All Forum Posts by: Simon Ashbaugh

Zillow stock is up 30% in the past 30 days. We have not experienced a slow down in Columbus Ohio YOY listings and buyer closing for Q4 are up over 2021 for my Team and the Zillow phone keeps ringing in our market. I cannot believe the hype, stay focused and sell.

 I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 

Please let me know if I’m seeing clearly Here? (This is for the Bay Area in California)

-Home is 330,000$ (paying cash)

-Closing cost : Buyer and seller agent fee, Property, title, escrow, misc @7.5 % =24,750$

-rehab cost = 50,000$

-refinance cost: appraisal, closing cost, loan officer fee @ 2.5% = 8,250$

- if I was to get 75% LTV on 580,000$ = 435,000$

- with 25% equity still In the property= 145,000$

So tell me if this is correct. I add up the total cost above, I come up with 413,000$. Now I have 25% equity in the house. I’ve made my original investment back and pulled profit from the deal. Do I also include the monthly rent and my equity in the home for total profit or do I keep those two separate. I am going to continue buying more properties so I was thinking to keep them separate so I know what I can invest towards the next location. Please let me know what you think any advice or criticism is welcome.

-monthly rent income= 2,800$

-property management fees @ 10% of monthly rent = 280$ a month