All Forum Posts by: Ricardo A Perez

Hello Jason, 

I am also a new investor and learning. I think the deal looks good (if the numbers are accurate) the only things i see that i would look into is average closing cost in Florida it about 6% of sales price. I am not sure in New York also, when getting a more accurate amount on water and sewer what you can do is call your city or county whoever provides the services and ask average bill for that property other than that the way i am running my initial is the same. 

Hello everyone i would be interested ! 

Hello Dustin by no means am i an expert am actually new at investing and am learning to. The first thing i noticed is that there is a negative cash flow of $24.26 a month. What i have learned we should be shooting for a cash flow between $150-$300 a door or more. Second i noticed you are negative on the cash on cash ROI we should be shooting for at least 10% and last i noticed 15% on property management fee i am not sure in your area but normally they charge between 8-10% as is i would not consider this a good deal however, i have learned every property has a number. I would do some research on comps in the area and see if you can get it at a lower price and maybe then the numbers would make sense.I hope my input helps.

Hello Anthony thank you for responding i guess i should add some substance to my post. I a new investor the only real estate i own is my primary residence and i have a studio apartment that i made attached to the home and my parents live there which they are paying me rent to live there so i guess technically i am a landlord (lol) about 2 months ago me and my family have decided we are going to leave sunny south Florida and move to western Massachusetts to start our journey in investing on long term single/multifamily rentals primarily using the BRRRR method as our vehicle to reach our goal of financial freedom !! 

So that was a little background  on my situation i am wanting to move by summer of next year and to move i wanted to save a good amount of capital to move. I have about 50k sitting in the bank now and i have decided i want to make the money work and grow for me to reach my goal to move. my brother in law and i have decided we would like do a couple of home flips in the Tampa area were he lives so i a can reach my goal of savings faster. 

When running the numbers on this property it is listed as a 2/1 with over 1,100 square feet so i know we can create an other bedroom during the rehab converting this into a 3/1 the comps i have ran actually valued this home at around 150k-160k (two property's sold at 160k in the last 6 months)  i was being ultra conservative on the 135k ARV running this report.So 15k return is my worse case. i am wanting to make it a habit to be conservative with my numbers. The asking price is 30k and i budgeted 40k renovations with 10% extra in case the we go over budget on the renovations. so all in with purchase,closing,renovations and holding cost( 8 months of holding cost calculated)  come in at around $76,820.00 we would be financing the property in all cash me and my brother in law would go 50/50 on all cost and split the profit but have agreed to use the profits to fund another flip if this one  went well. so i am really thinking 150k ARV so selling it at 150k taking away 6% on closing, 6% on agent fee's and 15% capital gains tax leaves me with walking out at closing sale with a check at around $109,500 and minus $76,820 all in purchasing cost should leave a profit at around $32,680.00 which we would recycle in to our second flip. 

I am sure i left out something feel free to ask as many questions i am here to learn and open to any suggestions or comments....... Thank you again 

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Thank you so much 

I'm trying to get a pulse of the real estate market in Western Massachusetts. Everything beginning with realtor's to contractors please help.