All Forum Posts by: Steven N.

@Jaysen Medhurst Thanks. It's delayed financing on a foreclosure property. The 2 month timeframe will happen if I go through with it. I kept the repairs/capex low because it's built in 1990 and the roof will be new. The comps show that the ARV is actually conservative.

@Robert Leonard Thank you. I agree the cash flow isn't good and may try this as a flip instead. 

??

Looks good but maybe I missed something... I dont get how youd only put 5k down (are you living in the property) and how youd get a 5% rate? 

View report

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

Thanks. This is actually a closed deal now. For closing Costs, the  Seller gave money back at closing. As for condition, its an older home but in good shape.

View report

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

https://www.biggerpockets.com/brrrr-calc/927020.pd...

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

I just completed my first deal with them last month. You certainly have to do your own due diligence and not trust all of the numbers they listed on their website/calculator. For example, mortgage rates and property taxes may not be accurate or up to date.  The market rent they marketed the home at ended up being $50 more than what the place actually rented for. Use the calculator here at BP and look up market rents on your own. Look at crime maps /schools to confirm neighborhood rating.  One issue I had was the property I bought was listed as vacant but was actually rented out. But overall I am happy with the experience (so far) I got the property 5% below its appraisal value and the cash flow should be good. 

for NFIP I think that is true  but that doesnt mean you can't make your deductibles higher (which lowers premium) and  reduce or cancel contents coverage (am I not 100% sure about cancelling so I would ask someone) 

@Mike Bargetto That seems really high for flood insurance. I'm in an AE zone in WA (personal residence) and pay around $1,700/yr on a $350K+ home. 

It sounds like you haven't flooded since you bought the house, is that right? If so, you are super lucky! because the past 3 years have been pretty bad in certain areas of  West Ashley. 

If you haven't flooded you can raise  your deductibles  or eliminate contents coverage entirely... someone can correct me if I'm wrong, but I don't think contents coverage is a requirement by lenders. Just from my own experience... I flooded in Irma and I didn't meet the contents deductible (which was $5,000)... And, if the home doesnt have ductwork in the crawlspace (unfortunately mine does) theres less of a need to have a lower building deductible in my opinion... also think it's smart idea to get HVAC raised up. 

Like John said, flood zones definitely aren't an indicator of whether a property will flood. On my street (AE zone), 2-3 houses flood regularly during storms while others have not been impacted whatsoever, yet all are required to buy flood insurance.