All Forum Posts by: Drew Denham

@Terry Miller

Lot's of people told me ...this wouldn't work... the bank wont approve the relocation assistance. I saved myself $7500 by picking up the phone a few extra times.. I was a bit lucky that this was a local credit union and not a big bank. 

@Brent Coombs

Follow up - the credit union approved the 20K short sale as well as the $2500 relocation assistance! I close Monday. 

Never say never

Drew Denham 

How is the market where you live? Are you able to find deals?

I am on the same path... Corporate America is draining (I know you said you are a teacher). Is your primary residence paid off? If not, are you 6 months ahead on your payments? Do you have credit card debt? I would get 6 months ahead on all of your bills before you decide to go full time. Also, I would get the HELOC process going so you can have those funds available at anytime.

Menards quoted me $6100... the RTA store is $5300 (not assembled). 

Where does everyone else get their cabinets? IKEA is no where close. I would think I need a soft close as this is a $150K house in an A area. 

Any suggestions? 

Thanks, 

@Ryan K.

Did you use these in a flip?

Has anyone else used these cabinets in a flip??? RTAstore

@Julie Haveman

I am going to have to add utilities to the tenants payment (only 1 water heater, furnace and electric). 

I would probably have to tie the lawn into one of the apartments... not sure i'm going to take the deal.. they countered at 50... I offered $41

Purchase price - $50K

Estimated Rent $1100

5% vacancy = $55

5% Cap ex = $55

5% Maint. = $55

10% MGT fee = $110

Mortgage = $253, 20 year amortization @ 5% 

Taxes $116 per mo

Insurance $75 per mo 

total = $719 per mo

2% rule = 2.20%

Capex = 15%

CoC = 33% (turn key, est rehab to be $1000-1500 - new appliances, needs a few new doors) , $2000 closing costs, $10,000 down payment)

The duplex does only have 1 furnace and 1 water heater

Monthly cash flow = $381 

Am I missing anything? 

Thanks, 

Hi, I would be interested too. 

I use flat (base) paint btw