All Forum Posts by: Rocky Jones

Does anyone have a good referral for a Property Management company that services Racine, WI?

@Jonathan Gobbo, I'd like your contact's cell number or email, please.  Thanks in advance!

Separately, how has your experience been in Tulsa (vs this thread's topic: Oklahoma City?)  Any similarities or key differences?

@Jacob Pischer Thanks!

Hello all!  I'm about to need a General Contractor for doing basic rehabs in Madison and it's closer suburbs (carpets, fixtures, appliances, painting, as well as helping to determine what other more major work might need to be done before purchase).

Any good recommendations?  Thanks in advance!

@Frank Eimiller, thank you for the reply.  I may live in the duplex but I agree with you on the numbers.

@Jay Dewberry, I appreciate you taking the time to write your reply. Yes, the taxes are high which is normal for this part of Wisconsin. I have not run the numbers through the BRRR calculator but will do so. Thanks again!

@Cole Swartz, thanks for the great input. The "Off-MLS" comment meant that an agent sent it to me a couple of weeks before it eventually goes on MLS. I'm with you on the numbers not working out for the list price.

I really appreciate all of the comments for what you guys use for assumptions when using things like the BP Rental Property calculator in the Midwest.  Finding "good" numbers for a lot of the inputs seems to be one of the harder things when just getting started.

@Chris Heeren and @Scott Schultz - Great points, thanks!  Also, Chris, awesome podcast the other day.

@Marcus Narvaez, Great point on the purchase price shown.  That was one of the numbers I played with offering.  Below is the full asking price, 5% R&M / Cap Ex / Vacancy, and 3.75% mortgage rate.
@Scott Schultz Thanks for the great input!

Hey All -

I'm trying to analyze my first "off-MLS" deal and would love your thoughts. What am I not taking into account and what assumptions would you change? I'm expecting to do a traditional 20% down mortgage (and looking to do seller financing for the 20% down) but am open to other options including a VA loan or a more "creative" option.

- The seller has 2 duplexes that appear identical in Columbia county between Madison and Lake Wisconsin.

- The pro forma rent is listed for $975 / month (estimated from gross income).

- Each unit is 3BR / 2BA,1200 square feet. Each unit has it's own 2 car garage.

- Taxes in 2015 were $5500.

- All utilities are paid by tenants.

- The seller has up to 10 more units available in nearby towns between Madison and Lake Wisconsin including an 8-unit and another 2-unit. Maybe a better deal could be made by buying more units from the same seller?

- Each duplex is offered at $225,000. I ran the BP Rental Calculator with the assumptions:

Vacancy: 10%

Repairs & Maintenance: 10%

Capital Expenditures: 10%

Property Management Fee: 10%

Annual Income / PV / Expenses Growth: 0%

Sales Expenses: 0%

Having never bought a unit, I could definitely use any insights into the assumptions for this area. What would you change? Thanks in advance!

Hey All -

I'm trying to analyze my first "off-MLS" deal and would love your thoughts. What am I not taking into account and what assumptions would you change? I'm expecting to do a traditional 20% down mortgage (and looking to do seller financing for the 20% down) but am open to other options including a VA loan or a more "creative" option.

- The seller has 2 duplexes that appear identical in Columbia county between Madison and Lake Wisconsin.

- The pro forma rent is listed for $975 / month (estimated from gross income).

- Each unit is 3BR / 2BA,1200 square feet.  Each unit has it's own 2 car garage.

- Taxes in 2015 were $5500.

- All utilities are paid by tenants.

- The seller has up to 10 more units available in nearby towns between Madison and Lake Wisconsin including an 8-unit and another 2-unit.  Maybe a better deal could be made by buying more units from the same seller?

- Each duplex is offered at $225,000.  I ran the BP Rental Calculator with the assumptions:

Vacancy: 10%

Repairs & Maintenance: 10%

Capital Expenditures: 10%

Property Management Fee: 10%

Annual Income / PV / Expenses Growth: 0%

Sales Expenses: 0% 

Having never bought a unit, I could definitely use any insights into the assumptions for this area.  What would you change?  Thanks in advance!