All Forum Posts by: Preston Quinn

@Eric Schultz

I do plan on managing this property. I’ve spoken with a couple different PM and they’re telling me 7% in this area. So that’s another $45ish off of cash flow. This property for a brrr isn’t looking good if I had to pay PM.

The house needs paint and about 400 sq ft of carpet. I do have a good sub base of sub contractors from my construction background. So I’d be looking at maybe $600 in carpet and I’d be willing to paint this size house myself probably another $3-400 in material. A little pressure washing and cleaning up. I’d say I can get it rent ready for under $2k. Cabinets and appliances all work as they should and are in good condition. Roof and siding was replaced 8 years ago. Bathrooms are good. Hvac was done 5 years ago. Water heater 1 year old.

It last sold for $76k in 2005. I’m thinking it’ll pull close to that now. Maybe around $70k. I had thought about as a quick flip also. Just don’t know how quick, quick really is.

@Jay Helms

As mentioned above Jay, I realized when that I don’t have a specific reason for rei. I guess the thought of financial independence is very appealing to me. But I have realized I need to do some soul searching and make sure I have my goals clearly written and reminded of them daily before I proceed.

Thanks

@Rob Hoffman

I’m not going to say it’s not possible, but at this point I haven’t found any 2% rule deals. But I also have only been looking at my realtor’s pocket deals and what comes across the mls. I’m sure there are better deals out there. But none on the table for me at the moment. I haven’t started looking to far outside of my local market either. Maybe I should. Thanks Rob!

@Ryan Rominger

You know, asking myself what are my goals, just told me that I haven’t clearly identified what they are to myself. Thank you helping me see that Ryan. I have some mental work to do.

Hello guys,

I have an opportunity to buy a (what I think) fairly decent deal in a market that I could about bet on not appreciating much if any at all over the next 10 years. Here are the numbers. My question is, should I tie up my money and wait for something in a more appreciating market? Or pull the trigger? Should I use my money to leverage a loan on something more valuable and in a better market?

Purchase price $40,000. (Cash)

Tax assessed value $68,000 (normally low)

Rental income $600.00/month

Tax $651.62/yr

Insurance $450-50/yr

Water/ $40/month

Vacancy $50/month

Capex $50/month

Repairs $50/month

Roughly $300 a month in expense. $300ish cash flow.

This property is in a C neighborhood.

Please keep in mind this is my first rental. Go easy on me if I have missed some numbers. I’m thinking I could potentially brrrr this. But then cash flow goes to crap. Thoughts would be great!!

Thanks

@Matt Pojanowski

Is this a duplex?

@Brett Wagner

If this deal was in front of me I would be very interested!! It looks to me like over the next you’ll make 6 figures on the mobile homes. Now, where you need to be 100% confident is the numbers on the rehab of the single family. Every dollar you spend there is coming off the profit of the mobile homes.

A couple of questions. Do you have e reserves of this thing goes south? What is your plan of action if it does go south? What happens if one of the buyers default? If you have answers that make sense to YOU then you know what to do!!

If you are confident in the numbers, pull the trigger brotha. Not gonna get anywhere until you do the first one. I wouldn’t pass on a deal just because it’s a mobile home. There’s money to be made in that niche.

I am looking to start 2019 off better than 2018. Currently I have a desk full of receipts and bank statements. I want to get an app for my phone so I can log and track expenses while I’m moving forward. I absolutely dread entering all this info into my computer. It seems it would be much easier to take pics of receipts and store it on fresh books or something comparable. Right now I’ve completed my first flip and stand to make decent money. I close January 2nd. And plan to get another house under contract pretty soon. I am much better at the construction side of this business than the record keeping. Any advice will be greatly appreciated.

Thank you

Do you guys trust rentometer? What other metrics can I use to compare the accuracy of their site? I’m waiting to hear back from my realtor about the median rent on a duplex I am looking at. Right now, it’s not a good deal. Negative cash flow. But if rentometer is correct, then I stand to cash flow roughly $300 a month after I do some small repairs and increase rents. Any opinions would be greatly appreciated. I feel like I am over analyzing this deal. It’ll be my first rental and I would prefer it be a bad one.

Ok, I have a deal that I’m working on. It’s a nice brick duplex that is currently rented for $525 per unit. On rentometer, in a one mile radius the average rent is $728 for a 2/1. The asking price is $135,000. I feel like I would need to spend $5k in this property to get market rent. The tenants in the property have been there for 7 and 10 years. I’m assuming due to low rates. They are on a month to month lease. 

My question is this, in Virginia how much and how fast can I raise the rates? I realize that I could potentially risk losing the tenants if I move to fast. But what are the laws on this in Virginia?