All Forum Posts by: Ingrid Poole

Thanks

@Joe Harper

@Alvin Pereira, thanks. Are there any expenses you would recommend to be lower, such as utilities?

Here's the link to my spreadsheet: Google Docs Property Analysis.

@Joe Harper, these duplexes are in an area that appears to be heavy section 8. Do you know what the cap is on a 2/1 for their housing? Or would you say that doesn't really matter?

@Brendan J., there may be. It's a family loan - the last one we did was for 12 years so I just stuck with that because I knew that was a comfortable start. I suppose I can push the envelope a bit. 

I would love to chat with some established investors about a duplex deal that I'm analyzing in Polk County, FL. Estimated current market value is ~$26k, listed for $32k. Needs approx. $26k-$30k in repairs (roof, A/C [central], kitchens, baths, potential plumbing and electrical) for a total in of $52k-$56k. 

Market value after repairs is about $60k and expecting a rent of ~$700/unit (likely section 8 tenants; rent of similar duplex was posted on Section8.com). Goal is to buy and hold and rent (I will not occupy).

I feel like I'm being overly conservative on my monthly expenses (67%), excl. debt service (4% rate, 12 yr term). Any recommendations would be helpful. Right now, everything is saying to walk unless rents are higher or expenses are lower. 

Your agent should be running you comps definitely. 

Getting a cash advance from a credit card may come with higher rates each period and, I imagine, the money gets deposited into your bank account upon receipt which then can be the proof you need for showing proof of funds to your lender.

@Omar Merced curious to see where you're at with the project.