All Forum Posts by: Alex Brookbank

Hi @Mindy Morgan! I am a local real estate investor too. Welcome to BP... good luck on your journey!!! 

Hi @Chase Barnhill welcome to Cincy my man! It is a great city. Good luck!

@Dustin Battas Does the bank know it is a flip?

Hey @Timothy Campbell - so you are moving to Cincy? Have you started looking into neighborhoods? You're most likely going to be searching in the greater Hyde Park area (because you want to OC a MF). Northside or N KY may have options for you too.

@Jessica W. sorry I don't have a great lead to give you. But I have used Jolly Plumbing and Dietrich Electric. Both companies have market rates - but their pricing is not super retail/premium. If you're looking for a smoking deal, they are not your solution. GL

@Nathan Currier-Groh Spring valley does have a good rep. Maybe they killed it because of your lack of skin in the game - in combo with the reasons you listed above. Maybe speaking with a mortgage broker or two would help, since they can leverage their network a whole lot faster. Although I've only used a mortgage broker on the residential side. 

Hi @Eddie Stewart. Good luck!

@Scott Jeannerett With a purchase price of 410k and gross rents at 6k month .... you should be okay even if you make a mistake. The cash flow should be able to cover you. That doesn't mean you aren't over-paying in a working class area, I don't know. But in simple terms of expenses and cash flow, you have a bit of a safety margin. Also: I've learned that buying/selling properties makes tenants very anxious. If a "borderline" seemingly sketchy tenant is willing to leave the property when you take ownership, and you think you can get a higher rent. Do it in a nano-second.

@Rayna Hogan I use two methods. One, the "napkin" method. And two, the Bigger Pockets Rental Calculator. I know a lot of people use Excel ... I think partially because they like setting it up and tweaking things, but what's the point when I have BP's rental property calculator? 

Also, Zillow has an app called "Zillow Mortgages" in it there is a payment calculator which is extremely helpful in ball-parking a property's monthly PITI. Enormously helpful when you're only a few properties into your real estate career. I use it all the time.

@Anthony Smith your answer is to grind, like a sales person. Do all of the above. Whatever you can do, short of breaking the law, to communicate with the owner. Talk to the neighbors.