All Forum Posts by: Stacy Walker

Welcome! Like you, I'm new to REI and this site has already provided me with some connections and lots of help. It's definitely a great place to learn. Best of luck to you!

@Patrick Britton Thanks very much for your help and recommendation.

@Mark Ainley Thanks for responding.  I'll definitely check out the area and maybe reach out to you in the future!

@Patrick Britton Thanks!

Did you fly out to Chicago to view the property before buying?  Could you give me a few tips and resources that you used to research the area and get familiar with the market there before buying?  Also, would you still recommend Chicago for someone just starting out?  I'm not absolutely set on SC (just a place I'm familiar with) so I would also like to look around and consider all of my options.

Thanks!

@John Barrett Thanks for the tips.  I'll have to search the site to learn more about the house hacking.  Near zero living expenses actually sounds like something I would much prefer.  If that were the case I could save a boatload for the next downpayment.

Thanks @Lawrence Morgan.  If you end up working with someone in SC from a distance I'd love to get a recommendation in the future if it goes well.  Good luck to you!

Hey everyone,

I have a goal of owning my first rental property within the next 6 months. I’m only looking to put 20k down (less would be even better). I grew up in SC and I’m very familiar with the Mt Pleasant, North Charleston, Summerville, Goose Creek areas and think properties out there would fit my budget much better than here in WA. I’ve been browsing Redfin and Realtor.com in the area and can’t seem to find anything that will cash flow on my budget. Do I just need to network more to find better deals in this area, or is that not going to happen for me around here?

Is there anywhere I could be looking within 2 hours of Seattle that might meet that budget? If not, is having my first property out of state an extremely bad idea in your opinions? Thanks so much for taking the time to read this!

Sorry about that, pasting from a spreadsheet apparently does not work.

Purchase Price 120,000.00

Down Payment 12,000.00

Rehab Cost 5,000.00

All In Total 17,000.00

Rent 1,400.00

Tax 166.00

Insurance 100.00

Management 140.00

Vacancy 7% 98.00

Repair 5% 70.00

Mortgage 550.00

HOA 0.00

PMI 50.00

Water 40.00

Total Expenses 1,214.00

Cash Flow 186.00

Cash on Cash 13.13%

Hey all,

I am considering making an offer on my first deal, which is a duplex.  Currently has 2 tenants, plumbing has been replaced, new counter-tops in both kitchens and new tile.  I haven't had the place inspected yet or anything but here are my calculations, please let me know if it looks good or not worth it.

Sorry if this has been answered somewhere, but there is just SO much information to go through.

I've been practicing calculating cash flow, cash on cash etc.. on random single family homes I see listed just so I can get a good grasp on things.  I am curious if any of you consider your tax returns at the end of the year in your deals as well?

I know you want positive monthly cash flow, just wondering if it is wise or not to guesstimate the tax benefits of a property as well.  Or is it just safer to stick with cash flow?

Thank you for your time and input!

Thanks Mark, I'll be sure to check that out!