All Forum Posts by: Russ Fry

The BiggerPockets books by Brandon Turner are pretty good. I just purchased Michael Blanks new book on Financial Freedom and Real Estate investing that will be here on Wed. Looking forward to reading that one.

Thanks for the replies. I figured it was going to be some sales pitch to buy something else. I think I would be better off spending that 2 hours of time on BP then going there. 

Has anyone ever attended a RE Mentor seminar? They are in the Chicago area later this month and offer a free2 hour training in multifamily. I am always skeptical about these things and was wondering if it's a waste of time.

I have used them. They are ok I used them in my duplex I am house hacking because the neighborhood wouldn't give a huge return with high end kitchens. The only issue I had with them was several were missing hardware and shelves and some were damaged. Home Depot was easy to work with and they ended up lowering their initial price for my kitchen from 2900 to 2100 and gave me a $200 Home Depot gift card for the number of problems we had with missing parts. I used th Hampton bay white shakers.

Where are the meetings at?

No I haven't found many investors yet. I have couple people I know personally. I just started this journey and am still working at networking. I'm going to attend some local REI meetings next month.

@Matthew Bennett my next steps would be to contact the listing broker to get current rent rolls and expenses for the past 12-24 months. Once I have all the hard numbers of it still looked like a solid deal I would that a quick ride out to the property to do some due diligence about the area. It's only an hour from where I live. If it still looks good then I would look to raise the 20-25% down. 

thank you everyone for the input. What type of a cash flow do you consider a solid property? I have watch a couple of Brandon Turners webinars and he seems to favor the $100 per door cash flow. That's kinda what I have been looking for. What are your thoughts?

So I re-ran the numbers using 8% for vacancy and 8% repairs. The cash flow dropped to 1073 a month and CoCROI dropped to 14.72%. If I run the numbers at purchasing the property at a 7% discount off asking the cash flow goes to 1171 and the CoCROI goes to 16.92%. Thanks for the info I'm learning!

Taxes are from the county verified, electric is just for common areas since tenants pay all utilities. I went with 3% vacancy cause if one unit is vacant for 12 months that equals 3% of purchase price. Again these are preliminary numbers just to see if this would be worth digging further into. I can re-run it with a 10% vacancy and see.