All Forum Posts by: Ryan Landon

@Cody Steck pm’d!

Hey all!

I’m going to be moving to the Ogden/Layton Utah area this upcoming summer (will be working @Hill AFB) and I am reaching out for agent recommendations. 

Thanks in advance!

@Jay Helms good discussion points! No this property is not on septic tank...so no worries there. As far as lawn Mx, it is a smaller lawn, so myself/my partner will be taking care of that to keep expenses down. 

Thanks for recommending the article, putting up the questions, and offering to look at any future deals...much appreciated!!

@Samuel Lynch Yes we actually had the property under contract but during the inspection found some foundation issues...nothing show stopping, but they needed to be addressed. Once that was discovered we went back into negotiond and unfortantly could not come to an agreement. 

Good news though, am going to look at a 4plex on Thursday and will resubmit the same offer on the duplex if it's still on the market in 2 months!

Great job!

@Ron Fletcher @Bob Langworthy @Merv Screeton @Samuel Lynch @Brian Garrett

Thank you all for the inputs/advise as well! I am pursuing the 30 year financing and have actually found a few banks that are willing to do it (and a lot that will only do 20's).

I got quoted a 30yr @5.25% 5/1 or possibly a 5/5 with a potential cap with 20% down on a 99K purchase. 

I've continued to run the numbers and I completely agree with you all on the flexibility of being able to pay the loan down faster, benefit from the increased cashflow, or even set aside for the upcoming HVAC replacement.

Again, I really appreciate all the inputs and advise on the matter! I'll keep you all updated.

@Jason D. We have actually been throwing the idea up between a 20/30 and that is still up in the air. I know that would increase the cash flow to an even more appealing amount, but the 20 year pay off is appealing as well. 

The $50 increase per unit would be easily feasible in the near future once minor cosmetic upgrades are completed as well. 

I appreciate the response and advise!

Hey all, just looking for a little input/number check on a potential first deal that myself and another person are looking at going 1/2 on. 

Duplex: 2/1 on both sides (900sq ft a piece), built in 1991 right on the outskirts of a moderately growing area in Missouri. Property is in overall great shape with a brand new roof, appliances, floors, showers. HVAC will need to be replaced in ~5 years and got quoted 10K (total forboth sides.) Will only need (before inspection results) about $1,500 to "refresh"  the property. 

Target purchase price: 99K

20% down(10% each)

Seller is full 6% closing

20 year note @4.75%: $511/MO

Insurance/Taxes: $176/Mo

Rent: $600/side (could easily rent for $625/$650 looking at comps, and will be looking to bump to $625)

CAPX:$150/mo

Mx:$75/mo

Vacancy:$100/Mo

--Cashflow:$180/mo

*I know it's just shy of the $100/door but we wanted to keep it at a 20 vs 30 year. 

*Zero management cost as we are local. 

*We already have funds set aside for the HVAC just in case. 

*One side is already rented with a longterm tenant (mom&child) and I do not see a problem with finding someone for the other side as rentals in this middle price range are highly sought after. 

Any input/advise would be appreciated! Thanks all!

@Eric Metz Sounds great, depending on how late I will be at work I will try to swing by! If not this time, then defiantly next.

Hello!

Newbie here from Columbia, MO; but currently living in Little Rock, AR. A little about me...I'm 25 years young, born and raised in central Missouri. I got my degree from the University of Missouri in Atmospheric Science. Throughout college I always had 2-3 jobs, anything from working in the Insurance field, to bartending (what can I say, I like to keep busy!). While getting my degree I was also in Air Force ROTC to fulfill my goal of becoming an Officer in the USAF. Well, upon graduating I got my first base assignment to Little Rock; and I've been here for about a year and a half now. I am currently an Aircraft Maintenance Officer as a career broadening, but will be switching over to Acquisitions/Contracting in a little over a year.

Now that that's out of the way.....

I first found out about BP through the BP Podcast that I happened to stumble upon one day while looking for a REI Podcast to keep me busy on my 6 hour commute from AR-->MO.....ever since then I've been hooked! I've always been interested in REI, but really got serious about it about a year ago.

One of my favorite quotes is "Learning leads to action; action leads to success," well, right now I am in the Learning phase.

I am overall interested in learning more about long-term rentals, buying my first property, and (most importantly) finding other local RE investors to network with.

Looking forward to immersing myself in this community and meeting other likeminded individuals!

-Ryan