All Forum Posts by: Sean McDowell

@Patti Robertson yep! 2B/1B. We got it off-market. Super happy to have gotten it. With the prices going up and numerous sellers asking for offers to even show them, it was a struggle.

Thanks Chris! Our primary residence is a VA loan, but we had enough eligibility to get this one under VA.

Thanks Krystopher!  We used Jon Mitchell Caliber Home Loans. He is local and AWESOME.

Sean! We used your recommendations to find our contractor. Thank you! You are correct, the VA funding fee drove up the closing costs.

Hello everyone!  We completed our first duplex purchase the end of November (yay!) and now have both sides rented out (technically one side is owner occupied, but using our other side's current rental rate for our numbers).  We were wondering if we ran our final numbers correctly and if anyone thinks we did okay for our first investment property.  We put in a lot of sweat equity in floors, painting, and one of the two bathrooms.  Used a contractor (recommended by BP folks!) for the two kitchens and one of the bathrooms. Thank you all for your thoughts!! :-)

Purchase Price: $167,500
Down Payment: $5,750
Loan Type: VA
Interest Rate: 2.25%
Closing Costs: $8,706
Rehab: $30,000 (we estimated $10k-$15k..oops!)
Total Rents: $1790
Total Cash in Property: $44,512
Location: Norfolk Area

First Year
NOI: $13,142
CoC Return: 12.86%
Cap Rate: 7.85%
Anticipated Cashflow (after PITA, Prop Mgmt, 5% Maint, 5% CapX, and 5% Vacancy)
$5,724

Team Bri Sean (Team B.S.)

Sounds great. Thx!

We purchased a duplex in Norfolk. We need a kitchen remodel on both sides. Looking for a contractor that is ready to give us an estimate and get to work. Thx!