All Forum Posts by: Rhonda Chapman

Also I forgot to mention I don’t really have the cash for that big of a down payment at 25% down. The 15% was going to be a stretch!!  

Hey Jayson!!! Thanks for analyzing this deal for me!! I am very new to all this and I'm having a hard time finding good deals. It seems everything I find that would be a good rental is out if my price range and after adding all my expenses there is negative or very little cash flow. I usually add in management fees but I failed to add that. I did not add in Capex because I wasn't sure of a good percent to count so thanks for that info. There will be no utilities because the renter will pay those. I have been counting on 5% repairs because that's what I read was a good amount and thought that was safe. I will change to 7.5 from now on. I basically don't see a cash flow by having all those expenses though.

As far as financing we just got with a local bank… have already been preapproved with 15% down, 5.75 interest with a 20 year amortization. Open to any suggestions of where to go for better financing. 

The asking price for this house is 125,000 so I doubt I could get it for 85,000 and even if I did with all those expenses with only 1200/month rent I don’t see it happening. 

Thanks for any additional advice and guidance. 

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*This link comes directly from our calculators, based on information input by the member who posted.

Well actually I just returned from the house with a contractor and we've determined from what can be seen that we will need to have about 25,000-30,000 in rehab.  The rental market is relatively good based off the information I have gotten from a management company.  We are not in a high tax area.  The home is 26 years old.  It will need a new roof and I am not able to check the AC due to there being no power but it is old so I am including a new AC in my rehab cost.  

I am trying to make my first purchase and have no idea what I'm doing. I literally know enough to just get me in trouble. Based on this information is this a good deal for BRRRR? The house is a foreclosure and is on the market for 100,000, taxes are 2,240/year…estimating that insurance will be around 1000/ year. I am estimating about 15,000-20,000 in repairs. I should be able to rent it for 1,000/month. I will be financing this purchase with a 20 year term, 15% down and a 5.75 interest rate. I will also refinance this with a 5.75 interest rate for 20 years and I think the house should appraise for at least 135,000 after refurbed. I will appreciate any advice!

Oh and I will be financing this house with a 5.75 interest rate/20 yr term and 15% down. . 

Ok I wouldn’t doubt that the info I put in was wrong…I don’t have a clue what I’m doing. Here is the information...based on this is it a good deal?  The house is a foreclosure and is on the market for 100,000, taxes are 2,240/year…estimating that insurance will be around 1000/ year. I am estimating about 15,000-20,000 in repairs. I should be able to rent it for 1,000/month. I will appreciate any advice!

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*This link comes directly from our calculators, based on information input by the member who posted.