All Forum Posts by: Rachel Lindenthal

I put in an offer, but got outbid, so back to looking!

Got it! I've bumped up my maintenance estimate and added 10% for property management. The HOA should actually cover everything for CapEx, it definitely includes the furnace and water heater. There's no AC.

Brent - those are all good questions!  I won't be giving up on a live-in investment entirely, but there's a few reasons that I've been hesitant to purchase a house for myself, some personal and some work related.  It's just been tough to commit to an exact location and my rental is convenient and a good deal for me.  Plus even after my 25% down, I'd still have a sizable down payment leftover for something to live in.  A younger or single version of me would love to live in this condo!  It would save a fortune compared to my rent and it's cute too, but with me, the boyfriend, the dog, the cat and the turtle, it would be a really tight squeeze.     

You make a good point though, it certainly doesn't seem like it's getting any more affordable around here!  

Thanks for the advice and the welcome!

Hi, thanks so much!   Good news that it still came out positive I think!   I lowered my expenses estimate a bit to 1,000/ year rather than 10%, because the apartment is so small/minimal.  Nothing wrong with being more conservative though.  

I wasn't planning to hire a property manager, so I didn't add anything for that, but it does still seem smart to account for, in case I want to in the future.  Maybe I should for my first rental anyway just to learn from them? 

For the mortgage, my spreadsheet just uses a multiplier to estimate, but when I ran zillows mortgage calculator, I used 25% down and 5% for 30 years and it came out to $382.

Hi, I've been thinking about investing in a rental property for awhile.  Initially my plan was to buy a multifamily to live in/rent out, but I live in a high cost area, and eventually gave up my search. 

Recently I came across a small, but nice condo for 95k.  It was rented for $1325.  Taxes are 800/ year and condo fee is $200.  It seems like these numbers actually work.  

price $94,900.00

down $23,725.00

debt $71,175.00

other money down to fix or clean $2,000.00

rent$1,325.00

vacancy est 10% $132.50

repairs $83.33

hoa $222.00

insurance$83.33

mortgage$404.00

taxes$65.08

Cash flow$334.75

I'm going to see it tomorrow, but I want to show up prepared.  I know to check the hoa rules about renting.  Any other tips?  I could theoretically but it in cash, but I'd like to keep my money in case something else comes along or I want to buy a house for myself.  I'm currently a renter. How do my numbers look?  Thanks so much for any input!