkpatrick, CPA, will be addressing these important issues. Come out for both the 30,000-foot view and the practical, rubber-meets-road action points.

Evan owns a practice in Round Rock, and is a trusted accountant and business advisor who comes alongside individuals and businesses to help them discover the true, real-world potential of their business and to set up concrete action plans to help to bring them to fruition.

This month CPA Evan Kirkpatrick will discuss business planning and wealth building strategies with us. Tax planning begins well before tax returns are due. Having a plan and an entity in place that matches your investing goals will maximize your planning opportunities and minimize your liabilities.

Evan works extensively with real estate investors and local business owners and has a unique understanding of the specific challenges and opportunities each present. If you have a specific topic you’d like him to address, please pass it along beforehand for a more in depth response, or feel free to ask at the meeting.

There will also be time for networking and to present any deals you have and ask for feedback. We'd love to hear what you're working on!

Looking forward to seeing you there!

@Jordan Moorhead My properties are all with Safeco currently. The insurance agent I use is a local broker with Sentry and he runs a comparison for me every year. Every client I refer to him says he's beaten any quote they've gotten from anywhere else. I'll PM you his info.

As you pay any of the mortgages down for a few months, your credit scores will increase each time.

The first thing we do with a new property is tear out any carpet and put in a good LVP. It's waterproof, mostly scratchproof and sturdy. I like the Allure brand, especially when they're discontinuing a color and it's on sale!

Look forward to seeing you @Scott Nidell!

Georgetown Investors!

Have you found the perfect rehab or flip property, but not sure how to get a loan on your diamond-in-the-rough? Or fund the rehab work?

Did you know there are loans that will include the costs of renovations?

This month, Scott Brown and John Burnam from SWBC Mortgage are going to share valuable information on renovation loans as well as some great insight on what features buyers are looking for in “updated” homes. As the Vice President of SWBC Mortgage, Renovation Lending Department , Scott has extensive experience in construction and renovation loans and will share what can and can’t be included in different loan types. Additionally, he’ll discuss his screening criteria for contractors and what he considers red flags.

This will be a very informative meeting with a great opportunity to hear from two industry leaders. Scott has been in construction lending for nearly 30 years and John has been in residential lending for nearly 20 years in the Austin area. Come to learn, to connect, or with a specific property or deal to discuss with Scott and John.

There will also be time for networking and to present any deals you have and ask for feedback. We'd love to hear what you're working on!

Looking forward to seeing you there!

RSVP here or find us on MeetUp!

https://www.meetup.com/Georgetown-Real-Estate-Inve...

@Brian Bistolfo Your numbers are probably right for the property you're analyzing. That spread is based on some generic info from local neighborhoods here. Taxes, HOA, insurance etc are bound to be different in different markets!

@Joe Banks You've got some great suggestions in this thread. I would second what a lot of these folks are saying and figure out the number that works for you and make an offer based on that. With a pre-approval letter. There are lenders who work with investors and are happy to provide multiple letters without any hassle.

The "1% rule" is a guideline. 1%, ROI, and cash flow are all very different metrics, and none of them are wrong, but they don't always align either. On a $200k purchase price this is what a target of 1% rent, 12% ROI, or $3000/yr cash flow actually look like. Just be clear with yourself on what you're looking for.

                                                  1% rent                12% ROI                  $250/mo

Rent                                           $2000                  $1790                      $1460
ROI (return on investment) 16% 12%                         5.9%
Cash flow (annual)                 $9482                  $6962                       $3002
Cash flow (monthly)               $790.17              $580.17                   $250.17