All Forum Posts by: Jonathan Johnson

Hello,

I've lived in Huntington and am currently in Parkersburg, WV. My job also takes me all over WV, so send me an invite or let me know if there's any way I can help or partner up.

@Lauren Humphrey Welcome! I'm in Parkersburg, not too far away. I have a few questions about getting licensed in WV/OH area, perhaps I'll shoot you a PM. 

Definitely check out the podcasts, they are awesome.

Welcome Chaz!

One great way to get started right away is house-hacking the fixer-upper you're living in. Find a way to rent out a portion of it to someone and bring in extra income to acquire more property. 

Congrats on the inheritance by the way.

@Joseph Billow Right you are! I have forgotten about that rule of thumb. Thanks for the reminder! I'm kinda new at this as well so we are in this together!

@Mike Sanjsuren Built in 1969, from the outside it looks pretty clean and kept up. Pictures on the inside don't show much need for any updates, so I'm estimating 1000 in just cosmetic stuff like painting, ect.

@Account Closed Thanks for your insight. I'm tending to agree with the idea that at this price it is not worth it. I'm going to put in an offer that'll get me a 2% and see what happens. 

I'll let you all know what happens. Thanks for the feedback.

Hello BP,

I'm running some numbers on a 3 unit that I'd like some advice on. It's a duplex with 2bd 1.5ba each unit, with a small two bed 1 bath house on same property. 

Here are the numbers I've crunched:

Asking Price: $168,000
# Units: 3
Estimated repairs: $1000 in cosmetic 
Rents: $1450/mo. $500 for duplex apts, $450 for small house. I believe they are all rented already. The rents are on the low side for the area, which is about $600-750 for 2bd/1ba and $450-600 for 1/1.
Vacancy @ 10%/yr: $1800
Maintenance @ 15%/yr: $2700
Taxes/yr: $2,032
Insurance/yr: $1000? estimated not quoted
Mortgage/Mo: $1024
Mort/Yr: $12,284
Profit/yr: -$1,816

Profit/yr if rent upped to $600, $600, & $550: $434

Profit/yr if rent upped & asking price cut by 30% (117,250): $3,210

Now, I know the vacancy and repairs are unforeseeable, but necessary to save up for. Anything I need to worry about in my calculations? Am I too unrealistic or inaccurate in any areas? I'm obviously going to ask for a lower price, but I wanted to see what you all thought.

Hello BP,

I'm a veteran who bought a house using the VA loan, I've lived in it for over a year and I had to change jobs to a new city. I'm currently living with family and have people renting out my house. Is there any way I can reuse my VA loan to get another house in the new city?

I tried googling it, but VA stuff gets complex and messy. I'm hoping someone has direct experience with this who can give me good advice.

Please help.

I would just copy and paste your original post into an email you can send to multiple local banks in your area. Many offer in-house loans that the lender looks at the numbers. Your 11,000 could be considered a downpayment already.

@James Fisher

What do you mean the property is a non-profit? As in, an organization, or just not profitable? 

What's type of things are you dealing with manageing?

Sounds like you have a potentially good thing going if you rework the financials.