All Forum Posts by: Account Closed

Hi @Philip Cutting 

Have you done any Sub2 deal using John Hyre prepared contract?

If so, do you mind sharing the contract?

I'm not buying any building, I'm just simply analyzing this deal, OP previously said that the expenses is around 50%.

So, I subtracted 50% from the gross income per month $9583 - $4791.5 = $4791.5.

But then he has to pay for debt service which is $4525.85/ month, so $4791.5 - $4525.85 = $265.65 net cash flow per month

Is this the number this deal is producing or am I missing something?

May I ask how exactly the OP is making money from this deal?

Purchase price : $1,150,000

Down payment @ 20% = $230,000

Cap rate: 10%

Interest rate: 4.25%

Monthly payment: $4525.85

Gross income: $1,150,000 * 10% = $115,000/12 = $9583/month

Monthly expenses: $9583 *50% = $4791/Month

Total income per month = $4791 - $4526 = $265/ month on a $230k investment.

This is not including capex, vacancy, maintenance etc.

Am I missing something in here?

PM Sent along with colleague request.

Hi Tim, I have been renting out both of my SFR in Hilliard since Dec 2012, I closed my first one in December and rented it out within 2.5 week. The rental market is still really strong at the moment.

I'm also planning to invest in multi in the next 12 months, I just need to wait 6 more month until I can cash out refinance on both my SFRs. My lender is able to do 75% LTV on both SFRs and rate is around 4.9% 30 year fixed. dings

As soon as I can pull the equity out of my SFRs, I will be looking to buy $1mil building with about 10% to 15% down(75% commercial + 10%-15% seller finance) 

Let me know if you need help on anything, I'm more than happy to help!

Thanks everyone for your great advice.

I moved out of the country 5 months ago, my monthly expenses is less than $750/ month, so I save about $1,000/ month and I dont touch my capital.

Since im not in the country, it is not possible for me to network with other investors in the local market.

I discovered BP 2 weeks ago, I listened to all the podcast and im super motivated to start investing again.

Houses in the area im investing (Hilliard, OH) is about $130k, it is a good area with great school, rent is about $1,300 and taxes is $3,200 and Insurance is $400.

I thought about doing direct marketing and buying "subject to" properties.

I thought about buying with conventional mortgage and put down 20% ($26k) and still cash flow about $300 - $400 a month.

Would this be the best way going forward and what are my chances in getting a mortgage with my rental income?

Hello,

I own 2 paid off properties that netting me $21k per year, I dont have a job and I have about $140k cash, if you are me, what would you do?

Hello,

I recently did a cash deal off retail MLS, I want to see what you think about it?

Purchase price: $127,000 (move in ready)

Taxes: $258/month

Insurance: $42/month

PM: $100/month

Maintenance: $50/month

Rent: $1250/month

NOI = $800/month

7.55% return/ year

I'm brand new to real estate, I realize that 7.55% return is not very attractive, I'm thinking about using a home equity loan to pull out $100k and invest it in some other market what would you do if you are in my position?

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