All Forum Posts by: Steven Rubino

I did not visit the property during the process. It went slower than I had hoped, due to a lot of different factors but it was still manageable from afar. We set up weekly calls / FaceTimes to check in and review progress with the property manager. The more behind schedule it became the weekly calls soon turned into every other day / daily calls. I am hoping the next one goes a little smoother, but still glad we were able to get this one

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Originally posted by @Brian Garrett:

@Steven Rubino Congrats I notice your down payment is fairly high given the purchase price. Did your lender require you to put more down?

@Julius Chinn I believe the cash flow is higher because of the larger down payment.

Yes, you guessed right. The appraisal came in a little low so I had to make up the difference. I'm still really happy with it though and plan to refi soon!

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Originally posted by @Julius Chinn:

Thats a lot of cash flow. Care to break down the numbers.

Sure! Here they are monthly:

Rent $2,235

Mortgage $655

Taxes $300

Insurance $116

Utilities $50

Property Management (8%) $179

Cap Ex (5%) $112

Vacancy (5%) $112

Repairs (5%) $112

Cash Flow = $599

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Happy New Year everyone!

So my wife and I finally took the plunge and pulled the trigger on our first out of state buy and hold! It's been a crazy experience, and honestly, it would not have been possible without this great community - so I wanted to make this post and hopefully inspire/help someone else to do the same!

We live in Boston and after looking for a multi-family for a little while we decided this market was just too pricey for us. It never even crossed my mind owning property out of state, then I came across this book (which I HIGHLY recommend if you're interested in this topic) The Turnkey Revolution by Christopher Clothier. Wow - what a mind-shift! From there I was hooked.

We settled on Tampa as our target market (based on many different factors), connected with some great people here on BP and started building our team. Fast forward a few months and closed on our first duplex! Here are the numbers:

Purchase Price: $185,000

Down Payment: $54,000

Reno: $25,000

Total Monthly Rent: $2,200

Total Monthly Cashflow: $600

I am planning to refinance soon given the low rates and the value-add due to the reno and hopefully recoup some cash. From there it will be on to the next one!

Let me know what you guys think of the deal! And if out of state investing is something you think isn't possible, IT IS! Trust me! I never in a million years thought I would buy a house sight unseen, and here I am...

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Hey everyone

So I just completed my 3rd flip, and this one was a challenge for sure. On top of all the typical setbacks we of course had to deal with COVID-19. Our reno was shut down for a few weeks, all open houses & showings were required to be socially distant, and with all the unemployment the buyer pool was (in my opinion) a little reduced.

Nevertheless we got it done! Here are some of the details along with some Before & After pics. Let me know what you guys think!

And anyone who is in MA or NH - let's connect! I would love love love to meet up with other RE professionals and continue building my network. If you're a wholesaler with properties - message me! I need another project!!!

Single Family Home - 3 beds / 2 baths / 1,600 sq ft located in Ayer, MA

Purchase Price: $138,000

Reno Cost: $113,000

Sale Price: $320,000

Commission: $16,000

Net Profit: $53,000

Net ROI: 21.12%

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Hey everyone!

So I’m looking to start acquiring buy and hold out of state, and I’m pretty interested in Central Florida! Orlando in particular. Anyone interested in connecting? Or any really great turnkey companies out there you would recommend?

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Rich Dad Poor Dad is my all time favorite...

I also just finished:

The 5 day weekend

You are a badass at making money

Life Scale

The turnkey revolution

Books currently in the que:

Long Distance Real Estate Investing

The 4 hour workweek

Company of One

Business Adventures: 12 classic tales from the world of Wall Street

The Alchemist

1 Vote

Your post very much reminds me of this article I read recently which I think you may find interesting:

https://www.cnn.com/2019/05/15/economy/real-estate-commissions/index.html

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Originally posted by @Benjamin Ervin:

Originally posted by @Steven Rubino:

@Benjamin Ervin we actually did not replace any of the windows... we were lucky. Just painted them (jambs & rails)

How did you feel that turned out quality wise? Are they chipping? We painted windows in our first flip and it was okay. Not great, but better than the original. The cost of windows in a hurricane zone is just so expensive. Wondering if your contractor had any tricks of the trade or specific paint that worked well.

I would agree they are good, not great. No chipping yet... But compared to the cost of all new windows it was a no brainer. I believe our painter primed them all before doing two more coats on them

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All Forum Posts by: Steven Rubino

Steven Rubino has started 11 posts and replied 56 times.

Post: Cape Coral -New B2R-Rent to Retirement

Post: My first Out-of-State Buy & Hold!

Post: My first Out-of-State Buy & Hold!

Post: My first Out-of-State Buy & Hold!

Post: My first Out-of-State Buy & Hold!

Post: Flipping during COVID (w/ Before & After pics)

Post: Turnkey Central Florida

Post: Books that have inspired you

Post: Selling homes, other ways without paying 5 or 6%

Post: Second Flip - DONE! With Before & After Pics!