All Forum Posts by: Savannah Lewison

@Dennis M. Buying something I can afford is better than not buying at all. I don't mind lower class areas, depending on the types of crime going on. I would love to be an investor who does good and leaves a neighborhood better than I found it. 

@Brian Whitney What about the neighborhood specifically would deter your from investing there?

@Sen A. @Frank Geiger the miscellaneous are for the current gas bill and snow removal. I’ve added this in now but will likely require the tenant to pay. I’ve added it in now just to be conservative. As you’ll see I keep most my numbers conservative because if the cash flow is positive with these (worst case scenario) numbers then I know it’s really a great deal!

I've analyzed us FHA loan numbers as I will be house hacking which is where the PMI comes into play.

I added 20k for renovations because it does need a good amount of work on the inside and again I’m always conservative with these. The seller has indicated there is some work that needs to be done as well. 

@Ben Smalley @Patrick Shawn Faherty as you’ll see my numbers are very very conservative. I do it this way because if it’s still positive with these numbers then I know I have a good deal. I’ve added all utility costs into the analysis but will require the tenant to pay them so that’s another $200 a month give or take added off the bat. The rent prices are current and those will increase with the Reno. 

Hello BP community,

Here is my property analysis of the day. Ideally, the tenants would pay all utilities but I've added them just in case. I added $30 a month for snow removal. Is this a reasonable cost to add for something like that? The rest of the numbers are direct from the seller. Rehab costs are estimated and would change upon receiving a quote. Pittsburgh natives, how's this area?

Thank you for any and all feedback and constructive criticism!

Savannah

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

Hi @Kelly DeWinter, thank you for your input. I would of course do those before purchase. I am out of state and do these initial analysis for practice and to become familiar with the area. Do you do any initial number analysis before seeing a property? 

Hello @Jaysen Medhurst I have gotten in such a habit of analyzing multi fams that it completely slipped my mind I could not use an FHA loan which I plan on doing for my first purchase. With this in mind I would not move forward with this property. As far as numbers for utilities those would be tenant paid and the meters are currently seperate in this property. I did mean to put 4.89% as you mentioned. Thank you for taking a look.

Hey all! 

This is an interesting property with 2 one bedroom apartments and then 3 commercial spaces on the bottom. The rental income number is conservative. It only take into account the current commercial rent which is low and does not include the rents from the other 2 commercial units.

What do you all think? I know that I would be putting more into the property than what it may be worth. I haven't a clue what kind of updates need to be done so that was an initial estimate. I also did not do comps yet so not sure what my number would look like after. What are your initial thoughts?

Thank you BP community! I love learning and growing alongside you all.

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

@Dan Mason Thank you. I looked into the shooting that happened recently. That doesn't completely deter me from wanting to me. I would love to really help in making a neighborhood better than before moving in! But it is good to know what I would be getting into. 

@Dan Mason Thank you! What are the reasons for it being not a great neighborhood? Run down? Bad schools? Violence? Gangs? 

I'm just curious because I will be househacking. Thanks!

Hey @Max Feinberg ! It’s in Perry South right next to Folwer playground.

Hello BP community,

I may have found a particularly amazing deal. I know that without knowing the specific area of Pittsburgh it's hard to tell if I'm spot on with rental numbers but I cross-checked rentometer and current properties being rented on craigslist in the area and used the conservative numbers. This seems like an amazing deal from the numbers I ran. I will say the property needs structural support repair so I added in 8k for that plus cosmetics for a 45k rehab budget. Without seeing the property in person this is just a repair estimate.

I would love to know your thoughts on this potential deal!

Thank you and as always I appreciate any and all comments, questions, and concerns,

Savannah

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

Thank you @Niels Bjørn Toppenberg.

@Elise Bickel Tauber This was very helpful. Thank you for your input!